Edamerica, the eighth largest educational lending company in the United States, recently suspended its private student loans. However, it still has a full portfolio of federal loans, such as Stafford Loans and PLUS Loans, offered through the Federal Family Education Loan Program (FFEL).
This article will explain the different federal Edamerica student loans available and offer advice for those shopping around for both private and federal student loans.
Federal Loans Offered by Private Lenders as a First Choice
As a general rule, students should look to take out private education loans only after they have exhausted their federal loan options, such as Stafford Loans and PLUS Loans. This is because federal loans, backed by the U.S. government, often have lower interest rates and fees.
Edamerica, a growing private lending company which offers federal Stafford Loans and Parent PLUS Loans, is an ideal first destination for both students and parents looking to take out a federal loan through the FFEL program.
Edamerica Student Loans – Stafford Loan
This lender offers both subsidized and unsubsidized Stafford Loans. Below are the terms and rates available:
- Unsubsidized loans have a fixed interest rate of 6.80%, and subsidized loans have fixed rates of between 3.40 and 6.80% (depending on what year the loan is disbursed);
- Unsubsidized loans do not require interest payment while in school (which is capitalized), and subsidized loans do not require principal payment while in school;
- There are no fees;
- A six month grace period exists for students upon graduation or leaving school;
- Payments may be made from 10 to 25 years after the loan is taken out.
To qualify for a Stafford Loan, students must submit an FAFSA form, which is available from any college financial aid office or online from the Department of Education. Additionally, students must be enrolled or plan to be enrolled at least half-time in a participating school, meet the school's academic requirements, and be a U.S. citizen or permanent resident.
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