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Fannie Mae Student Loans

Fannie Mae was chartered in 1934 as an FHA insured mortgage organization. It expanded into also including VA-backed mortgages after World War II. Currently, it is a government sponsored enterprise whose main purpose is to ensure the availability of money for mortgage lenders so that affordable home ownership is possible for as many people as possible. Only mortgage companies are supported by it; home loans are not offered by Fannie Mae. Student loans are also not offered by this enterprise.

Fannie Mae Student Loans

Fannie Mae does not offer any kind of student loans. Most people confuse it with Sallie Mae which provides federally insured student loans under the Federal Family Education Loan Program (FFELP). Both are completely unrelated because the former deals only with house mortgages and the latter only with student loans.

Your Other Loan Options

There are several student loan options from which you may choose from. The first option you should explore is the federally administered student loans. The foremost step is to fill out and submit the Free Application for Federal Student Aid (FAFSA). This application will score you on how much federal aid you are eligible for. Only when you have obtained the maximum amount of federal student aid, either in the form of a loan or in the form of grants and scholarships, should you consider taking out a private student loan. Federal loans have set interest rates which are often much lower than interest on private student loans.

Federal loans may all be consolidated too, meaning that all your loans are lumped together and you only have to make one monthly payment when in repayment. However, federal loans do have a maximum amount which you can borrow while private loans have fewer such limitations. You must choose which loan you apply for very carefully. It is very important that you are familiar with the repayment plan and terms and conditions before you commit to anything. You obviously want a loan which has the lowest interest rate and flexible repayments terms.

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