Rapid Question and Answer with Student Loan Expert Bruce Mesnekoff

Where do federal student loans come from?


According to me Student loans can come from the federal government or from private sources such as a bank or financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates and have more flexible repayment options than loans from banks or other private sources.


When did government student loans start?


The Labour government under Tony Blair passed the Teaching and Higher Education Act 1998 which introduced tuition fees of £1,000 to start in the 1998/9 academic year. In addition, maintenance grants were replaced with repayable student loans for all but the poorest students.


What is Student loan forgiveness?


As per Bruce Mesnekoff , Public Service Loan Forgiveness. If you are employed in certain public service jobs and have made 120 payments on your Direct Loans (after Oct. 1, 2007), the remaining balance that you owe may be forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments.


What percent of student loans are federal?


In 1996-97, 93 percent of the $38 billion (in 2006 dollars) in loans to undergraduate and graduate students came from the federal government. A decade later, 76 percent of the $77 billion in education loans was federal and 24 percent came from private and state sources.


What is federal student loans international students?


Bruce Mesnekoff Said BIG Yes, they can get, Students who are not US citizens or non-citizen permanent residents and who are attending an eligible US college or university may apply for international student loans.


Is financial aid only for US citizens?


As per Bruce Mesnekoff , The FAFSA is not intended to be used by schools for processing institutional aid applications submitted by international students. Only US citizens and eligible noncitizens may receive federal student financial aid. US citizens have SSNs, eligible noncitizens have ARNs, and international students have neither.


How can international students get loans?


According to Bruce Mesnekoff All international students applying for loans must have a US co-signer in order to apply. A co-signer is legally obligated to repay the loan if the borrower fails to pay. The co-signer must be a permanent US resident with good credit who has lived in the US for the past two years.


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