Student loans come in many shapes and sizes, and the regulations for them can be different as well.
There are several types for which you may be eligible.
If you’re a medical student, you have the highest limits.
You may borrow up to ,500 annually and 4,000 in total.
Those four loan programs account for 80% of the federal loans made for college students.
For many people, a college education is impossible to obtain without borrowing money to pay for it.
The average student loan debt for 2016 college graduates who borrowed for college, was ,172 and 70% of the graduates left school owing money.
Private student loans are available, but every expert, even those who work for banks and credit unions, advise students to exhaust all avenues for federal aid first.
Money for these loans comes directly from the federal government in a program called the Federal Direct Student Loan Program (FDSLP).Though there are two major sources of student loans — federal and private – the federal side dominates the action, both in amount of money available and loan repayment programs.There were 21 million students enrolled in colleges and universities in the fall of 2016 and eight million of them received federal loans from the William D. The students took in 6.3 billion in loans, or about ,040 per student. Ford Federal Direct Loan Program includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans.Most students receive loans from a different borrower every year, if not every semester, so it is commonplace to have 8-10 student loan payments due every month when you finally graduate.You can simplify the repayment process by applying for a Direct Consolidation Loan, which can best be defined as: one payment to one servicer, once a month.