Whether you are a parent looking to provide financial aid to a student or a student seeking to finance your education, you may wonder about the various programs available for student loans. You may be wondering if you can apply for a loan through your state’s Higher Education loan program or if you can apply for a loan with the Federal Direct Loan Program (FDLP).
Federal Direct Loan Program (FDLP)
FDLP for higher education is one of the major federal student loan programs. It is a low-interest, long-term loan program designed to provide loans to eligible American citizens for the purpose of attending a postsecondary institution.
The Federal Direct Loan Program (FDLP) is administered by the U.S. Department of Education. It includes Subsidized Student Loans and Unsubsidized Student Loans. The FDLP has an outstanding loan portfolio of approximately $1.5 trillion.
In addition to providing students with loans, the FDLP also serves researchers, policymakers, and parents. The FDLP provides quantitative data on program growth that are of interest to the federal government, postsecondary institutions, and researchers.
Georgia Student Finance Commission (GSFC)
GSFC (Georgia Student Finance Commission) is a state-run college aid organization that promotes access to postsecondary education through a wide variety of grants, scholarships, loans and other programs. Founded in 1965, GSFC is the state’s largest provider of financial aid for students.
In 2008, GSFC disbursed 243,443 scholarships, which includes both state-funded and lottery-funded scholarships. GSFC also administers the HOPE scholarship program. The HOPE Scholarship provides a portion of tuition for eligible Georgia residents. The HOPE Scholarship is one of the largest education incentives in Georgia’s history.
Aside from the HOPE Scholarship, GSFC has a number of other programs. It administers the Scholarship for Engineering Education (SEE) Service Cancelable Loan, which allows students to cancel loans. In addition, GSFC offers the Student Access Loan (SAL) to non-residents who are enrolled in an eligible undergraduate program.
Alaska Supplemental Education Loan (ASEL)
Among the financial aid options available to Alaska residents is the Alaska Supplemental Education Loan (ASEL). This credit-based student loan is a low-interest option for Alaskan students in any state who need a little extra money to complete their college or graduate school program.
The ASEL offers a fixed interest rate between 5.65% and 8.50% for the 2019-2020 academic year. Borrowers must apply using the Free Application for Federal Student Aid. In order to qualify for the loan, a student must be enrolled in a certificate or degree program at a qualified institution.
For undergraduates, the loan limit is $8,500. Graduate students can borrow up to $9,500. The maximum annual loan amount is dependent on the student’s cost of attendance. The loan is processed and disbursed via electronic funds transfer.
Commonwealth Supported students may be eligible for higher education loans
HECS-HELP is a government loan scheme that assists eligible Commonwealth Supported students to pay their student contribution fees. It was introduced in 2005. It has assisted over 520,606 students with Commonwealth supported places in the 2015/16 academic year.
The Commonwealth supported place is available for most domestic undergraduate and postgraduate degree courses at public universities. However, eligibility is not universal. Depending on the course and the study area, the amount of assistance may vary. There are also limits on how much you can study in a CSP.
The amount of Commonwealth assistance you receive depends on the number of units you study. You can find more information on Commonwealth subsidy rates at the Department of Education, Skills and Employment’s Study Assist website.
Whether you’re considering a private student loan or you’ve already enrolled, you need to know that private loans do not qualify for federal income-based repayment plans. These are programs designed to help struggling borrowers get out of debt. However, many borrowers do not qualify for these programs.
There are other options available, and the Consumer Financial Protection Bureau has a tool that will tell you which ones you may be eligible for. Some of these programs include income-driven repayment and public service loan forgiveness.
You can use the repayment estimator tool to estimate how much you will need to pay each month based on your current loan balance, your income and other factors. This tool also allows you to compare rates from several lenders.
School-channel loans are “certified” by the school
Taking a school-channel loan can be a boon for students on a tight budget. In fact, these loans are typically the best option for paying for college. In addition, these loans are less likely to be abused. While they may not be for everyone, there are a few tricks to getting them to work for you. These include being enrolled at least half-time, making payments in-school, and keeping your lender happy.
One of the largest benefits of a school-channel loan is that the funds are disbursed directly to your school. This is particularly handy for students whose family income is below the poverty line. In addition, the funds are typically available as early as the lender allows before the start of the semester.
