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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Financial Aid News:

 

Obama's Giant Student-Loan Con - WSJ - Wall Street Journal

Wall Street Journal

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Failures By Obama Team Put Student Debt Forgiveness In Jeopardy - BuzzFeed News

BuzzFeed News

Failures By Obama Team Put Student Debt Forgiveness In Jeopardy
BuzzFeed News
The report found deep inaccuracies in the Education Department's estimates of how much student loan relief programs EUR” like income-based repayment, graduate loans, and public-service loan forgiveness EUR” would cost taxpayers. The programs will have a .

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Government expected to forgive $108 billion in student loan debt - Rare.us

Patriot Post

Government expected to forgive $108 billion in student loan debt
Rare.us
What this means for the taxpayers remains to be seen, but there could be a future burden due to the plan, according to Fox News, and there might be some hope in removing that burden due to President-elect Donald Trump's plans for the reduction of .
Obama's Costly ForgivenessPatriot Post

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The 5 best states to live in if you're paying off student debt - Business Insider

Business Insider

The 5 best states to live in if you're paying off student debt
Business Insider
Affordability for repayment is defined by the government as loan payments equal to 10% or less of an individual's monthly disposable income. Student Loan Hero found the disposable income of the average worker in every US state (except for North Dakota .
Right-Wing Media Slam Student Loan Assistance ProgramThe National Memo (blog)
America's student loan problem is more complicated than ever beforeThe Hill (blog)
This student loan move could save you thousandsChristian Science Monitor
Newswise (press release) -Central Michigan Life -Trader Planet
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GAO Report: Student Loan Forgiveness Will Cost More than $100 Billion - NPR

GAO Report: Student Loan Forgiveness Will Cost More than $100 Billion
NPR
The federal government is set to forgive more than $100 billion in student loan debt over the next few decades. That's according to a report out this week from the Government Accountability Office. STEVE INSKEEP, HOST: Now when students borrow money .

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Ask Brianna: Student loan policy meets hazy future - Omaha World-Herald

Omaha World-Herald

Ask Brianna: Student loan policy meets hazy future
Omaha World-Herald
Q. I'm already struggling to pay back my student loans. Will a Trump administration make it better or worse? A. This is a tough one. President-elect Donald Trump and the Republicans who now have a majority in both houses of Congress didn't focus much .

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New law forgives N.J. college loans if student dies - Philly.com

Philly.com

New law forgives N.J. college loans if student dies
Philly.com
New Jersey's student loan agency will no longer require repayment of loans if a student borrower dies, under a law signed Monday by Gov. Christie. The law, which directs the Higher Education Student Assistance Authority to forgive certain loans in the .
Gov. Christie Signs Bill, Forgiving College Loans If Student DiesCBS Local
New law forgives loans to students who die in debtNorthJersey.com

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OU, OSU student loan debts rate well in Big 12 - Tulsa World

OU, OSU student loan debts rate well in Big 12
Tulsa World
Oklahoma State University has less student debt per borrower, while the University of Oklahoma has a smaller percentage of students with debt, according to a new study by the Student Loan Report.

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