Consider AFS College Loans
Every indication is that this site and its offers are no longer operational, and may have experienced issues. This page is retained purely for historical references. Links have been removed to protect your privacy.
It’s Easy Finding Green
Academic Financial Services, simply known as AFS, is synonymous with its bright green websit. This nonprofit corporation encourages students and families to first try other means of financing their college degrees such as scholarships, grants, and payment programs before they dive into loans. But for those people that already have loans, they offer consolidation programs to help reduce monthly payments and monthly interest rates. Then when all else fails, AFS offers a signature private loan to help parents over the final hump.
Federal Loans through AFS
Academic Financial Services offers a gateway to the Federal Funding program. In addition to Stafford Loans, AFS offers PLUS loans, and GRADplus loans. PLUS Loans are available to parents needing additional funding for their children’s educational needs. In order to be eligible, the student must be in undergraduate school and the parent’s loan request must not exceed the cost of educating the child. Like the Parent’s PLUS loan, once a Graduate Student can no longer obtain money from federal guaranteed funding, they become eligible for the GRADplus program. This student may then apply to borrow up to the cost of their education after Stafford Loans, fellowships, scholarships and any grants are deducted. Repayment of loans begins once they have been completely disbursed.
AFS encourages students and parents to consider consolidating their multiple student loans. After consolidating, the borrower must start payments within 60 days of the award. AFS offers several benefits to the consolidation loans including deferment or forbearance during hardship, discharging the loan in the event of disability, several payment options and no additional charges for early repayment. Consolidation can only be done when the student or parents owe more than $7500 in student loans. Students already in default on prior loans are not eligible for an AFS Consolidation Loan.
AFS Alternative Loan—Green Light Loan
The Green Light Loan is an AFS exclusive for parents and college students that still have some educational expenses to cover after all scholarships, grants and federal aid has run out. The Green Light Loan is a private loan that can be used to cover up to $40,000 of the undergraduate education over a 20 year period while maintaining low interest rates and low monthly payments. Funds can be used for their child’s current and past due tuition, books, school equipment and living expenses. Complete the application and submit it online for quick approval.
Since part of the AFS mission is to encourage students to seek out alternative funding, don’t overlook their Greenhorn Scholarship. This is a "raffle" type award worth $500.
Academic Financial Services was founded in 2003. Since that time, their mission has been to provide educational lending services to their clients. Their website includes payment calculators, calendars, and scholarship databases in an effort to make these loans accessible and understandable. Representatives for every region of the United States are just a phone call away in case you need answers to further questions. Applications for most of their programs can be completed online.