Financial Aid And Student Loans

Most students require financial assistance when it comes to paying for higher education. Financial aid and student loans go hand in hand, as these loans are often the first type of financial aid a student applies for. Federal student loans are very common and can make a big difference to students and whether or not they can afford to attend college. One type of loan that most students are eligible for is the Stafford loan. It is not based on credit and the criteria for acceptance is very broad. There are two types of Stafford loans -- subsidized and unsubsidized.

A subsidized Stafford loan does not accrue interest until after the student leaves school. An unsubsidized Stafford loan begins accruing interest right away. Speak with a financial aid advisor if you have questions about the types of Stafford loans, or any other types of financial aid available. The first step to acquiring a federal student loan is the completion of a FAFSA, which stands for Free Application for Federal Student Aid. The college may also have its own financial application documents students must complete.

Another type of student loan provided by the government is the Perkins loan, highly based on financial need. Many low-income students are able to get both the Stafford and the Perkins loan to help with educational costs. To help even more, there are grants available such as the Pell grant that do not need to be repaid. And, there is the PLUS loan designed to help parents pay for their children's college after all other loan resources have been exhausted. PLUS loans are not for everyone and have different requirements from other types of student loans like those described above.

A topic that should be discussed when talking about financial aid and student loans is loan consolidation. The U.S. Department of Education allows students to consolidate their federal loans only once, so if you are thinking of doing this make sure the time is right and this is the best course of action. You may want to speak to a school financial advisor before consolidating your loan. There are both advantages and disadvantages to consider. Consolidation can lower your monthly payments by stretching out the length of the loan, but the rates may change. One thing many students like is making only one payment on one loan rather than multiple payments each month.






 

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Student Loan Scam Warning - News Channel 7

Student Loan Scam Warning
News Channel 7
"I would love for me not to have to pay back these loans," said USC Upstate Student Melissa Robles. That common desire is making prey out of people struggling to pay off school. "That really is horrible cause people are here to better themselves," said .

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New 'super' PAC hopes to woo younger voters, tapping into unease about jobs . - Washington Post

New 'super' PAC hopes to woo younger voters, tapping into unease about jobs .
Washington Post
Crossroads Generation, a new super PAC formed with the help of a handful of established GOP groups, is tapping into the economic frustrations of under-30 voters facing dim job prospects, crippling student loans or the prospect of having to move back .

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Greece Will Lose 'Financial Aid' Without Austerity, German Bank .
BERLIN -- The head of Germany's central bank is warning that there would be no basis for further financial aid to keep Greece afloat if the country backs off agreements with international creditors. The comments by ...


Stabenow, Hoekstra divided on student loan issues - The Detroit News

Stabenow, Hoekstra divided on student loan issues
The Detroit News
By Marisa Schultz The fight over keeping student loan interest rates from doubling has created a stark contrast between candidates in the race for Michigan Senate. US Sen. Debbie Stabenow, D-Lansing, co-sponsored legislation to prevent interest rates .

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Avoid getting buried in student loans - Detroit Free Press

Avoid getting buried in student loans
Detroit Free Press
The new calculator is in the draft stage but can be a big help when attempting to compare loan amounts, scholarship offers and savings needed to attend a specific college. Would you buy a car without knowing the monthly payment? Treat student loans the .

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Making $300K and getting financial aid for a first grader
Private schools are getting flooded with financial aid applications, and a growing number of the parents seeking help are earning $150,000 or more a year...


College student loans follow some to old age, according to Federal Reserve . - WPTV

WPTV
College student loans follow some to old age, according to Federal Reserve .
WPTV
Phyllis Young, of Wilton Manors, is focused on paying off her student loans that she took out more than two decades ago. "I'm $39000 still in the hole," Young said. Almost 2 million people at least 60 years old are still paying on student loans, .
More And More Struggling With Student LoansKKTV 11 News

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Changes in financial aid regulations will impact Metropolitan State .
By: Lois Larson, Director of Financial Aid lois.larson@metrostate.edu Tax time is when students begin to complete their FAFSAs for the upcoming academi...


More wealthy families seeking financial aid for private school
More wealthy families seeking financial aid for private school..


 

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