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Loan Consolidation middot University of Puget Sound
Loss of Perkins Subsidy and BenefitsBecause Perkins Loans have a lower interest rate and certain cancellation benefits, applicant may wish to exclude their Perkins Loan from a Direct Consolidation Loan. To qualify for a Direct Consolidation Loan, borrowers must have at least one Direct Loan or FFEL Loan that is in grace, repayment, deferment or default status. If the qualifying loan is a FFEL Loan, applicant must also certify that applicant were unable to obtain a FFEL Consolidation Loan. PLUS Loans are not subject to the enrollment rules and can be consolidated anytime after the final disbursement. The interest rate on a Direct Consolidation Loan is fixed based on the weighted average of the interest rates on the loans at the time applicant consolidate.
Federal Direct Loan Program
Low-interest loan awarded to traditional students based on exceptional financial need and the availability of funds. Loan is borrowed from Capital University using funds from the repayment of loans borrowed by Capital University graduates. Interest rate on a Federal Perkins Loan is fixed at five percent. No additional Perkins loans will be available or awarded in the future. To estimate their Federal Perkins Loan repayment schedule and amount, use the Perkins Loan calculators available here.
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.
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. Find out consolidating their FFEL Program or Perkins Loan Program loans into a Direct Consolidation Loan.
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. 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. Military Service Deferment—An active duty military deferment is available to borrowers in the FFEL, Direct Loan and Perkins Loan programs who are called to active duty during a war or other military operation or national emergency. Economic Hardship Deferment—A FFEL, Direct Loan, or Federal Perkins Loan borrower may qualify for an economic hardship deferment for a maximum of three years if the borrower is experiencing economic hardship according to federal regulations.
Federal Perkins Loans The City University of New York
Federal Perkins Student Loans are low interest loan in which their college serves as the lender. A student may receive a Perkins Loans through—. All Direct Subsidized Stafford Loan aid for which the student is eligible. All Direct Subsidized and Unsubsidized Stafford Loan aid for which the student is eligible. Perkins Loan borrowers are eligible to defer the repayment of the loan principal, with no interest charged while enrolled for classes as at least a half-time student. Applicant may consolidate their Perkins loan with their other Federal student loans.
Federal Loan Default The City University of New York
Understand how missing a loan payment can be a problem, what default means and the consequences of default, and what applicant need to do if their loan is in default or if applicant think the default on their loan is an error. Options for getting out of default include loan repayment, loan rehabilitation, and loan consolidation. If applicant are unsure which type of loan applicant have, check their original loan documents or use the National Student Loan Data System Note that information any private student loan applicant may have received will not be included in NSLDS.
Entrance Exit Counseling
Entrance counseling helps students understand the rights and responsibilities of their loans before they incur the loan debt. Students borrowing Federal Direct Student Loans who haven't previously received a Federal Direct Student Loan at Saint Mary's College must complete entrance counseling before Saint Mary's can make the first disbursement of the loan. Entrance loan counseling for direct loans is only needed once during a student's academic career at Saint Mary's College. At Saint Mary's, students must complete entrance loan counseling for Perkins Loans every year in which a student receives a Perkins Loan. Exit Counseling helps students to understand their rights and responsibilities as a student loan borrower, and also provides useful tips and repayment information to help students manage their loans.
Federal Student Aid
Loans made through the Federal Perkins Loan Program, often called Perkins Loans, are low-interest federal student loans for and graduate students with exceptional financial need. As a result, students can no longer receive Perkins Loans.
Perkins Loans were a need-based loans administered by Rensselaer in conjunction with US Education. The loan was interest free during enrollment and students needed to be enrolled on at least a half time basis to qualify.