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:

 

Most Borrowers Don't Think Trump Will Be So Bad for Their Student Loans - Yahoo Finance

Yahoo Finance

Most Borrowers Don't Think Trump Will Be So Bad for Their Student Loans
Yahoo Finance
Nearly 40% of student loan borrowers are concerned that Donald Trump's administration will negatively impact their student loans, according to a new survey from Student Loan Hero. As the country moves into a new era of governance, some graduates are .

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Why student loan payback is worse than the government thought - MarketWatch

MarketWatch

Why student loan payback is worse than the government thought
MarketWatch
Many more students have defaulted on or failed to pay back their college loans than the U.S. government previously believed. Last Friday, the Education Department released a memo saying that it had overstated student loan repayment rates at most .

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Morning Agenda: Inequality at Davos, Student Loan Collector Sued . - New York Times

New York Times

Morning Agenda: Inequality at Davos, Student Loan Collector Sued .
New York Times
People who have not benefited from globalization need to try harder to emulate those who have succeeded, the economic elite suggest.

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From credit cards to student loans, don't forget Obama's small victories - The Hill (blog)

The Hill (blog)

From credit cards to student loans, don't forget Obama's small victories
The Hill (blog)
As millennials now occupy the largest bloc of American voters, student loan policy has been pushed to a headline issue over the last year. With the mayhem of the recent presidential elections, many Americans have forgotten the strides that Obama made .

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Bills proposed for Student Loan Refinancing Authority - WWBT NBC12 News

Green Bay Press Gazette

Bills proposed for Student Loan Refinancing Authority
WWBT NBC12 News
Hundreds of thousands of Virginians are swimming in student loan debt. An estimated 629,000 could benefit from refinancing at lower rates, according to some state legislators. Three legislators are proposing bills aimed at helping borrowers get out of .
Governor's big dodge on student loan debt crisisGreen Bay Press Gazette

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Betsy DeVos, up for secretary of education, flubs key student-loan debt figure - MarketWatch

MarketWatch

Betsy DeVos, up for secretary of education, flubs key student-loan debt figure
MarketWatch
But for many of DeVos's critics, the hearing showcased how the education reformer who has never held public office might be unfit for the job of overseeing the nation's student-loan system. Perhaps the most revealing exchange about DeVos's .
5 Student Loan Questions For Trump's Education NomineeForbes
Warren grills DeVos: 'I don't see how she can be the Secretary of Education'CNN

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