| The Federal
Stafford Loan |
The Stafford Loan often provides the lowest interest rate available to students, so start here. The nation’s most popular loan package, Stafford Loans are guaranteed by the government and don’t require a credit check, a co-signer, or collateral.
Currently, the interest rate is fixed at 6.80% (6.00% for undergraduate subsidized loans disbursed on or after July 1, 2008). There's a six-month grace period before loan payments are due after graduation, and a minimum repayment of $50 a month.
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| The
Federal PLUS Loan |
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Even with the Stafford Loan awards, most families need to find other sources of funding to pay for their child's total educational cost. The Federal PLUS Loan can be used to fill the funding gap.
Also, graduate and professional school students may apply without a co-borrower. Upon school certification, no payments are required while the graduate or professional student is attending school at least half-time.
Currently, the interest rate is fixed at 8.50%.
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| Private Loans |
For many students government-sponsored loans won’t cover the total cost of education. The difference can be made up by non-government loans provided by private loan originators like StuFund. The interest rates and origination fees are competitive, depending on the borrower’s credit history, and the repayment terms are flexible.
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