Loans for Education in the USA


The Joint Annual Meeting of the International Society of Exposure Science and the International Society for Environmental Epidemiology tells you about student loans for education in the USA.

These loans are given by banks, credit unions, or other financial institutions that participate in the federal student loan program. The money can be used to pay for tuition and fees, room and board, books and supplies, transportation, and other educational costs.

You can apply for a Federal Direct Loan if you meet these requirements:

  • Are enrolled at least half-time at an eligible school;
  • Are a U.S. citizen or an eligible non-citizen;
  • Have no history of defaulting on federal student loans, grants, or Perkins loans.

The following types of loans are available to students:

Direct Subsidized Loans - You don't have to pay interest while you're in school (up to 150% of your academic level). The government pays the interest while you are in school, during the grace period,s and during deferment periods. Interest begins accruing from the date the loan is first disbursed until it is paid in full.

Federal Direct Unsubsidized Loans: This loan is similar to the Federal Direct Subsidized Loan, but it does not require applicants to show financial need (though many people who qualify for this type of loan also receive subsidized loans). The interest rate for Federal Direct Unsubsidized Loans is fixed at 4.45%.

Federal Perkins Loans: This loan provides funding for students with exceptional financial needs enrolled at least half-time in an eligible program. These loans have lower interest rates than other federal student loans—just 5% fixed for the life of the loan! You may only borrow up to $4,000 per semester with this loan (or up to $20,000 total).

Suppose you are thinking about pursuing an education in the United States. One option is the Federal Family Education Loan Program (FFELP). This program offers low-cost loans for students who wish to pursue their education at an accredited institution in the US.

The FFELP can provide up to $7,500 per year in loans to qualifying borrowers. No origination fees are associated with these loans, and they are subject to a set interest rate that changes quarterly based on market conditions. Students may borrow up to $40,000 over their lifetime through this program.