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Thumbnail of A Minute to Learn It - Borrowing Student Loans

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Responsible Borrowing
William D. Ford Federal Direct Student Loans are a major form of self-help aid. These funds are to be used for education purposes, which include tuition, fees, books, supplies, room, board, and transportation. Unlike scholarships and grants, these funds have to be paid back. There are several repayment schedules, but most begin six months after graduation or withdrawal from school or when the student becomes less than half-time, falling below six credit hours. Interest rates also vary and are set annually by the federal government.

Federal Direct Loan Limits
Typically, students must be able to answer “yes” to questions in Step 3 of the FAFSA in order to be independent. The questions usually ask if a student is the age of 24, married, working on a Master’s Degree or higher, in the military, or currently have children who they provide more than 50% of support for, or have been legally declared independent, homeless, or orphaned.

Dependent Students:

Independent Students:

Interest Rate: