Debt is more than simply borrowing and owing money. Debt is an obligation against a borrower's future earnings. A consumer's ability to manage such obligations is essential to maintaining a healthy financial position. This principle applies to educational indebtedness just as it does to any type of consumer credit. To see how much your payments could be per month, you may view Nelliemae's Debt management EDvisor . .
Loan provides a financing option for parents or legal guardians of dependent undergraduate students.
Applicants must be creditworthy to be eligible. The maximum loan amount per year is the cost of education minus eligible financial aid. Interest rates are variable and are set July 1 of each year. Repayment begins 30 days after the first disbursement and will continue for a maximum of 10 years. If parents or legal guardians are denied this loan, students may apply for a limited additional Unsubsidized Stafford Loan .