Financing Education from SLFC (Student Loan Finance Corporation) Moneylender
What is SLFC?
SLFC or Student Loan Financial Corporation or SLFC is a moneylender that provides education loans to the needy students by bearing their educational expenses. This moneylender provides various kinds of loans like Federal loan and Private Student loan in order to make higher education accessible. It also provides lots of scholarships and grants to the bright students.
What are the different grants offered by SLFC?
The different grants offered by SLFC are:
- Federal Pell grant: This grant is made available only to the undergraduates who have not earned any kind of bachelor or professional degrees. The maximum grant awarded is $5,350.
- Teach grant: This grant is made available to the low income families. The maximum grant awarded is $4,000 per annum.
- FSEOG grant: Federal Supplemental Educational Opportunity Grant is meant only for the undergraduate who have dire financial need. The students can receive up to $4,000 per year of grant.
- ACG grant: Academic Competiveness Grant is made available for the 1st year college students who have graduated from high school. This grant provides $750 during 1st year of study and $1,300 for the 2nd year.
- National Smart grant: This grant is made available to the undergraduate students during their 3rd and 4th year of study. This grant provides $4,000 each for both 3rd as well as 4th year.
What are the various federal loans offered? What are the features?
SLFC also provides various kinds of Federal Loan like Stafford, Parent Plus and graduate Plus. The loan is approved by the government of US and it is a low interest loan. The main features of the Federal loan are:
- The rate of interest charged is low and affordable
- The interest charged is fixed and does not vary
- There is no pre payment penalty
- here is no need to keep anything as collateral
- The repayment begins after 6 months after completing the course
- The maximum time limit set to repay the loan is 7-10 years
- Covers all the basic educational expenses like tuition fees, living expenses etc.
Does SLFC provide Private Student Loan?
Many a times the federal loans are sufficient to pay for the student’s entire educational expenses. SLFC has a solution for this also through its Private Student loan program. SLFC provides private student loans which covers all your educational expenses that are not covered under the federal loan like buying of books, purchase of computers, transportation expenses etc. The maximum amount of loan that you can take is the total cost of attendance.
What are the eligibility criteria to avail education loan from SLFC?
The eligibility criteria to avail the education loan from SLFC money lender are:
- USA citizenship
- Age not less than 18 years
- Must be a full time or part time graduate or undergraduate student
- The school has to be a licensed one
How can one apply for the loan from SLFC?
You can apply for the loan by going online. If you are applying for the Federal loan program, you will have to fill the FAFSA application form. If you want to go for Private student loan, you would have to apply through the website of SLFC moneylender. The documents require along with the application form are:
- Identity proof
- Age proof
- Residential proof
- Details about your bank account
Financial Institutions
- Nelnet
- Panhandle Plains
- Regions Bank
- Sallie Mae
- SLFC (Student Loan Finance Corporation)
- Suntrust
- US Bank
- Wells Fargo
- Xpress
- Zions Bank