Student Loans

Go To the School of Your Dreams !

FAFSA First The first step to playing the financial aid game is to determine what funds you have and what funds you need.
Click Here for FAFSA Application

As of July 1, 2006, the Federal Stafford and federal PLUS Loan programs have undergone major changes. One of the most significant changes to the Federal education loan program is the switch from a variable rate to a fixed rate. Prior to July 1, 2006, the Federal Loan programs were variable rates that could be adjusted on July 1st of each year. For Federal loans disbursed after July 1, 2006, the interest rate will be fixed.

Stafford loan fixed rate is 6.8%

PLUS loan fixed rate is 8.5%

Loans disbursed before July 1, 2006, will continue to be a variable rate and the rate on those loans will continue to adjust every July 1st.

Another change is the elimination of in-school consolidation and spousal consolidation.
Students are no longer able to consolidate their loans while in school.

If you want to consolidate your loans, you will have to wait until after you graduate or cease to be enrolled in school. After graduation, if you choose to consolidate, you will be paying off your individual loans and combining them into one new loan with a fixed amount. The rate will be the weighted average of all loans combined. Consolidation will also continue to provide an extended repayment term which can help you achieve a lower monthly payment.

There is a new program for graduate students called GradPLUS. Up to this point grad students were able to borrow a maximum of $18, 500 a year. With the creation of the GradPLUS program, graduate students will be able to borrow additional federal loan monies on their own, as long as they are credit-worthy. The GradPLUS program works similar to the Parent Loan for Undergraduate Students (PLUS) program. The interest rate will be the same as the PLUS program, currently fixed at 8.5%. There will be a 3% origination fee for the GradPLUS program. As long as the graduate student is enrolled in school at least half-time, they will be able to request deferment of payment on the loan.

For more information on these changes visit this Federal Government site Higher Education Reconciliation Act

You should also visit your local credit union or bank to apply for these programs.

Apply for Scholarships!
Click Here

Connect to
Colleges

Tips on How to
Win Scholarships

Search Colleges
by Degree and Zip Code

[Home] | [Scholarships] | [Colleges] | [Financial Aid] | [Contact Us]

College Connection can be reached by:
e-mail to College Connection Staff or
call us at (302) 765-3880
College Connection 1508 Seton Villa Lane Wilmington, DE 19809
http://www.collegescholarships.com