Not too many years ago interest rates on Stafford loans and other programs changed from fixed rate to variable rate. Then, as of July 1, 2006 they changed back to fixed again.

The FFELP (Federal Family Education Loan Program) is a Federal Government-private lender partnership and umbrella program that includes Stafford, PLUS and Perkins loans. Established by an Act of Congress in 1965, it began in 1966. Since then, over half a trillion dollars have been disbursed, over $50 billion in 2006 alone.

The costs of education today are ten times what they were less than 40 years ago. But those differences become even more stark when considering undergraduate versus graduate programs. Fortunately, there are resources available to both types of student to help them pay for college.

Despite high education costs and the cost of borrowing to meet them, students and parents have some advantages today that didn’t exist even ten years ago. The Internet has changed the way financial aid is researched (and granted) in more ways than one.

The Direct loan program began about 15 years ago and, in true American fashion, was designed to cut out the middle man. Instead of having banks, credit unions and other private businesses lend money to students and parents, the Federal government loans the money directly.

A scholarship, as distinguished from a student loan, is money given that does not have to be repaid. There are scholarships for academic high-achievers, athletes, Pacific Islanders and children of local widows. In short, there is a type of scholarship to suit any possible circumstance.

Many common student loan programs are not credit-based. Stafford and Perkins are based solely on need and don’t even do credit checks. But not all will qualify and those programs will often cover less than 100% of the needed amount, especially considering the high cost of education today.

A co-signer is a second party who guarantees to repay the loan and usually becomes involved when the primary borrower has no or a poor credit history.

Over the past 40 years, just as with everything else, the cost of education has risen dramatically. Average tuition increases of more than 6% per year are common today. Just as one example, in 1973 the cost of registration at UCLA (University of California, Los Angeles) was $208 per quarter. It is now over $2,300 per quarter.

A payday loan, also called a cash advance, is defined as a small short-term loan that is usually extended with no credit check. As the name implies, payday loans help people tide over temporary liquidity crises between paydays.

Automobile loan refinancing is a process of locating a new lender for an already existing car loan. Refinancing is often sought out for a better loan rate and extended term. Occassionally refinancing is opted to remove a co-signer. Some persons may have a high interest rate on their automobile loan due to lack of credit, […]

Both lender and borrower are faced at the outset with a basic decision - to obtain a loan that is either secured or unsecured. But, what does that mean, and what are the pros and cons of each for either party?

Obtaining a home equity loan is a common method of refinancing debt and it has several advantages. But there are a few potential ‘gotchas’ that are worth considering before taking the plunge.

Thanks to home loans, the process of buying a new home is now more affordable than ever. These types of loans give us many opportunities that would simply be impossible without them.

Loans are only a short-term solution to any financial handicap; it provides a means to meet with just the immediate ends. When anybody takes a loan, he or she plans to repay it within a specified time. But due to unforeseen predicaments it becomes difficult to repay the loan within that time.

Getting the best possible interest rate and repayment terms on the loan you need is one of the best ways to save money in the long run. Just about everyone will need a loan at some point in their lives, and when that loan is needed it is important to look for the best possible interest rate and loan terms on that loan.