Why can't a borrower consolidate private student loans and Federal Stafford loans together?
First I am not positive that you cannot do such. If that does hold true it could be due to a variety of details including: - interest rates for Federal loans are set by law and are standard across the board. The financial institution you have your private loans through could vary - payment terms may also verify between the two Private loans are secured by an individual's credit worthiness or his cosigner's. Federally back loan are secured by The united States Department Of Education. Loan amounts vary depending on each student needs, the cost to attend and ability to pay back. You will never be able to consolidate federally backed and private loans with a federally back consolidation loan. However, you will be able to combine them all with a private consolidation loan.
"There are several ways one can get a consolidation loan. In the United States, there is a Federal student loan consolidation program that allows students to consolidate Stafford loans, PLUS loans, and Federal Perkins Loans into a single debt. One can also attain a consolidation loan through a private lender. However, the terms vary from lender to lender such as forbearances and deferments."
There are different types of student loans available to college students for college: # Federal Subsidized Stafford Loans # Federal Unsubsidized Stafford Loans # Federal Perkins Loans # Federal PLUS Loans # Private/Alternative Student Loans Other sources of financial aid are: * Scholarships * Grants * Work-Study
There are no income limits for unsubsidized Stafford loans. Subsidized Stafford loans are awarded based on need. There are two types of Stafford Loans Stafford (Subsidized) - The interest portion of the loan is borne by the federal government. You can apply provided you spent at least half the time in school. Stafford (Unsubsidized) - Interest portion is to be paid even if the student is enrolled in the school. Offered to those with maximum…
You can get Stafford Loans, subsidized and unsubsidized, for a second bachelors degree - or at least for part of it. As far as I know, you are no longer eligible for Perkins Loans or Pell Grants. I attended Colorado College 1998-2002 and got a BA in English. For that I received Stafford, Perkins and Pell assistance. Now I am attending University of New Orleans for a Civil Engineering BS. I received about 6k per…
The interest weight of a consolidation loan is now the weighted average of the interest rates of the loans being consolidated, rounded up to the nearest .25%. It's not mathmatically possible to get a lower rate with this formula. In addition to that, federal regulations do not allow each borrower more then one consolidation, except in a few limited circumstances: - if you have a consolidation loan that has been referred to the guarantor for…
Temporary as well as permanent structures built following a disaster using Federal funds through the Stafford Act must meet the requirements of Executive Order 12699?
Executive Order 12699 requires that any permanent structures rebuilt after a disaster and using Federal funds through the Stafford Act abide by the Executive Order's provisions. This means that, following a Presidential disaster declaration, all reconstructed buildings using Stafford Act funds must meet the seismic safety standards of one of the three
Yes the Stafford Loan No matter what you do - you need to fill out the FAFSA (Free Application for Federal Student Aid) First complete the FAFSA at www.fafsa.ed.gov they may give you federal funds (unlikely) if they don't you qualify for the Stafford Loan (Federal loans = low rates, better payment terms, etc) After that if you find you still require additional funds - check into fastweb for potential scholarship options
When you have asked your lender to consolidate your student loans and they refuse, you can look for a company that will work as a liasion between you and a prospective new lender. Due to investors not investing in student loans the majority of lenders have stopped consolidating federal loans. Student Loan Gal at www.defaultms.com
The Stafford Act does not apply to the Deepwater Horizon oil spill. The Stafford Act is meant to help states that have exhausted all local, county, and states resources to recover from a disaster. It would be unfair of the U.S. federal government to make Texas, Louisiana, Alabama, Mississippi, and Florida show they have exhausted all of their resources to combat the spill. Instead, the Deepwater Horizon oil spill has been given a special classifications…
The federal Stafford loan, which is the most common US student loan, is deferred while you are in school, meaning you don't have to start repaying until six months after you graduate, leave school, or drop less than half time. A subsidized Stafford loan does not accrue interest while you're in school, but an unsubsidized Stafford will, so in essence, it keeps "growing" while you're in school.
Federal Family Education Loan Program. This program offers Stafford, Parent and Grad PLUS, and Federal Consolidation loans. The loans are made by private lenders and insured by the federal government. Your eligibility for these loans, and how much you can borrow, is determined by your school's financial aid office, using the data from your FAFSA.
You can only consolidate your federal student loans once, unless -you need to re-consolidate in order to qualify for public service options that were not available when you previously consolidated. -your existing consolidation loan has been referred to the guarantor for default prevention, or has defaulted, but is not yet in wage garnishment status.
A student can apply for financial aid through the federal government by filling out a FAFSA application. The FAFSA will determine the amount of Federal Student Loans (Stafford Loans) and Federal Grants that the student is eligible for. Sometimes this will cover the entire cost of tuition depending on financial need and the cost of the school.