PAYMENTS AND SCHOOL FEES

Understand the various types of student loans All student loans are not the same. Knowing how different loans work can help you choose what's right for you. Here's a brief overview of each loan type. FEDERAL LOANS: The main student loan programs administered by the U.S. Department of Education are the William D. Ford Federal Direct Loan Program and the Federal Perkins Loan program. The direct loan program consists of Stafford loans (for undergraduate students) and Direct PLUS loans (for parents and graduate students). The Federal Perkins Loan is a loan for undergraduate and graduate students. Generally, you’ll have 10 to 25 years to repay your loans, depending on the repayment plan you choose. CALL NOW:951-363-5772 Direct Stafford loans A Stafford loan is a low-interest layer loan for eligible students to help cover the cost of higher education at a 4-year college, university, community college or trade, career or technical school. Eligible students at participating schools borrow directly from the U.S. Department of Education. How much you’re eligible to borrow with a Stafford loan is determined by your year in college as well as your expected family contribution. The interest rate on Stafford loans is fixed by the federal government and you can find the most current interest rates on the Department of Education website. There are 2 types of Stafford loans: subsidized and unsubsidized. Subsidized means that the federal government will pay the interest on the loan while you’re in school and during grace periods and deferment layer periods. Your first payment is due 6 months after you graduate, stop attending school or drop below half-time student status. In order to receive a subsidized Stafford loan, you must be able to demonstrate the appropriate level of financial need. Unsubsidized means that you are responsible for all interest that accrues layer on your loan from the time you receive your money through your repayment of the loan. You have the option to pay the interest while you are in school and during grace periods and deferment or forbearance layer periods, or you can allow it to accrue and be added to the principal layer amount of your loan. If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount. There are limits on the maximum amount you are eligible to receive each academic year and in total.CALL NOW:951-363-5772