Consolidating a private loan with a federal loan

09-Apr-2017 01:33

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You must complete your FAFSA, a PLUS application through the Department of Education, MSU Parent PLUS Loan application and the Master Promissory Note.

More information about the application process is available online. A 5 percent fixed interest repayment begins after you leave school or drop below half-time enrollment.

It also explains the terms and conditions of student loans.

First-time borrowers must complete online entrance counseling prior to loan approval.

General eligibility criteria for qualified borrowers includes: An “origination fee” of no more than one percent of the principal is charged for direct loans according to the regulations governing the programs.

The fee is deducted proportionately from each payment before the loan funds are disbursed to the school to offset the cost of the loan programs.

Interest payments may be made in installments or allowed to accumulate and be added to the principal.

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Unsubsidized Stafford Loans are granted to both undergraduate and graduate students regardless of financial need.Loan amount may not exceed the student’s cost of education minus other aid received.For loans first disbursed on or after 7/1/17 and before 7/1/18 the interest rate is fixed at 7 percent.Alternative loans are private loans designed to help student with educational expenses that exceed other available assistance.

Estimate your monthly loan payments and evaluate repayment plan options.… continue reading »

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