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:

 

Student loans: How much will you owe again? Lawmakers aim to . - The Seattle Times

The Seattle Times

Student loans: How much will you owe again? Lawmakers aim to .
The Seattle Times
State legislators are considering several student-loan bills, including one that would help them keep track of how much money they're taking out to pay for .

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Man Faces Thirty Year Sentence for Student Loan Fraud - CBS St. Louis

CBS St. Louis

Man Faces Thirty Year Sentence for Student Loan Fraud
CBS St. Louis
MEMPHIS, TN (KMOX) EUR A ten count indictment returned against a 32-year-old former Hillsboro man for student loan fraud, mail fraud, bank fraud, social security fraud, and identity theft. Malachi Duncan a.k.a Demarcus Brewster was arrested by U.S .
FEDERAL CHARGES AGAINST HILLSBORO MAN EUR MALACHI DUNCANMy Moinfo

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Student loan Costs vs Potential Earnings - ValueWalk

ValueWalk

Student loan Costs vs Potential Earnings
ValueWalk
Is that student loan really worth it? finder.com analyzes LinkedIn's Top 20 highest paying jobs for 2017 to assess their value. Taking on a student loan that will put you six figures in debt is daunting to say the least. But if you're going to earn the .

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3 Debt Questions to Ask While Choosing a College - U.S. News & World Report (blog)

U.S. News & World Report (blog)

3 Debt Questions to Ask While Choosing a College
U.S. News & World Report (blog)
Use any online calculator to estimate how much interest you need to account for on top of your student loan totals. While your federal student loan interest rate will be fixed for the life of your loan, those interest rates are assigned July 1 each .

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Use the National Student Loan Data System to Help Keep Track of Your Student Aid - University of Pittsburgh The Pitt News

University of Pittsburgh The Pitt News

Use the National Student Loan Data System to Help Keep Track of Your Student Aid
University of Pittsburgh The Pitt News
Loan repayment is not something anyone wants to think about, but unfortunately it's a reality many people face. Recent data from the Federal Reserve shows that 44.2 million Americans currently have student debt, and those 44.2 million owe a total of $1 .
Low-income Students May Lose Out Under Proposed 'Simplified' Aid .Diverse: Issues in Higher Education

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Student loan collector pledges not to charge high fees permitted by Education Department - Washington Post

Washington Post

Student loan collector pledges not to charge high fees permitted by Education Department
Washington Post
Despite receiving approval from the Trump administration, Great Lakes Higher Education Corp. said Tuesday it will not charge people with past-due student loans high collection fees if they agree to make good on the debt. Great Lakes owns the federally .
Susan Tompor: Student loan defaults may get pricierDetroit Free Press
Watch out for this 16 percent student loan feekgw.com
Trump reverses protections for Americans with crippling student loan debtRaw Story
AL.com -Wisconsin Rapids Tribune -IFAP
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