The amount you are awarded for a Stafford loan will not be the actual amount you receive due to the fact that you will be charged an upfront loan fee. Each loan disbursement you will receive will already be reduced by a fee of 4 percent. On the other hand, Perkins Loan borrowers are not charged any loan fee when they receive their initial disbursement. However, as with any other debts both Stafford and Perkins borrowers may be subject to late fee, penalties and other collection costs should they fail to make the required payments once they have begun the repayment period on the loans.
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