Describe some of the characteristics of federal student loans.

Federal college loans reflect loans from the federal administration to support students and parents will pay for university education bills.

Explanation:

You need to request a free student assistance application form (FAFSA) at the U.S. Department of Education to apply for a federal loan. Some of the characteristics of federal student loans:

Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans.

Characteristics

1. Payments aren’t due until after you graduate, leave school, or change your enrollment status to less than half-time.

2. The interest rate is fixed and is often lower than private loans—and much lower than some credit card interest rates. View the current interest rates on federal student loans.

3. If you have financial need, you may qualify for a loan for which the government pays the interest while you’re in school on at least a half-time basis and during certain other periods. This type of loan is called a "subsidized loan."

4. You don’t need to get a credit check to qualify for federal student loans (except for PLUS loans). For PLUS loans, they will check your credit before determining whether you are eligible.

5. Interest may be tax deductible.

6. Loans can be consolidated into a Direct Consolidation Loan.

7. If you are having trouble repaying your loan, you may be able to temporarily postpone or lower your payments.

8. There are several repayment plans, including an option to tie your monthly payment to your income.

9. There is no prepayment penalty fee.

10. You may be eligible to have some portion of your loans forgiven if you work in public service.

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