Financial aid loans are available to NAU students
After submitting the FAFSA, you may be offered loans as part of your financial aid package as long as you are enrolled at least half-time for each term (undergraduate students: 6 credit hours and graduate students: 5 credit hours).
Keeping this in consideration, are private student loans bad?
1. They typically offer less favorable interest rates than federal loans. The higher the interest rate attached to your student loans, the more that debt will cost you to pay off. … But if your credit isn’t superb, there’s a good chance private loans will cost you more than federal loans.
Similarly, how much can a student borrow in private loans?
Undergraduates can borrow up to $12,500 annually and $57,500 total in federal student loans. Graduate students can borrow up to $20,500 annually and $138,500 total.
| Lender | Private student loan minimums and limits |
|---|---|
| RISLA | Minimum: $1,500 Maximum: $45,000 |
Is it hard to get a Sallie Mae loan?
It’s now harder to get a Sallie Mae loan if you come from a bad credit background, either due to your own credit or the credit of co-signers such as your parents. The Sallie Mae Smart Option Loan comes in three forms. Each one has a different repayment option.
Is Sallie Mae federal or private?
All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.
Is Sallie Mae trustworthy?
Is Sallie Mae legit? Sallie Mae is a highly recognized name in the private student loan industry. With multiple programs, including ones for part-time students, and its 95% approval rate for students who use a cosigner, many students should be able to find a solution that works for them through Sallie Mae.
What is a direct unsub Stafford loan?
Main Content. A Federal Direct Unsubsidized Stafford Loan is awarded as a non-need-based loan after all other need- based loans, grants, scholarships and other resources are subtracted or up to the annual maximum loan limit, whichever is lower.
Who is eligible for Perkins loans?
Perkins Loans may be awarded to students who are eligible for Federal Student Aid (most domestic students) and have demonstrated financial need. Undergraduates: $5,500 per award year, up to $27,500 total. Students who have not yet completed two years of undergraduate work are only allowed to borrow up to $11,000.
Why is it so hard to get a private student loan?
One of the most common reasons why a student might not qualify for a private student loan is because they don’t meet their lender’s FICO® Credit Score criteria. Your FICO® Credit Score is a three-digit number that lenders use to measure how likely you are to be able to repay debt.