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They have excellent payment options and so the student can study at home without having to worry about financial problems. Stafford Loans can be subsidized those who do not pay interest until the time of leaving the college / school or who may be eligible where they have to pay interest on the loan amount from the time they are disbursed. Federal PLUS These loans are given to parents whose children are conducting their training courses at their respective schools or colleges. The loan the more you give on the basis of credit history or rating and the cost of attendance. The Federal PLUS Loan has a low interest rate and easy repayment options have payment and usually begins within 60 to 90 days after disbursement of the loan.
Last week financial aid officers at Texas A&M University - a school with over 54000 students - heard from seven different lenders warning that they would no longer be able to offer federal student loans a situation that has made more than a few borrowers uneasy. Dyneche Duffield an incoming college student headed to Houston Baptist University is uncomfortable with the prospect of having to establish a relationship with a new lender other than her local bank which used to offer student loans. "I would have much rather taken out a loan there than somewhere where I didnt know anyone" Duffield said. While students like Duffield may still be able to go directly to the Department of Education for their federal college loans or find those remaining lenders who are still offering private student loans (albeit with more stringent credit criteria that are making it harder for students to qualify) the magnitude of the problem within the student loan credit markets and how deeply it has permeated the college loan industry is alarming to many administrators and officials in higher education.
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Other college loans are ineligible: Private student loans. The income-based repayment program applies only to federal student loans. If youre having problems meeting the monthly payments on your private student loans you should contact the lenders to see if theyre willing to work out more affordable repayment plans for you. Keep in mind though that private student loans typically have less flexible repayment options than federal student loans. Federal PLUS loans. If your parents took out PLUS parent loans to help you pay for college they wont be able to take advantage of income-based repayment on their PLUS loans. Consolidation loans that included PLUS parent loans are also excluded from income-based repayment. Any Grad PLUS loans you took out as a graduate student however as well as consolidations of Grad PLUS loans are eligible.