Frequently Asked Student Loan Questions
Do My Parents Have to Approve My Student Loan?
A Stafford student loan is for students only and has nothing to do with your parents. You will apply for it and pay it off either while you are in school or once you graduate from school.
What If I Have a Bad Credit Rating?
Your credit rating is not that important when applying for a federal student loan. Federal student loans do little to no credit checks. Having a bad credit rating could hurt you when it comes to applying for a private student loan.
What the Benefit of a PLUS?
With a PLUS parents pay for the student's loan. If you are a parent and want to fund your child's college education with a federal loan then a PLUS loan is for you.
What are the Current Interest Rates for Student Loans?
For a Stafford loan the current interest rate is 6.8%, for a PLUS loan it is 8.5%. A private student loan's interest rates will vary based on the market and your credit rating.
When is My Student Loan Due?
When you graduate or fall below half time student status, which is less then six credit hours per semester.
What is a Grace Period?
A grace period is the period after you graduate but before you have to pay back your student loan. This period usually lasts six months and it is also the best time to refinance your student loan.
Do Student Loans Only Apply to College?
Federal student loans do but you can get private student loan to help fund pre-college education. |
