| What Does The Student Finance Corporation Do | | | | arecharged at an interest rate of 8.5% for the loans |
| The Student Finance Corpration helps students to get | | | | disbursed after July 1 2006. Repayment begins after |
| loans for completing their studies. Visit here | | | | 60 months of disbursement and you can't wait till the |
| The range of loans available are for post secondary | | | | education to get over before repaying the loan. |
| education. The eligibility and terms of repayment will | | | | Private Student Loans: Parents and students turn to |
| differ from student to student based on their financial | | | | Private loans for financing their education need |
| conditions, repayment ability, credit rating and the | | | | because the federal programs are often limited in the |
| college that they are applying to. | | | | amount of money they disburse and this gap has to |
| This is called a secondary loan market because it | | | | be bridged by the private players. The rate of interest |
| does not finance the loans itself but rather acts as a | | | | also is higher comparatively but there are several plans |
| conduit between lenders, students and schools. The | | | | available which give a lot of flexibility to the parents |
| specialty of this organization is to service loans from | | | | while repaying. |
| the Federal Family Education loan program. However, | | | | Consolidation Loans: Student Loan consolidation is used |
| the Student Finance Corpration is just one means of | | | | when one or more loans taken for education purposes |
| getting loans for students and there are quite a few | | | | by parents and students are consolidated into one big |
| other organizations who provide loans as well | | | | loan and that is repaid instead of the smaller chunks of |
| Major types of Student Finance | | | | loans. Consolidation loans are available for most |
| Student finance comes in four major forms: | | | | federal loans, including FFELP (Stafford, PLUS and |
| Student Loans: Many students apply for federal | | | | SLS), FISL, Perkins, Health Professional Student Loans, |
| government to finance their educations. The main | | | | NSL, HEAL, Guaranteed Student Loans and Direct |
| student loan is the Stafford Loan, Such loans have low | | | | loans. Some lenders offer private consolidation loans |
| interest rate, no credit check and also do not require | | | | for private education loans as well. |
| any collateral. There are two ways in which the loan is | | | | Student Finance Corporation, Newark NJ |
| disbursed, one is when a private company disburses it | | | | If you are living in Newark and are looking for the |
| to the family like the Citibank. All the loans are insured | | | | student finance corporation, newark nj it is known as |
| by the Federal Government against default. The | | | | the HESAA short for New Jersey Higher Education |
| second type of loan is when the federal government | | | | Student Assistance Authority. This authority is the |
| pays the family directly. | | | | secondary market for loans if living in Newark or any |
| Parent Loans: Parents of dependent students can | | | | other part of NJ and you feel the need for a federal |
| take loans for their children to cover their educational | | | | student loan. The good news is that this authority |
| expenses. These are called federal Parent Loan for | | | | keeps on coming up with flexible and discounted loans |
| Undergraduate Students (PLUS) and unlike the | | | | for the students seeking loans in NJ. |
| Stafford loan these loans are not subsidized and | | | | |