Taking Out Student Loans in Florida
Afford Higher Education
The Florida Department of Education Office of Student Financial Assistance (OSFA) is the guaranty agency for the Federal Family Education Loan Program for Florida students. As a “lender of last resort,” OSFA must also directly provide Stafford and PLUS Loans to students and parents whose colleges and universities are unable to secure lending elsewhere.
OSFA maintains a list of FFELP lenders that have chosen to partner with the State of Florida.
Alternative Loans
Federal loans are notorious for falling drastically short of supplying students with the college costs they need to complete a degree. In addition to loans such as the very widely disbursed Stafford Loans, most students must apply for auxiliary loans, simply called alternative or supplemental loans. Lenders like EdAmerica create their own special alternative loans that make compelling benefits like good reductions in interest rates for online, automatic payment methods and prompt payments.
The EdAmerica XtraCredit Alternative Loan is aptly named for its ability to provide all the extra funding a student borrower may require. In most cases an alternative loan may provide money that covers the balance of your tuition after your federal loans are disbursed. And you must always apply for federal loans before you even consider an alternative loan.
Applying for the XtraCredit Loan
While many students hope to be able to qualify for an alternative loan on their own merit, EdAmerica encourages first time borrowers to seek the help of a co-signor or co-borrower. If both you and your co-borrower have good credit, it can help your interest rate immensely.
The XtraCredit Alternative Loan is open to undergrads and grad students. Attendance at a college must be part-time or more.
Repayment
Yes, unfortunately you must, at some point, repay student loans. And most now come due six months after you leave school or graduate. And some even require you begin making payments on the interest immediately. Not the case with XtraCredit. Many students have multiple federal loans, maybe an alternative loan and even credit card debt. What happens when you are unable to make the payments? Hopefully you don’t let yourself get to that situation. Always contact your lender if you even think you risk defaulting on one or more loans.
Consolidation Loans
EdAmerica provides its own consolidation loan for borrowers who wish to refinance multiple loans. When you consolidate you cut your monthly payments sometimes in half, but you also extend your repayment period. Even though your loan ends up costing you more in the end, a consolidation loan also saves your credit future.
