Federal Student Loans USA

1. THE NEXT TECH Federal Student Loans USA Prepared by The Next Tech Team

2. O v e r v i e w 1. 2. 3. 4. 5. 6. Introduction Types of FSL Eligibility criteria How to get Advantages of FSL FAQs

3. Introduction After the Covid 19 shockwaves, there have been changes made to the federal student loans program as a part of Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In general, federal student loans are also referred to as government loans which are organized and funded by the U.S. Department of Education and deployed to the students who filled the form through the federal student aid program. Unlike private loan institutions, federal loans for students don’t require a credit check, proof of income, and broker. You will have to repay the loans with interest.

4. Types Of Federal Student Loans Direct Subsidized Direct Unsubsidized FSL Types Parent PLUS The United States Department of Education’s federal student loan program is managed under William D. Ford Federal Direct Loan Program. Grad PLUS Consolidation Loans

5. Eligibility For Federal Student Loans Before you plan to take a federal student loan, be sure you must qualify for a federal student loan. Here’s the qualifying metrics to check for: Be a United States citizen or eligible non-citizen. Maintain academic progress in college. 01 04 Have a valid Social Security number (SSN). Should not be involved in existing federal student loans. 02 05 Eligible degree or certificate program, at least half-time. 03

6. How To Get Federal Student Loan Examine your college of choice is eligible for federal aid Fill out the Free Application for Federal Student Aid (FAFSA) Review your award letter and finalize the amount

7. Advantages Of Federal Student Loans Federal student loans offer several benefits that can make them an attractive option for financing higher education. 02 Fixed Interest Rates: Federal loans offer fixed interest rates, meaning your interest rate won’t change over the life of the loan. 03 Income-Driven Repayment Plans: Federal loans offer various income- driven repayment plans that adjust your monthly payments based on your income and family size. Lower Interest Rates: Federal student loans typically come with lower fixed interest rates compared to private loans. Deferment and Forbearance Options: Reduce your loan payments through deferment or forbearance if you experience financial difficulties, such as unemployment or economic hardship. No Prepayment Penalties: You can make extra payments on your federal loans without incurring any prepayment penalties.

8. FREQUENTLY ASKED QUESTIONS

9. Q u e s t i o n s How do I apply for federal student loans? Before you plan to take a federal student loan, be sure you must qualify for a federal student loan. Here’s the qualifying metrics to check for: What's the difference between subsidized and unsubsidized loans? Before you plan to take a federal student loan, be sure you must qualify for a federal student loan. Here’s the qualifying metrics to check for: How much can I borrow through federal student loans? The amount you can borrow depends on factors like your year in school, dependency status, and the cost of attendance at your chosen institution.

10. Q u e s t i o n s Can federal student loans be discharged in bankruptcy? While it's challenging, it's not impossible to have federal student loans discharged in bankruptcy. Can I consolidate federal student loans? Yes, you can consolidate multiple federal student loans into a single Direct Consolidation Loan.

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