0
What is the best way to pay off your student loan's if you have Direct Student Plus Loan subsidized and unsubsidized?
Wiki User
∙ 11y ago
There are many ways to pay off your student loans. You can negotiate arrangements with the company or department of education on getting your loan paid off. Honestly, the fastest anddebt free way to pay of your student loans without being in debt to another company or someone else is to get a Universal Index Life Insurance. With the UIL Insurance, the cash value of your UIL Insurance may very well get you what you need within 3 to 4 years time to pay off the entire loans and maybe even more. Whatever you would originally of given to the student loans, you instead deposit it into your UIL Insurance along with your premium rate as well. If your still in school, then you should definitely consider doing that now. If your out of school, there is a risk. Since your not giving the money to the student loans for quite a while, it may very well be that the student loans may end up in default and going to collections. Or worst, they may end up garnishing your entire bank account just because your not paying them and keeping the arrangements they have set with you. You may try different ways, but the UIL Insurance is the best and debt free way to pay off your loans.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Stafford Loans?
Direct Stafford loans are low-interest loans that are available to students enrolled in accredited four-year colleges, community colleges, technical schools and trade schools. There are subsidized and unsubsidized Stafford loans. Subsidized Stafford loans require that the student demonstrate financial need. Unsubsidized loans are avail bale to any student. Applying for a Stafford loan can be done for free on the FAFSA website. The school itself will determine the monetary amount of the loan.
What is the highest interest rate on a Direct Subsidized or unsubsidized loan?
From the first disbursement of the loan
Direct Loan Program?
Paying for college is a major concern for almost every college student. The cost of college attendance continues to rise, while the value of investments decreases, and the ability to fully work one's way through seems almost impossible. For students who are unable to currently fully fund their education, there is help available, with direct student loans.Types of LoansThe direct student loan program is unique in that loans are made directly through the federal government, rather than through private lenders. Student loans do not depend on credit approval, but one must apply for financial aid by completing the FAFSA, the free application for federal student aid. For students, there are two types of direct student loans available, subsidized and unsubsidized.Subsidized LoansSubsidized student loans have the interest subsidized by the government, while the borrower is still a student and during a six month grace period after graduation, or leaving school. They are based on financial need. The total amount that can be borrowed each year depends on the student's classification. Amounts for first year students are limited, with the amount available to borrow increasing each year. Students who do not have enough financial need to receive a subsidized student loan may borrow with an unsubsidized loan.Unsubsidized LoansUnsubsidized student loans are available regardless of financial need. The interest begins to accrue immediately, and students are responsible for paying that interest while in school. One will receive quarterly statements reflecting the current interest due, and can choose not to pay it at the time, but unpaid interest will be added to the principal amount, increasing the total loan amount. Unsubsidized student loans also have borrowing limits, depending on the student's year in school, and are made after the student has borrowed the full amount of subsidized loans to which they are entitled.Paying for college is expensive, and may seem to be out of reach for many, but with the responsible use of direct student loans, that dream can become a reality.
What is the best federal student loan program?
There are many federal student loan programs to choose from. They include Federal Perkins Loan, Federal Direct Subsidized Loan, Federal Student PLUS Loan, etc. When it comes to deciding which is the best, it depends on one's circumstances.
What is the grace period of student loans?
This depends on the type of loan you have. For all Direct Subsidized & Unsubsidized loans, and all Federal Stafford Loans, you have a six (6) month grace period from your date of graduation before your first loan payment is due. However, if you have a Direct PLUS or Federal PLUS loan, these are due immediately afterward. You can find out answers to all of your student loan questions, as well as checking the status of your own student loans, at the National Student Loan Data System website in the related link. You can also find out how much your monthly payments will be for your loans while there.
What is the difference between a fed direct sub Stafford loan and a fed direct unsub Stafford loan?
A sub, or subsidized, loan is when the school pays for the interest while you're attending school as a full time student. It's somewhat of a "no interest" loan, until you stop attending school. The unsub (unsubsidized) collects interest through your school year, and after, and is closer to your typical loan.
What type of stafford lonas are there?
There are two main types of Stafford Loans: Subsidized and Unsubsidized. Subsidized Stafford Loans are available to undergraduate students with financial need, and the government pays the interest while the borrower is in school. Unsubsidized Stafford Loans are available to both undergraduate and graduate students, regardless of financial need, and the borrower is responsible for paying all interest.
What are todays most common student consolidation loan rates?
A Direct Consolidation Loan has a fixed interest rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1% and cannot exceed 8.25%.
How can I get direct student loans?
Go to banks and they can show how to get direct student loans. Also consider searching the web for direct student loans, and ask trusted friends, colleagues, and family members about this direct student loans. good luck.
Where can I find more about the income contingent repayment option for student loans?
Income Contingent Repayment, abbreviated ICR, is used if a person needs to pay back their student loans but have a low income. Any direct subsidized or unsubsidized loans are eligible, as well as direct plus loans or direct consolidation loans. Loans that are not eligible are federal family education loan program loans (FFEL) and direct plus loans made to parents. If you choose the income contingent repayment option, you would make monthly payments for 25 years based on your family size, income, and amount of money owed for your direct loans.
What is the maximum amount of federal student aid for a graduate student?
The maximum amount of federal student aid for a graduate student is typically the annual direct unsubsidized loan limit of $20,500. However, certain graduate and professional degree programs may have higher loan limits. Additionally, graduate students may also be eligible for federal work-study programs and other scholarships or grants.
Is FAFSA required for a student loan?
Yes, you must fill out a FAFSA if you would like to receive a Direct Subsidized Loan or a Direct Unsubsidized Loan. You must also fill it out if your parents would like to receive a PLUS loan for your education. A FAFSA is not required if you would like to receive a private loan from a bank. Private loans may have a higher interest rate. They will do a credit check and they may require you to have a co-signer.
