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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.
The government pays your interest for you while you’re in school.
Subsidized loans are reserved for students who can demonstrate a financial hardship.
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.
Stafford and Perkins loans are federal loans given directly to the student.
The interest rates usually are higher than those on federal loans and there are some involved that aren’t part of federal loans.If you have an unsubsidized loan, you’re responsible for paying off all the interest.In 2017, interest rates were fixed at 3.76% while you’re in school, but payments are typically deferred — or postponed — until after you graduate. Your annual Stafford Loan limit for unsubsidized loans ranges from ,500 to ,500, depending on your year in school and whether you are claimed as a dependent on someone’s tax return.If your loan is subsidized, you won’t be responsible for making any payments until after you graduate.
Your interest rate typically should be 3.76% in 2017-2018 school year.Freshmen can borrow up to ,500; sophomores ,500; and third-year students and beyond can borrow up to ,500 in subsidized loans.You cannot accrue more than ,000 in subsidized Stafford Loans throughout your undergraduate studies.There are two types of Stafford Loans: subsidized and unsubsidized.