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Loan consolidation—allows a student to bundle all of their federal education loans into one convenient single monthly loan payment at a fixed interest rate. Federal Consolidation Loans that did not repay any PLUS loans for parents. Direct Consolidation Loans without underlying PLUS loans made to parents. Direct Consolidation Loans that repaid PLUS loans made to parents. Applicant don't have to pay interest on the loan during deferment if applicant have a subsidized FFEL or Direct Stafford Loan or a Federal Perkins Loan. The Loan Deferment Summary Chart here shows Stafford Perkins Loan deferments for loans disbursed on or after July 1, 1993. Note to PLUS Loan borrowers: Generally, the same eligibility requirements and procedures for requesting a deferment or forbearance that to Stafford Loan borrowers also to applicant.
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. Federal Consolidation Loans that did not repay any PLUS loans for parents. Parent Direct PLUS Loan borrowers are also eligible for the ICR repayment plan. 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.
Student Financial Services
Exit Counseling for federal loans are done at NSLDS. 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. The interest rate is a fixed rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans applicant consolidate, rounded up to the nearest 1 8 of a percent. Help applicant understand the PSLF Program and what applicant need to do to participate and possibly have their loans forgiven. Help applicant assess whether their loans qualify for PSLF.
Loan Repayment Options
Parent Direct PLUS Loan borrowers may only choose from the standard, extended, or graduated options, but graduate student Direct PLUS Loan borrowers may also choose the income contingent repayment plan or the income-based repayment plan. Direct Consolidation Loans that do not include PLUS loans made to parents. Good option for those seeking Public Service Loan Forgiveness Direct Consolidation Loans that do not include PLUS loans made to parents. Consolidation Loans that do not include Direct or FFEL PLUS loans made to parents. Parent borrowers can access this plan by consolidating their Parent PLUS Loans into a Direct Consolidation Loan. Public Service Loan ForgivenessBorrowers who are employed full time in certain public service jobs and have made 120 payments toward Direct loans may have the remaining balance they owe forgiven.
Entrance counseling is designed to help applicant better understand the terms and conditions of the loan applicant are to borrow and their rights and responsibilities when applicant borrow from the federal government. When applicant complete the electronic Master Promissory Note , applicant are agreeing to repay all the loans made to applicant under that MPN. Applicant will need to complete entrance counseling and a Federal Direct Loan Master Promissory Note only once to cover all Federal Direct Subsidized and or Unsubsidized Loans that applicant borrow for up to 10 years, and once for Graduate PLUS Loans or Parent PLUS loans that are not endorsed. Failure to complete these requirements will keep their loan funds from crediting to their student account.
Federal Direct PLUS Loan
Direct PLUS loan amounts are limited to the cost of attendance minus any other financial assistance received. Interest begins to accrue as soon as the loan is fully disbursed For the parents of dependent s, the PLUS loan enters repayment as soon as it is fully disbursed, but a deferment may be requested. If the loan is deferred, the borrower is responsible for interest payments on the loan during the deferment period. Direct PLUS loans for graduate and professional students are automatically placed into deferment while the student is enrolled at least half-time and for an additional six months after that enrollment ceases. Once the loan enters repayment, the term is typically 10 years.
The Federal Direct Student Loan is available from the the students.S. Education. ASU disburses the loans after they have been approved and processed and classes have begun. Plus loan eligibility is not based on financial need, so these loans are made regardless of income level. These Student Loans are recommended only for students who have exhausted all of their eligibility for Federal Direct Subsidized, Unsubsidized, Parent PLUS and Grad PLUS Loans, or are not eligible for the Federal Direct, Unsubsidized Federal Direct Student Loans, Parent PLUS or Grad PLUS loans. The university’s first priority in conducting business with student loan providers is to ensure they have services that provide for the best interests of student and parent borrowers.
301 Moved Permanently
The loan is in the parent name for the life of the loan. If parent does not pass credit check or choose an endorser, student can get additional Direct Unsubsidized Loan. Repayment begins 60 days after loan is fully disbursed but payment can be deferred while student is enrolled. Be sure to compare the Direct PLUS Loan with the Private Student Loans to see which option best suites their situation and family. Be sure to compare Graduate PLUS Loans with Private Loans to see which option best suites their situation and family.
Student Services Center
Parents of a dependent student may for a Federal Direct PLUS loan. If a parent’s application for a PLUS loan is denied based on the borrower’s credit history, the dependent student may be eligible for an additional unsubsidized student loan. Graduate and Professional students may to borrow a Graduate PLUS loan after Federal Direct Loan eligibility has been exhausted. Although the FASFA is not required, private loans may have varying interest rates and limited repayment options. Alternative loans are, therefore, considered a last resort lending option. Applications for private loans are submitted directly to the lender. Interest rates for loans are determined by the lender based on the student and cosigner’s credit worthiness. Short-term loans are available to assist students who need small amounts of funding for emergency expenses.