Frequently Asked Questions represent the most common things students ask for. If you can not find an answer to your question you can Ask Our Experts.
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Am I eligible for financial aid?
Just about everyone qualifies for some type of financial aid. In fact, over 8 million students receive financial aid every year. Even if you are not a straight-A student or a star athlete, you may be eligible for more aid than you think. To see if you meet basic eligibility requirements, take our Financial Aid Eligibility Quiz. Then, complete the Free Application for Federal Student Aid to see how much aid you can get.
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Are interest payments required during deferment?
No. The borrower may choose to defer interest payments, as well as principal payments, while the student is in school. However, unpaid accrued interest is capitalized at repayment and increases the repayment amount. To reduce the overall cost of the loan, borrowers should consider making principal and interest payments while the student is in school.
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Are loan payments required while the student is in school?
No. The borrower can choose to defer all payments while the student is enrolled at least half-time.
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Are my parents responsible for my educational loans?
No. Parents are, however, responsible for the Federal PLUS loans. Parents will only be responsible for your educational loans if they co-sign your loan. In general you and you alone are responsible for repaying your educational loans. You do not need to get your parents to cosign your federal student loans, even if you are under age 18, as the 'defense of infancy' does not apply to federal student loans. (The defense of infancy presumes that a minor is not able to enter into contracts, and considers any such contract to be void. There is an explicit exemption to this principle in the Higher Education Act with regard to federal student loans.) However, lenders may require a cosigner on private student loans if your credit history is insufficient or if you are underage. In fact, many private student loan programs are not available to students under age 18 because of the defense of infancy. If your parents (or grandparents) want to help pay off your loan, you can have your billing statements sent to their address. Likewise, if your lender or loan servicer provides an electronic payment service, where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. But your parents are under no obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.
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Are photocopies of the FAFSA acceptable?
No. Only the original FAFSA form produced by the US Department of Education is acceptable. Photocopies, reproductions, facsimiles and electronic versions are all not acceptable. (See DCL GEN-95-21.)
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Are there any cons consolidating my loans?
Yes. You have to review your options very well. Consolidating can increase the overall cost of your loan. The requirements can be tough. Consolidation does not have to be the best deal under the sun. There are other programs available to help you repay your loans or have them forgiven.
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Are there any cons with fellowships?
Fellowships do not pay much for work. It's possible to get a real job and make more in the same time.
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Are there any costs?
Absolutely not. StudentFirst does not charge any origination fees or prepayment penalties.
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Are there any fees associated with a Private Loan through OneSimpleLoan?
There may be an origination fee ranging from 0% to 10.5%, which is determined by loan type, repayment option, borrowers credit history, and whether a cosigner is included. There is no repayment fee. Fees are determined by the borrower's credit history at the time of application and by the repayment option chosen.
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Are there any prepayment penalties on the Federal PLUS loan?
No.
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Are there any prepayment penalties?
No. You can pay off all or part of your loan at anytime without penalty.
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Are there application deadlines?
No. You may apply for an International Student Loan at any time.
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Are there deadlines for scholarships?
Yes there are. All scholarships have deadlines and those deadlines vary. Be sure you start early.
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