What is a Federal Perkins Loan      
Repayment of a Perkins Loan begins nine months after graduating, leaving school, or dropping to below half-time status. The grace period may be different for students attending college less than half-time. You may be allowed as many as 10 years to repay the loan in full. Under certain circumstances you may receive a deferment or forbearance of loan principal and interest. The loan can also be canceled under certain circumstances, such as your death or permanent disability, or if you work in certain public service jobs after leaving school.
 
What is a Federal Consolidation Loan      
Federal Consolidation Loans may be either direct from the government (Direct Consolidation Loans) or through an outside lender (FFELP Consolidation Loan). Information about Direct Consolidation Loans may be obtained from the school financial aid office for those students still in school, or from the Federal Direct Consolidation Loans Information Center.
 
Who is eligible to apply for federal student loans and other federal student aid      
Generally speaking, it depends on the regulations of each school. The eligibility requirements for participation in student aid programs administered by the U.S
 
Do I have to show financial need in order to obtain a federal student loan      
Federal student loan programs are designed for half-to-full-time students with demonstrated financial need as well as for those without need. However, the Stafford Loan program requires that the Free Application for Federal Student Aid (FAFSA) be filed even when you are not counting on a need-based subsidy. For information on filing the FAFSA.
 
Will the interest on my student loan be deductible in computing my federal income taxes      
The deduction is fully allowed for singles with modified adjusted gross income ("MAGI") below $50,000 and partly allowed for singles with MAGI up to $65,000. Married couples filing jointly get the full deduction with MAGI up to $100,000 and a partial deduction with MAGI up to $130,000. MAGI is your income after certain adjustments (such as IRA contributions and alimony payments) but before claiming exemptions, the standard deduction, or itemized deductions. For most people, modified adjusted gross income is the same as AGI (not counting the deduction for student loan interest or for qualified tuition and related expenses), but AGI must be increased if you take advantage of certain exclusions for income earned abroad.
 
Can student loans cover off-campus housing      
Now, I have heard tell of many things not-so-legit that student loan money gets used for. Sure, they cut you a check for the extra leftover money and how can they really know...? But be warned that if they find out you are doing something less-than-legit with loan funds, you might find yourself with your loans "decertified" and unable to get more. Not worth messing up your education to use loan funds to buy something inappropriate
 
What is a Stafford Loan      
You might also be able to borrow funds beyond your subsidized amount or even if you don't have demonstrated financial need. In that case, you'd receive an unsubsidized loan. Your school will subtract the total amount of your other financial aid from your cost of attendance to determine whether you are eligible for unsubsidized lending. Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accumulate and be capitalized (that is, added to the principal amount).
 
Should you use extra student loan money to pay off credit cards      
It doesn't matter whether 5% of your total student loan is more than the 15% of credit card debt. Either way, debt is debt and it all adds up to the same amount. The only key factor is interest and loans are definitely cheaper. The key to this being helpful is that you must keep paying down your credit card debt as you would have if you were making payments to the cc company. If you can't do this, then just keep your credit card because you'll end up leaving the credit card debt on the loan for so long that it will not turn out cheaper.
 
How do you get a student loan without a co-signer      
And now our income is better but we can not afford to pay it without changing our lifestyle. Anyway, I decided to help my daughter by applying for a PLUS Parent loan but was rejected due to bad credit. I was told that she can get additional Fed. Stafford funds up to another $4,000. That helps but she really needs the whole amount of the tuition and room/board. In this case she needs a total of $10,000 per year. Stafford sucks.. they should not cap the amount that can be borrowed. The student should be able to borrow the whole tuition amount without help from parents.
 
Can you apply for federal student loans if you are already in school      
Even though you are attending college already you can still apply for federal student loans. You may not get them for the current year. But you probably will. It will just be late.
 
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