How do federal student loans work? What is the interest rate, how much can I borrow, when do I get the money?
Asked by The Man YFavorite Answer
Answered by Not Your Average 80s Baby
Federal students loans are dispersed by the federal government directly to your school once you complete a MPN and a loan entrance interview. While your in school in the interest rate is 6.62 and once you graduate and are in payment it is 7.22. You are only eligible to borrow so much money depending on how many credits you take and if you are dependent or independent student. It is 3500- 5500 depending on credits for a dependent student and 7500 - 10500 for independent students There is a cap on the amount u can receive in federal loans while in school. Dependent students can only receive 23000 for his or her college education and an independent can receive 46000 I hope all this helps
Federal students loans are dispersed by the federal government directly to your school once you complete a MPN and a loan entrance interview. While your in school in the interest rate is 6.62 and once you graduate and are in payment it is 7.22. You are only eligible to borrow so much money depending on how many credits you take and if you are dependent or independent student. It is 3500- 5500 depending on credits for a dependent student and 7500 - 10500 for independent students There is a cap on the amount u can receive in federal loans while in school. Dependent students can only receive 23000 for his or her college education and an independent can receive 46000 I hope all this helps
