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Students considering this loan should pay close attention to how their total repayment costs might be affected.

Consolidating and extending the repayment schedule of your loans can add considerable costs to your total obligation.

State-specific funding varies – some have none, while others have a great deal.

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Most students rely on a variety of funding sources to pay for college.

Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.

Consolidation Loans For students holding multiple federal loans, this program facilitates combining them into a single loan.

A single monthly payment replaces the need to pay each loan individually, and the repayment terms of the loan can be extended for up to 30 years.

Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.

Interest rates are higher than federal student loans, but still fall below most other types of private financing (home, car, etc.) The Federal Family Education Loan program (FFEL) is a now-defunct lending program designed to provide American college students and their families with federally backed student loans. Perkins Loans Perkins loans are federally funded loans administered directly by your institution of higher education (IHE).

Long-term and short-term institutional loans are used to pay for books, room and board, and other student expenses.

Institutional loans are by definition campus-specific, so interest rates and repayment terms are determined by each educator.

The loans are extended to students who have the greatest financial need.

In general, families with annual incomes below ,000 are eligible for Perkins Loans.

In Minnesota, for example, students are eligible for loans, under a program called SELF.

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