Frequently Asked Questions

• Do You Need Good Credit to Get a Federal Student Loan?

No, when applying for a Stafford or Perkins' student loan a credit check is not done. When applying for a PLUS loan the only check that is done is to see whether or no you have ever defaulted on a loan.

• What Do I Do If My Parent's Refuse to Pay for My College Education?

The Stafford and Perkins student loans are designed for students only and since there is no credit check you are most likely to get approved.

• Why Should I Take Out a PLUS Loan?

If you are a parent and want to pay for your child's education then a PLUS loan may be perfect for you.

• What Are the Interest Rates for Federal Student Loans?

Interest rates for federal student loans are fixed. The Stafford loan is currently at 6.8%, the PLUS loan is currently at 8.5%.

• What is happening to the Perkins Loan?

The Federal Perkins Student Loan is a likely candidate to be cut from the budget because it is underperforming.

• When Do I start Paying Back My Student Loans?

After you graduate or fall below half time status which is less then six credit hours a semester.

• What is a Grace Period?

It is a period in which you do not have to repay your loan. Usually after you graduate you get a 6 month grace period then you must start repaying your loans.

• Is there an Age Limit to get a Student Loan?

No, you can get a private student loan at any age.