College Education Loans from ASLS | American Student Loan Services
College Education Loans are perhaps the most affordable ways to pay for school. The two biggest benefits are the interest rates on Federal Stafford Loans are lower than other forms of consumer financing, and repayment on Stafford Loans are postponed until you are out of school.
Understand the Two Types of Federal Stafford Loans
Federal Stafford Loans can be subsidized or unsubsidized.
Subsidized: The government will pay the interest on the loan while you are in school and any deferment periods including your grace period. However, Subsidized Stafford Loans are awarded to students who demonstrate financial need.
Unsubsidized: Students are responsible for all interest throughout the life of the loan. All students, regardless of financial need, are eligible for the Unsubsidized Stafford Loan.
Steps to Receive a Federal Stafford Loan
Complete the Free Application for Federal Student Loan Consolidation, or the Renewal FAFSA if applicable. After your FAFSA has been processed, your school will review the results and inform you about your loan eligibility.
Complete a Federal Stafford Loan Application. Federal Stafford Loan Repayment and Amounts. Repayment will normally begin six months after the student leaves college, and the minimum monthly payment on New York Student Loans Providers is $50. There are no prepayment penalties or fees for Federal Stafford Loans. Federal Stafford Loans are initially set at a 10 years repayment plan. Federal Education Loan Consolidation is an easy way to lower your monthly payment.