If you apply for financial aid, you may be offered loans as part of the school’s financial aid offer . A loan is money that you borrow and you must return with interest.
If you decide to get a loan
Make sure you understand who offers it and its terms and conditions. Student loans can come from the federal government, from private sources, such as banks or financial institutions, or from other organizations.
Loans granted by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Get more information about the differences between federal and private student loans .
What types of federal student loans are available?
How much money can I borrow on federal student loans?
Why should I get federal student loans?
What should you consider when obtaining federal student loans?
How do I get a federal student loan?
The US Department of Education UU Are you responsible for the loans of the Health Student Loan Program (HEAL, for its acronym in English)?
Direct Loan Program
Under this program, your lender is the US Department of Education. UU Four types of Direct Loan Program Loans are available:
- The federal Loans subsidized by the Direct Loan Program are loans made to undergraduate students who meet the necessary requirements and demonstrate financial need to cover the costs of higher education at a university or professional institute.
- Unsubsidized Loans of the Direct Loan Program interest are loans that are made to undergraduate students, graduate students and students in a professional graduate program who meet the participation requirements, but whose participation is not based on financial need.
- PLUS Loans of the Direct Loan Program are loans made to graduate students and students in a professional graduate program, and to parents who have undergraduate students in charge, to help with the payment of study expenses not covered by the program. rest of the economic aid. The participation requirements are not based on an economic need, but it is necessary to have a credit evaluation. Borrowers who have a negative credit history must meet additional requirements to participate.
- Direct Loan Program Consolidation Loans allow you to combine all federal student loans that you can apply for in a single loan with a single loan servicing entity .
Try the following resource
Federal Student Loan Programs : lists the federal student loan programs with details of the loans and maximum amounts to be granted.
dependency situation .
- If you are an undergraduate student or a student in a professional graduate program, you can obtain a loan of up to $ 20,500 per year in Unsubsidized Loans from the Direct Loan Program. You can also use PLUS Loans from the Direct Loan Program to cover the rest of the cost of your university that is not covered by another type of financial aid.
- If you are a parent of a dependent undergraduate student, you may receive a PLUS Loan from the Direct Loan Program for the remainder of the cost of your child’s college that is not covered by another type of financial aid.
Remember: you can borrow less than what your school offers and you can request more loan funds later if you need it. You should borrow only what you need.
interest rate on federal student loans is almost always lower than that of private loans (and much lower than the one applied to credit cards!).
- To obtain the majority of federal student loans, a credit assessment or a co-signer is not necessary.
- You do not need to start paying your federal student loans until you have dropped out of college or have reduced your dedication to less than half time.
- If you show that you have an economic need, the government will pay interest on some types of loans while you are in school and for some time after you stop attending the school.
- Federal student loans offer flexible payment plans and options to postpone your payments related to a loan if you have trouble making them.
- If you work in certain jobs, you may qualify for a portion of your federal student loans as long as you meet certain requirements.
What should you consider when obtaining federal student loans?
Before obtaining a loan, it is important to understand that the loans are legal obligations and that you will be responsible for paying your repayment with interest. Although you may not have to start repaying your federal student loan immediately, you do not have to wait to understand your responsibilities as a borrower. Get the scoop: watch this video about responsible loans or browse the tips below.
Be a responsible borrower.
- Keep track of the amount you are borrowing. Evaluate how the amount of your loans will affect your finances in the future and how much you can afford to repay. Your student loan payments should be only a small percentage of your salary after you graduate, so it’s important not to borrow more than you need for your college-related expenses.
- Investigate starting salaries in the field in which you are interested. Ask your educational institution for the initial salaries of recent graduates in the field of study in which you are interested to get an idea of how much you are likely to earn after receiving. You can use the Job Prospects Handbook or the Career Search tool from the US Department of Labor. UU to investigate your career options and salaries.
- You must understand the conditions of your loan and keep copies of your loan documents. By signing the promissory note , you are agreeing to repay your loan according to the terms of the promissory note, even if you do not complete your education, if you can not get a job after completing the program of study or if you do not like the education you received.
- Make payments on time. You must pay on time even when you do not receive the bill, the payment notice or a reminder. You must pay the full amount established by your payment plan, since, when making partial payments, you are not fulfilling your obligation to repay the student loan on time.
- Keep in touch with the managing entity of your loans. Notify the managing entity of your loans when you graduate; Unsubscribe from the educational institution; reduce dedication to less than half time; Transfer to another institution, or change your name, address or Social Security number. You should also contact your loan servicer if you have problems meeting scheduled payments. The administrator of your loans has several options to help you keep up with your loan.