Students are offered a long-term loan that allows them to continue their studies without paying for their expenses till they complete their school. Such loans are called Federal Family Education Loan Program. After six months of completion of course or withdrawal from the degree program, the repayment begins.
DigiPen, which participates in the Stafford Loan Program, is the most common loans and mostly meant for undergraduate students. Subsidized loans and unsubsidized loans are the two types of loans, which are offered to students. In the subsidized loans, the government pays the interest while the student is in college. In the unsubsidized loans, the student is responsible for paying all the interest on the loans, during and after college. An origination fee of 3% for both the Stafford loans is charged by the U.S. Department of Education and the loan guarantor. One should be enrolled at least as a half-time student, to receive loan funds. It is possible for a student to receive both types of loans at the same time.
For undergraduate loans The Federal Parent Loan for Undergraduate Students is available. The parents can borrow the entire cost of the education. Any...
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