US Federal Student Loan

US federal student loans are financial aid funds guaranteed by the national Government for the sole purpose of helping a college enrollee get the necessary funding to complete his or her course of education. Qualifying for this financial assistance has advantages, but students are encouraged to also attempt aid from other sources when applying for a US federal student loan. Individual states within the United States oversee and administrate them. Students can get more information about government assistance, how to qualify, and their State's restrictions by searching online with the Internet.

There is a lengthy application and process to be completed when applying for this government student aid. Students can get a Free Application for Federal Student Aid (FAFSA) at their college financial aid department or apply directly online. Students encouraged to search for additional grants and scholarships that can aid them with funding, however completing the FAFSA will evaluate the student's family's financial status and preapprove them for numerous types of financial aid. A US federal student loan should be used as a last resort in completing tuition and other costs. However, the availability of these funds guarantees that financing a college education is not the reason for anyone to not be able to go to college. 

The Stafford Loan is one US federal student loan and also is a guaranteed form of funding. There are special interest fees and payment terms with Federal Stafford funding. With the Stafford US federal student loan, interest fees are waived for the time that a person is attending classes at least part time and for a six months period of grace after their enrollment drops below part time or they graduate. Guaranteed loans may have variable or fixed rates for interest fees once the grace period is terminated. The administrating institution determines their own rates based on government guidelines.

Monies extended to students through the college financial aid system are routed through the college which will deduct all fees, tuition and any other monies owed the college. The enrollee should keep in contact with the Financial Aid office and the administrating financial institution throughout the college years to stay aware of the amount of funds to be repaid after graduation. "The preparations of the heart in man, and the answer of the tongue is from the Lord" (Proverbs 16:1). Repayment of US federal student loans are not due until six months following the college graduation. Keeping these payments current will be very important. Although the government guaranteed the aid, the assistance still does have to be repaid by the borrower. There can be serious penalties charged that can including loss of tax refunds, paycheck confiscations and a damaged credit report when US federal student loans are delinquent. 

Contact any college to get a FAFSA for assistance on college tuition. Applications can be submitted to the financial aid office or online, as well. Students will need to have their own, as well as parental information, from their tax return and personal assets, as the application calls for extensive financial information from students and their parents. Both should read all documentation and make sure that they completely understand the terms as set forth by the US federal student loans programs.