The Department of Education (ED) offers student loans to those needing financial assistance to attend college. These loans must be paid back with interest while the borrower is in school. However, the interest rate has recently decreased and now stands at 4.45% as of January 2018. These loans are meant for undergraduate students who have financial need and are unable to repay the loan on their own. The eligibility for these loans is determined by the college or university.
About the federal student loan program
The federal student loan program provides low-interest loans for students and parents. The lender for the loans is the U.S. Department of Education.
Borrowers of Department of Education student loans have a variety of options to settle their debt. These options include a forbearance program. These plans allow you to take a temporary break from repayment until your finances stabilize. Some student loan repayment plans may be more flexible than others, so be sure to research your options carefully.
Whether you’re pursuing a degree or just want to fund your college education, federal student loans from the Department of Education are a great option for many people. The government offers different repayment plans, including a graduated repayment option that gradually increases monthly payments over a period of 10 years. You can also select the extended repayment option, which allows you to make larger payments over a longer period of time.
The interest rates for federal student loans have risen again. …Department of Education Student Loans Read More