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Student Loans Are Our Only Business.
The funding of NEW Federal Stafford and PLUS Loans
has temporarily been suspended, effective January 15, 2008.
Please be assured that we will fund all second and subsequent disbursements
for loans first disbursed on or before January 15, 2008 as scheduled.
Need a loan? Click here to apply for our competitive, NO FEE Premier Alternative Loan.
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Stafford Loans are low-cost education loans insured by the federal government. They are available to students attending an eligible institution at least half-time. The loan funds must be used for school costs including tuition, fees, books, supplies, room and board. Please see the accompanying chart for details on amounts, rates, and other conditions of eligibility.
Federal Subsidized Stafford Loan
Federal Subsidized Stafford Loans are available to those who qualify based on need or income. "Subsidized" means that the federal government will pay all interest on your loan until you begin repayment, which will start six months after you graduate or cease to be enrolled at least half-time.
Federal Unsubsidized Stafford Loan
Unlike the Federal Subsidized Stafford Loan, Unsubsidized Stafford Loans are not based on need or income. All students and families of income levels that do not qualify for Subsidized Stafford Loans have access to Unsubsidized Stafford Loans. Most features are the same as the Subsidized Stafford Loans, except that additional funds may be available, and you are responsible for all the interest from the day the loan is made (see chart). You may pay the interest quarterly or have us add the accrued interest to the principal when repayment begins.
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How do I apply?
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First you must complete and submit the Free Application for Federal Student Aid (FAFSA). Based upon your eligibility after completing the needs analysis process, the post-secondary school you will be attending will send you an award letter which details your financial package (grants, work-study, scholarships, loans, etc.) Be sure to make use of all other forms of aid before borrowing.
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The Online Process
If your post-secondary school participates in an electronic Stafford Loan process, it will contact you regarding your responsibilities in applying for a Stafford Loan. National Education works with schools in this electronic process to provide the fastest and easiest loan availability possible.*
* Be sure to select National Education as your lender to take advantage of our low rates, borrower benefits, and services.
The Paper Process
If your post-secondary school uses standard processing methods:
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Obtain an application from your school or from us. You can download an application from this site or call us at (800) 353-3357. |
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Complete the Borrower Section. |
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Sign and date the application. |
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Submit the application to your school for completion of the School Certification Section. |
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Your school will forward your application to National Education. |
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Reduce your monthly payments by up to 40%
Normally repayment begins 6 months after you graduate. However, you can reduce your initial monthly payments by up to 40% by selecting our graduated payment option.
Who is National Education?
National Education is an exclusive education lending company with over 19 years of education loan experience. We value each relationship and build our business one loan at a time. National Education is a name borrowers trust for highly competitive student loan products, real savings, efficient processing, and exceptional personal service. We offer extensive loan processing options through our network of nationwide guarantors and servicers. National Education's goal is to provide students, parents and schools cost effective education loan products with outstanding service levels; and we do it everyday.
Why choose National Education?
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Interest rate savings up to 2.25% on all Stafford, Parent PLUS and GradPLUS Loans |
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Life of loan servicing |
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Toll-free Customer Service Hotline |
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Online application and processing |
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Reduce monthly payments up to 40% |
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What if I need to borrow more?
Federal PLUS Loan
PLUS Loans are low-cost federally insured loans for parents of dependent undergraduate students and graduate students. As a parent, you may borrow through a PLUS Loan to meet your student’s educational costs, less any other financial aid that your student may have been awarded. Eligibility is NOT based on need or income, but borrower cannot have adverse credit history. Repayment begins within 60 days after the loan is fully disbursed, but may be delayed for up to four years.
Graduate Students are now able to borrow under the GradPLUS Loan program. Click here for information.
National Education’s Premier Alternative Loans
You may qualify for our low cost Alternative Loans. Click here for more information, or call our specialists at (800) 851-4770 to find out more.
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Need help?
Our unsurpassed Customer Service staff can answer all your questions and help you resolve any issues. You can call us toll free at:
(800) 353-3357
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Federal Family Education Loan Program (FFELP)1
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Dependent Undergraduate Loan Limits
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Subsidized
Stafford
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Total Stafford
(Subsidized and Unsubsidized)2
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PLUS
(Parent Loan)
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First Year, July 1, 2007
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$3,500*
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$3,500*
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Cost of Attendance Minus Aid
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Second Year
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$4,500*
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$4,500*
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Third Year and Beyond
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$5,500
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$5,500
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Independent Undergraduates
(And Dependents whose parents are unable to borrow under the PLUS program)
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First Year
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$3,500*
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$7,500*
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N/A
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Second Year
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$4,500*
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$8,500*
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Third Year and Beyond
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$5,500
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$10,500
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Graduate Students
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$8,500
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$20,500*
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Aggregate Limits2
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Dependent
Undergraduates
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$23,000
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$23,000
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Cost of
Attendance
Minus Aid
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Independent
Undergraduates
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$23,000
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$46,000
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Graduate Students
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$65,500
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$138,500
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GradPLUS
Cost of
Attendance
Minus Aid
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Interest Rate
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6.8%3
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6.8%3
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8.5%4
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Mandatory Default Fee
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0% - 1%5
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0% - 1%5
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0% - 1%5
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Origination Fee
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1.5%9
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1.5%9
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3%
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Credit Checks
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NO
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NO
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YES
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Must Show Need
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YES
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NO
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NO
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In-School Payments Deferred
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Principal7
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YES6
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YES6
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YES8
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Interest
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N/A
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YES9
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YES
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Interest
Capitalization9
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N/A
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At
Repayment
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At
Repayment
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1. Students must be attending at least half-time.
2. If the borrower does not have financial need for a subsidized Stafford Loan or has reached the aggregate limit in subsidized Stafford Loans, the borrower may receive up to this entire amount in unsubsidized Stafford Loans, based on eligibility.
3. The standard Stafford Loan rate is fixed by law at 6.8%. Through National Education’s THE WINNING COMBINATION® you can reduce your Stafford rate to as low as 4.55%.
4. The standard PLUS Loan rate is fixed by law at 8.5%. Through National Education’s THE WINNING COMBINATION® you can reduce your PLUS rate to as low as 6.25%.
5. Your Federal Default fee of 1% may be paid by the Guarantor, please check with your school Financial Aid Office to confirm.
6. Stafford Loan repayment normally begins 6 months after leaving school.
7. Initial principal payments may be reduced or deferred by choosing our graduated repayment option.
8. Normally PLUS repayment begins within 60 days of last disbursement. You may delay your payments up to four years through our forbearance feature. GradPLUS borrowers who remain in-school will be provided an automatic in-school deferment. Once graduated borrower must request a deferment/forbearance to align his/her payment with Stafford.
9. Origination fee of 1.5% is charged by Department of Education on all Stafford Loans through 6/30/08. This will reduce to 1% on 7/1/08.
* Effective 7/1/07
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The funding of NEW Federal Stafford and PLUS Loans
has temporarily been suspended, effective January 15, 2008.
Please be assured that we will fund all second and subsequent disbursements
for loans first disbursed on or before January 15, 2008 as scheduled.
Need a loan? Click here to apply for our competitive, NO FEE Premier Alternative Loan.
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We reserve the right to modify or discontinue benefit programs at any time without notice. Any termination or modification of the program will not affect the terms of loans previously made. Specific terms and conditions may apply, please call us at 1-800-353-3357 if you have any questions.
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405 Silverside Road, Suite 200, Wilmington, DE 19809
Copyright 2007 National Education. All rights reserved
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