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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Cicilline to propose student loan reform law | WPRI 12 Eyewitness . - WPRI 12 Eyewitness News

WPRI 12 Eyewitness News

Cicilline to propose student loan reform law | WPRI 12 Eyewitness .
WPRI 12 Eyewitness News
PROVIDENCE, R.I. (WPRI) EUR” With more than 43 million people in the United States having to pay off $1.2 trillion in student loan debt, Rhode Island Rep.
RI Congressman's Sweeping College Loan Bill Would Eliminate .Patch.com
Cicilline bill would reduce college student loan debt - RI FutureRI Future
Rep. Cicilline to submit college-debt relief bill - News .The Providence Journal

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Marinello beauty schools insurer pays $8.6 million to settle student loan suit - OCRegister

OCRegister

Marinello beauty schools insurer pays $8.6 million to settle student loan suit
OCRegister
The insurance carrier for the now-defunct Marinello Schools of Beauty has paid the United States more than $8.6 million to resolve allegations the schools received federal student loan funding for ineligible students who received bogus high school .
Defunct cosmetology school settles loan claimsInland Empire News

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$1.3 trillion in student loan debt is crippling retail sales growth - CNBC

CNBC

$1.3 trillion in student loan debt is crippling retail sales growth
CNBC
Out of whack weather, gluttonous inventories and changing consumer spending patterns have shouldered much of the blame for sluggish retail sales. But often lost in the shuffle is the role of ballooning student loan debt, which exceeds $1.3 trillion and .
Lower-End Retailers to Benefit From Rising Student Loan Debt, Moody's O'Shea Tells BloombergTVTheStreet.com

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How To Managing Student Loan Debt -- Part I - Forbes

Forbes

How To Managing Student Loan Debt -- Part I
Forbes
Student loans are a crushing burden to many recent college graduates, taking them untold years to pay off and thwarting their wealth building. Christina Gann Munguia, an associate advisor in Redwood City, Calif., for Hewins Financial Advisors, shows us .

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Wells Fargo fined $3.6M over student loan practices - USA TODAY

USA TODAY

Wells Fargo fined $3.6M over student loan practices
USA TODAY
Wells Fargo must reform its practices and pay a $3.6 million fine for actions that federal consumer protection officials say misled student loan borrowers and resulted in some paying unnecessary fees. In the order filed Monday leveling the penalty, the .
Wells Fargo to pay $4 million for illegal student loan feesCNNMoney
Wells Fargo to pay $4 million for illegal student loan practicesWashington Post
Wells Fargo to Pay $4 Million to Settle Student-Loan Servicing ProbeWall Street Journal
Allentown Morning Call -Charlotte Observer (blog) -AL.com -Consumer Financial Protection Bureau
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Op-Ed: How employers can be sued over student loan crisis - CNBC

CNBC

Op-Ed: How employers can be sued over student loan crisis
CNBC
There is approximately $1.31 trillion in outstanding student loan debt in this country, and according to data from the U.S. Department of Education, millions of Americans are late with payments or are defaulting. Student loan debt has reached crisis .

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State Should Lead on Student Loan Debt - urbanmilwaukee

urbanmilwaukee

State Should Lead on Student Loan Debt
urbanmilwaukee
But now, after years of Republican budget cuts, businesses are losing out on valuable opportunities, our middle class is shrinking and students are graduating with record amounts of debt. In fact, Wisconsin is home to nearly 1 million student loan .
Student Loan Debt Highest at Modest CollegesThe Nonprofit Quarterly (blog)
Student Loan Debt is Awesome!!The Good Men Project
Getting Out of Student Loan Debt It Can Be Done!FX News Call
The Guardian -The Colorado Statesman -Drew Today
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There are a lot of people lowering their student loan payments, but also a lot of people who are behind - Washington Post

Washington Post

There are a lot of people lowering their student loan payments, but also a lot of people who are behind
Washington Post
A trove of data released by the Education Department on Monday shows a continuing trend of people enrolling in the government's generous student loan repayment plans as well as people struggling to pay their debt. Americans have a wealth of options for .
4 ways to get help with your student loan debtMarketWatch
PIX Financial Fix: How would you like your student loan debt forgiven?New York's PIX11 / WPIX-TV
Creative Alternatives to Taking Student LoansMorningstar.com
Inside Higher Ed -Christian Science Monitor -Austin American-Statesman
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