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Federal Loan Consolidation
Borrowers who do not have Direct Loans may be eligible for a Direct Consolidation Loan if they include at least one FFEL Loan and have been unable to obtain a Federal Consolidation Loan with a FFEL consolidation lender or have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to them or intend to for loan forgiveness under the Public Service Loan Forgiveness Program. Current federal regulations state that the maximum length of the repayment term is based on the sum of the loans being consolidated, and the unpaid balance on other student loans. Eligible loans may be added to their Federal Consolidation loan within 180 days of the date that the consolidation loan was funded.
Loan Consolidation middot University of Puget Sound
Federal Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans into one new loan. One Lender and One Monthly PaymentBy consolidating their federal loans into one loan applicant will have just one lender and one monthly payment. This could simplify the management of their educational loans, particularly if applicant have both Direct Loans and FFEL Loans. No co-signers or credit checks are required for consolidation of Stafford/Direct and Perkins loans, although PLUS Loans included in the consolidation are subject to a check for adverse credit history. The minimum monthly payment on a Direct Consolidation Loan may be lower than the combined payments charged on a borrower's Federal education loans.
Applicant may borrow up to $20,500 per academic year in Federal Direct Unsubsidized loans, with a lifetime limit of $138,500 A Federal Direct Unsubsidized loan has forbearance and deferment options, may be consolidated, may be paid back under several different repayment plans, and may be eligible for forgiveness under the Public Service Loan Forgiveness program. A Graduate PLUS loan has forbearance and deferment options, may be consolidated, may be paid back under several different repayment plans, and may be eligible for forgiveness under the Public Service Loan Forgiveness program. These loans may not be consolidated and may not be forgiven under the Public Service Loan Forgiveness program, but they do have several repayment options.
Federal Loan Consolidation
With Federal Loan Consolidation, applicant can consolidate all or some of their outstanding education loans, even if their loans are currently held by than one lender and are of different loan types. In order to be eligible for a Federal Consolidation Loan under the Federal Family Education Loan program , applicant must be in the grace period or already in repayment on each loan applicant select to consolidate. Federal PLUS Loans Private Alternative loan repayment options may be available through private lenders, but they may not include the same benefits as the Federal Loan Consolidation program. Once their loan has been funded, applicant will receive a Federal Loan Consolidation Disclosure Statement and Repayment Schedule from the servicer of their new Consolidation loan.
Delaware Health and Social Services
Education loans that are currently in default Loans for which the associated documentation does not identify the loan as applicable to or graduate education Loans not obtained from a Government entity or commercial lending institution Parent Loan for Students Loans There are no exceptions regarding loan eligibility and debt amount. Consolidated educational loans must be verified as educational debt on application Part C Loan Verification Form and submitted to Delaware Health Care Commission for review and or consideration. Dental and medical professionals with advanced or mid-level degrees are eligible to for Delaware State Loan Repayment Program awards ranging from $30,000 to $100,000. Each packet must consist of the completed Part Practice Site Application Form, Part B: Health Professional Application Form, and Part C: Loan Verification Form.
Loan Repayment Plans
Example, if applicant have $35,000 in outstanding FFEL Program loans and $10,000 in outstanding Direct Loans, applicant can choose the extended repayment plan for their FFEL Program loans, but not for their Direct Loans. Loans applicant received under the Federal Family Education Loan Program, the Federal Perkins Loan Program, or any other student loan program are not eligible for PSLF. If applicant have FFEL Program or Perkins Loan Program loans, applicant may consolidate them into a Direct Consolidation Loan to take advantage of PSLF. Payments made on their FFEL Program or Perkins Loan Program loans before applicant consolidated them, even if they were made under a qualifying repayment plan, do not count as qualifying PSLF payments.
Perkins Loans, Stafford Loans , and PLUS Loans are all available for consolidation. Applicant can choose what loans to consolidate applicant do not have to consolidate all of them. Consolidated interest rates are figured by the weighted average of all loans being consolidated and rounded to the nearest eighth of a percentage point. Consolidating during their grace period can allow applicant to get a lower interest rate than consolidating during their repayment period, but all their loans enter repayment immediately after consolidation and applicant lose any remaining grace periods. Although this information may help applicant make a decision consolidation, the College of William and Mary does not endorse either option, as the College of William and Mary is not in the business of consolidating loans.
Student Financial Services
Graduating students who have borrowed federal and or UVM loans must complete Loan Exit Counseling for those loans. Some federal student loan borrowers may be eligible to consolidate into a Direct Consolidation Loan. Consolidation combines different types of federal student loans, including Subsidized Unsubsidized Stafford Loans, Perkins Loans, and Graduate PLUS Loans. To qualify for a Direct Consolidation Loan, a borrower must have at least one Direct Loan or Federal Family Education Loan that is in grace, repayment, deferment, or default status. The interest rate on a consolidation loan is set to the weighted average of the interest rates of the loans being consolidated. Making late payments on their student loans can have a negative impact on their credit history and score.
Repayment Information The City University of New York
Six months for a Federal Stafford Loan PLUS Borrowers—The repayment period for a Direct PLUS Loan begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final disbursement. Student loans are real loans—just as real as car loans or mortgages. The the students.S. Education’s National Student Loan Data System SM provides information on their federal loans including loan types, disbursed amounts, outstanding principal and interest, and the total amount of all their loans. Loan consolidation can greatly simplify loan repayment by centralizing their loans to one bill and can lower monthly payments by giving applicant up to 30 years to repay their loans.
Direct Loan Consolidation is a free option available for federal student loan borrowers A consolidation loan allows applicant to combine several types of federal student loans into a single new loan with one monthly payment and a fixed interest rate. Strict eligibility requirements: Loan eligibility depends on a number of factors, including financial history, career experience, income, and citizenship. There may also be a minimum loan amount required for refinancing. Potentially lower interest rate: applicant can qualify for a lower interest rate, which may decrease their monthly payment or the cost of the loan. Loss of federal benefits: Private lenders do not offer the same federal repayment plans and refinanced loans are not eligible for federal forgiveness programs.