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Dept. of Education Loan

Receiving a college education may be the single most important accomplishment that one may achieve in their entire life time.

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Even with a Dept. of Education Loan to help offset costs, the cost of higher education is skyrocketing at an alarming rate within the United States. In the year 2006 alone, the average cost of tuition, room, and board for a typical school year at a four-year public university ran at a national rate of over $17,000 according to the National Center for Educational Statistics. The inexplicably daunting cost of college, according to the same report, is rising at an even more alarming average of almost $1000 annually since 2000. A Dept. of Education Loan is easily accessible method for families and prospect students to counter the rising costs of a collegiate education.

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Although the government expects repayment of your Dept. of Education Loan, there are extremely flexible repayment options available to students and their parents.

Some Dept. of Education Loan repayment plans include:

  • Standard repayment
  • Extended repayment
  • Graduated repayment
  • Income contingent repayment

By simply investing some time in research and filing a FAFSA form, prospective or current students allow themselves to become eligible for the myriad of educational financial aid offered by United State’s government. Rising costs of collegiate education, coupled with the constantly increasing associated living expenses for students as well as their families back home, necessitate almost all students to seek financial relief through the United States government’s Dept. of Education Loan. Don’t allow fears over financing a post-secondary education stop you from achieving a college degree and landing the job of your dreams.

Standard repayment options allow students to reimburse the government with a fixed monthly amount for ten years. For those facing burdensome loan expenses and financial insecurity, extended repayment allows loan payments to continue for a period of twenty-five years for all student debtors owing over $30,000. With graduated repayment, the repayment amount on loans increases bi-annually until loan amounts are fully rectified. In order to offer the utmost flexibility in loan repayment options, the United States government also offers income contingent loan repayment through the Department of Education. In the income contingent loan repayment plan, the government determines the students’ obligation amount using income, family size, and loan amount as factors in determining the monthly repayment rate.

Students wishing to file for these easily repaid loans can do so through filing a FAFSA form. According to the U.S. Department of Education, over nine million students submitted the FAFSA for the academic year ending in 2007. Even more interestingly, 94% of these students filed the application simply and conveniently via the internet. With the potential to find financing to cover all their college costs and associated expenses, virtually all students file the FAFSA form. One of the many loans then made available to students, pending an analysis of their FAFSA form, is a Department of Education Loan. The United States government supplements American students’ education through loans and grants offered by the Department of Education. The loans offered by the Department of Education often cover expenses ranging from tuition, living expenses, books, academic lab costs, and rent. For eligible students filing their FAFSA form annually and maintaining good academic standing, loans are renewable on an annual basis as well. As part of fostering a better workforce and culture of the future, the United States government wishes to afford students the most accessible options to higher education today. Declining to take advantage of these financing options for college is less than studious decision for any prospective student. Investing time in ascertaining the availability of Department of Education loans can save students thousands of dollars in the future as well as allow their dreams of a higher education come true.

Need a Dept. of Education Loan?
Apply for your Dept. of Education Loan today.