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Student Aid FAQ

How to Pay for Grad School
Answered by Anita Thomas on 01/03/2020

To qualify for federal, state, and college financial aid for graduate school, you have to submit the FAFSA (Free Application for Federal Student Aid). The FAFSA is required to receive federal and state grants and scholarships, as well as federal student loans, including Perkins Loans, Direct Unsubsidized Loans, and Grad PLUS Loans.

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How long does it take to repay a student loan?
The standard repayment term on a federal student loan is 10 years. The repayment term on private student loans vary from 5 years to 15 years.

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How do I apply for a Direct Stafford Loan?

You need to file the FAFSA (Free Application for Federal Student Aid) before you can take out federal student loans, including Direct Loans (sometimes called Stafford Loans) and Perkins Loans.

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What are the benefits of federal student loan consolidation?
Federal consolidation loans allow borrowers to combine several federal student loans into one loan to streamline loan repayment. The monthly payment amount may decrease because repayment can be spread over a longer time period. Because there are no penalties for prepaying the loan in full or in part, borrowers may make larger monthly payments or extra payments if they wish. Borrowers may also change repayment plans at least once a year.

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What is the average amount of a student loan?
The average federal loan debt outstanding is $28,973 per borrower, as of June 30, 2015.

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How Do Student Loans Work?
Answered by Elaine Rubin
Most college students will have to borrow one or more student loans before they graduate, because there aren’t enough government grants to cover all college costs. There are more than $100 billion in new student loans made each year and more than $1 trillion in student loan debt outstanding. Read Entire Answer
What should I do if my parents refuse to file the FAFSA?
Parents are sometimes unwilling to submit the Free Application for Federal Student Aid (FAFSA) and/or other financial aid forms. But, parental information is required on the FAFSA of a dependent student, so a dependent student will not be able to qualify for need-based federal student aid without his or her parent’s help. There are many reasons why a parent may be unwilling to complete the FAFSA.

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Are there student loan prepayment penalties?
There are no prepayment penalties on federal student loans or private student loans. You can make extra payments on your student loans or pay them off in-full without paying a fee or other penalty.

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How late can I apply for a student loan?

Students can apply for a federal student loan and parents for a Federal Parent PLUS loan up until the last day of classes or June 30 of the academic year, whichever comes first. However, the student must have already filed the Free Application for Federal Student Aid (FAFSA) and the college financial aid office must have received a valid output document, such as a Student Aid Report (SAR) or Institutional Student Information Record (ISIR).

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How do I find student loans if I don't have a creditworthy cosigner?
Most new private student loans require the borrower to have a creditworthy cosigner. This includes more than 90% of new private student loans to undergraduate students and more than 75% of new private student loans to graduate and professional students. But, what if the student doesn’t have a creditworthy cosigner?

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