Nellie Mae Student Loans

Nellie Mae Student Loans have been helping College Students since 1982. Their loans are issued through the Federal Family Education Loan Program or FFELP as well as private loans. Nellie Mae offers three types of loans Undergraduate, Graduate and Parent Loans. Undergraduate Loans that are offered are Federal Stafford Loans and Sallie Mae Private Loans. With the Nellie Mae Stafford Loan you will get very low and fixed interest rates. These loans are great for students who have never had a loan before. These loans are subsidized which means that the United States Government will pay the interest on these loans until you graduate from College. In order to qualify for these loans you must file a Free Application for Federal Student Aid or FAFSA. With Sallie Mae, these are private loans and not Federal Loans.

If you are looking for loans for Graduate School, then Nellie Mae can offer Federal Stafford Loan, Graduate and Plus Loans or Sallie Mae Private Loans. The Federal Stafford Loan is the same as Undergraduate Loans; you have to fill out the FAFSA to become eligible. With the Nellie Mae Grad PLUS Loans can be used to supplement the Federal Stafford Loan. These are fixed interest rates for graduate students looking to help defray the cost of your College Attendance. These loans work best after you have tallied up all of the other financial aid you have received. It is great as a filler loan.

To qualify for a Graduate Loan you must be enrolled in school at least halftime. You have to be a citizen or national of the United States. You must have permanent residency as well. Lastly you must fill out the FAFSA. Nellie Mae Federal PLUS Loans for Parents is a great way to help cover the Expected Family Contribution. You can borrow up to the College’s Cost of Attendance less any amount of other aid received by the student.

Some other information that you may need to know is that the Federal Stafford Loans offer a 6.8% interest rate on loans that are unsubsized and 6.0% for subsidized loans. For Federal PLUS Loans these interest rates are 8.5% fixed. You always want to choose a fixed rate loan; at least you will know what you are going to be paying.

Once you have been approved for a student loan the money will go directly to the College. If there is any left you will receive the balance is a check. Nellie Mae is the place you go to obtain these loans. Federal Stafford Loans can be obtained through Nellie Mae or online. These are not special loans but perhaps the most popular Federal Student Loan there is. It is important before you take on any student loan that you are able to pay them off, though these loans are not due until after you graduate College though it wouldn’t be a good idea to come up with a payment plan before then.