Department of education student loans - Students planning to attend college and graduate school can rely on a wide range of student loan programs offered by the Department of Education. These student loans are designed to make college affordable for every student by allowing them to borrow money to pay for tuition, room, board, books, and personal expenses not covered by other types of financial aid. This guide covers the details on each of the five major types of student loans the Department of Education currently offers.
Need-Based Direct Subsidized Loan
This loan currently has the lowest interest rate on any federal student loan at a fixed 3.4 percent. In addition, borrowers benefit from having the interest paid by the federal government during periods of enrollment and deferment. Because of these benefits, the Direct Subsidized Loan is only available to some undergraduate borrowers who have significant financial need, based on information provided on the Free Application for Federal Student Aid (FAFSA). In addition, borrowers can get no more than $5,500 per year in Direct Subsidized Loans, and first and second-year students can borrow only up to $3,500 and $4,500 per year, respectively.
Direct Unsubsidized Loan
All students who meet basic federal financial aid eligibility guidelines, which include enrollment in qualified schools, are eligible for Direct Unsubsidized Loans regardless of their financial situation. These loans are a great way for students to borrow for their education, even if they do not qualify for any need-based financial aid. Direct Unsubsidized Loans have a fixed interest rate of 6.8 percent, which stars accruing immediately. Loan limits range from $5,500 per year for dependent first-year undergraduates to $20,500 per year for graduate students.
Need-Based Federal Perkins Loan
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World Education Services (WES), the nation’s leading authority on credential evaluation and provider of research about student mobility, international enrollment management, and transnational education has elected two new members to its board: Ambassador Curtis S. Chin and Mr. John Ovrutsky. WES is dedicated to helping people with international education achieve their higher education and professional goals by evaluating and advocating for the recognition of their international education qualifications. WES’ board of directors guides the mission and efforts of the organization.
“I am pleased to welcome Curtis and John to WES’ Board of Directors,” said June Noronha, chair of the Board of World Education Services. “They both bring a wealth of experience that will no doubt provide strong strategic counsel to help guide WES in the coming years.”
Ambassador Chin is a senior fellow and inaugural executive-in-residence at the Asian Institute of Technology in Bangkok, Thailand — an international institution for higher education in engineering, advanced technologies, and management and planning. He is also a managing director with the advisory firm RiverPeak Group, LLC. In 2006, Chin was nominated by President George W. Bush to serve as the U.S. executive director to the Asian Development Bank in Manila, Philippines, with the rank of ambassador. Following U.S. Senate confirmation, he served in this role from 2007 until late-2010 under Presidents Bush and then Barack Obama, as part of the senior International Affairs team at the U.S. Treasury Department. Ambassador Chin previously worked with the international public affairs firm Burson-Marsteller in Beijing, Hong Kong, Tokyo, Washington D.C. and New York. He is a board member of Asia- based Community and Family Services International. Ambassador Chin holds an MBA from the Yale School of Management and a BS from Northwestern University.
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Quotes about education – As regular readers know, I’m a member of the Teacher Leaders Network. A year ago, TLN members began to contribute their favorite education-related quotations.
John Norton from TLN gave me permission to pick some of them to share here. Please contribute your own in the comments section, and I’ll post a “Part Two” of this list at the end of the year.
Here is a beginning list of The Best Quotes About Education (contributors names are in parentheses):
This is my personal favorite: “When one is building a ship, one does not begin with gathering timber and cutting planks, but rather by arousing in people the yearning for the great wide sea.” — Antoine de St. Exupery
“Education is not the filling of a bucket but the lighting of a fire.” W. B. Yeats (John Norton)
“Bureaucratic solutions to problems of practice will always fail because effective teaching is not routine, students are not passive, and questions of practice are not simple, predictable or standardized. Consequently, instructional decisions cannot be formulated on high then packaged and handed down to teachers. Nor can instructional problems be solved by inspectors who make occasional forays into the classroom to monitor performance and dispense advice without an intimate knowledge of the classroom context, the subject matter being taught, the goals of instruction, and the development of individual children.” Linda Darling-Hammond (Anthony Cody)
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