Posts Tagged ‘Federal Loans’

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Great Lakes Student Loans Services Manage Loans for Lenders, Borrowers

February 6th, 2010



The student loan industry is huge, and it is expanding as college costs rise. With students looking for ways to get into college and capital holders looking for ways to safely and lucratively invest their money, Great Lakes student loans management helps unite people who want to study with people who want to invest in their education.

Great Lakes offers all the federal loans available through the Federal Family Education Loan Program. This includes Stafford loans, which offer some funding for every year a student is in school. These can be subsidized by the federal government on a need basis, meaning that until the student finishes school, the government pays the interest on the loan, allowing the student to defer payment without capitalizing the interest. Students with unsubsidized loans also have the option of paying off the loan or just the interest while they study to avoid capitalizing the interest later.

Other federal loans include PLUS loans, which are offered to parents of students in any year of college and to graduate students in addition to the Stafford loan. This loan comes with a minimal credit requirement, which can be met using a cosigner. Federal loans are offered through the FFEL as well as directly from the Department of Education, in order to enforce a standard maximum fixed interest rate, but share the burden (and opportunity) of funding student loans between the government and lenders. By managing FFEL student loans, Great Lakes makes it possible for private investors to tap into this market.

Great Lakes also offers private or non-traditional student loans, tailored to meet both the financial needs of students and the investment and security needs of lenders. These loans make it possible for students to pay the remaining costs of their education after federal loans.

Great Lakes offers a number of services for prospective students and lenders which serve to help students plan their education, help lenders increase their business, and to generally promote higher education, which, as a higher education guaranty corporation, serves Great Lakes’ interests. These resources include pamphlets and online resources outlining the benefits of receiving a college education, loan calculators for students, and loan education resources for lenders, borrowers, schools, and counselors and financial aid professionals.

For lenders and borrowers who have already established a relationship, Great Lakes has online resources for borrowers and management software for lenders. Great Lakes offers personal financial management resources for students, as well as mutually beneficial resources for helping students avoid defaulting on loans, including consolidation options.

Great Lakes student loans services help students pay for their education by providing lenders who are interested in investing in their future.

By: Adam Hefner

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Applying for Bank of America Student Loans

February 4th, 2010



Many college students are finding that they have many academic funding options ranging from federal loans to private loans. Each has its own advantages and benefits that set them apart from other financing institutions. If you do not know yet, Bank of America has not only established itself as one of the trusted banks in America it also boasts of reaching out to the needs of the prospective college students, particularly those who have dreams of graduating from college or university.

Bank of America has its own student loan division which focuses on addressing the financial needs of college students. They are known to provide valuable assistance needed to apply for student loans. Bank of America is said to offer education loans that are somewhat different from standard loans. It is best that you learn the various differences in detail in order to make an informed decision.

Bank of America Student Loans includes private loan packages. This option includes Education Maximizer Loan which is good for any student that has reasonable credit ratings. This loan package can be used for just about anything that is associated with the educational process. However as with any student loan you must be disciplined in your spending or you will end up out of money and needing another student loan.

Federally based Bank of America student loans are also available and are much in demand. The US Department of Education provides the loan to students that have met the academic and or credit rating requirements necessary to qualify. These loans can be applied for by either the student or the student’s parents. Public or federal loans generally have lower interest rates and more flexible terms.

Aside from private and federal loans, Bank of America Student Loans can either be certified or non-certified. Certification in this sense means that the loans have to be certified by your school. Examples of a certified loan from Bank of America are the Bank of America Private Loans and Bank of America TERI Loans. Non-certified loans from Bank of America include CampusEdge Student Loan and the Education Maximizer Loan.

In response to the growing number of students searching for student loans on the web, the Student Banking division of the Bank of America has established a website for use for students who are interested in filing student loan applications. The websites are helpful and are packed full of the necessary information on Bank of America Student Loans. You really need to go a good job of research on every student loan package you are considering. Once you have completed this exercise you most likely find that Bank of America student loans are a great way to fund your college education.

By: Jim Kesel

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Are Their Student Loans For Undergraduates?

February 1st, 2010



Normally, students tend to rely on federal student loans to finance their education as they provide a variety of deferment options and extended repayment terms. The most beneficial student loans include Stafford and Perkins loans with the opportunity for the undergraduates to get these loans as well.

Federal Student Loans for Undergraduates

Stafford Loan

These loans have two variations:

Federal Direct Student Loan Programs are the ones which are administered by direct lending school and the US government makes them available directly to the students and their parents.

Federal Family Education Loan Program are the ones provided by the private lenders like banks, credit unions etc. Such loans are guaranteed against default.

Effective from July 1, 2007, the Stafford loans have allowed the dependent undergraduates that they can borrow up to $3,500 for their freshman year. They can borrow up to $4500 in their sophomore year. However, there are some cumulative limits of $23,000 for undergraduate education. They also offer a combined limit of $65,500 for both undergraduate and graduate.

Effective from July, 2008, the interest rates on subsidized Stafford loans have been reduced according to The College Cost Reduction and Access Act of 2007. These interest rates are applicable only for undergraduate students and only for subsidized Stafford loans.

Interest rates on the subsidized federal loans for graduate student will remain same at 6.8%. But in case of undergraduate students, there are many fluctuations expected in the interest rates of Stafford loans.

Repayment in case of Stafford loan begins after six months when a student graduates or drops below the half time enrolment. The total repayment period is 10 years. However, you can have alternate repayment terms on consolidation the loans.

Perkins Loans

Perkins Loans are awarded to all graduate and undergraduate students who are in exceptional financial needs. This is considered as a campus based loan program in which a school acts as the lender and makes use of limited funds they get from the federal government. Perkins Loans are subsidized loans as the interest rate is paid by the federal government while you are in school or having 9 months grace period. With Perkins loans, you have to pay only 5% interest rates with a 10 years repayment period. The amount you can receive under Perkins Loans is decided by the Financial Aid Office which is $4,000 per year for undergraduate students. Cumulative limits for undergraduate loans are $20,000 and $40,000 for undergraduate and graduates combined.

Pell Grants

Pell Grants award $4,310 per year to undergraduate students who have not earned their university degree yet. Eligibility for undergraduate student loans with Pell grants is based upon the Expected Family Contribution which is calculated on the form of FAFSA.

Private Student Loans for Undergraduates

There are lots of private lenders which offer loans for undergraduate students to help them complete their studies. Access group is the best choice for undergraduate students who are seeking loans to pay for schools. The Comprehensive Access Loan is basically designed for the undergraduate students although it works for other students as well and allows you to complete your program or degree at your own pace. If you remain enrolled at least part time, you have a repayment period of 10 years. With these loans, you get a nine month grace period after you complete your graduation or stop attending school.

To get approved for such loans you need:

To earn a minimum credit bureau score.
To have three years of US Established credit history in your name. Also you must include in it 4 non-student loan trades at least one opened for 36 months.

By: Steve Morin

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