Federal student loans are available to college students who complete the Free Application for Federal Student Aid (FAFSA). This will give borrowers access to fixed rate, low interest loans. The most favorable rates are available to individuals with the lowest Expected Family Contributions (EFC). Whilst Perkins loans are means tested, Stafford loans are available to almost all American citizens.

Federal Student Loan Eligibility Criteria

• Must be a U.S. citizens or an eligible non-citizen.
• A valid social security number.
• The applicant must have a high school diploma, General Education Development certificate or possess an equivalent certificate that has been issued by the U.S. Department of Education.
• Must not have a drug conviction that was received when receiving federal student aid.

Low Federal Student Loan Interest Rates

Subsidized student loans are clearly the most affordable, but they do involve a means test. The Perkins loan has an interest rate of just 5% (subject to change) and the subsidized Stafford loan rate is 5.6% (subject to change). However, even the unsubsidized Stafford loan charges just 6.8% which is considerably more affordable than any of the private sector alternatives.

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