Financial Aid Services For Students

There are all kinds of financial aid services for students that range from federal funding to private sources. The first type of financial aid students are advised to apply for is federal funding from the United States Department of Education. They offer loans and grants that most students can qualify for. The first step is to complete a FAFSA, which stands for Free Application for Federal Aid. The financial aid office at your school can help you if you have questions. Also, rather than filling out a mountain of paperwork, you can fill out your FAFSA and submit it online.

Once this form has been submitted and analyzed, your financial aid officer at the school will consult with you on the types of financial aid you are eligible for. You will most likely get the Stafford loan first. This loan can either be subsidized or unsubsidized. Subsidized Stafford loans are loans that accrue interest but that interest is paid by the federal government until the student leaves college. Unsubsidized loans are loans for which the student pays interest each month as soon as the loan is issued. Whether or not a Stafford loan is subsidized or unsubsidized depends on financial need.

Perkins loans are need-based, awarded to student with financial hardship, on a first-come, first -serve basis. The government distributes the funds to the school, who then gives them to the student. There are Pell grants that many students can also qualify for, which do not have to be repaid. And, you may want to check with your financial aid office about work study programs at your college. This means the compensation for the work you do at the school goes towards your educational expenses.

If the federal help you receive from the government is not enough to cover your educational expenses, you may want to look towards private loans. There are financial aid services for students from banks, credit unions and private lenders. When investigating private lenders, compare interest rates because students are often subject to larger rates because of their credit. Also, because many college students do not have sufficient credit history they may need a co-signer in order to obtain private loan. You should also apply for any scholarships you may qualify for, as they are also money that does not need to be repaid and there are plenty of them out there.






 

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Financial Aid News:

 

Student loan rates to double if Congress doesn't act - CNN

The Associated Press
Student loan rates to double if Congress doesn't act
CNN
By Jennifer Liberto @CNNMoney May 8, 2012: 5:09 AM ET WASHINGTON (CNNMoney) -- With federal student loan interest rates set to double July 1, the Senate will consider on Tuesday a bill to extend low 3.4% rates for another year.
Senate heads toward showdown vote on student loans with Dems, GOP stalled over .Washington Post
Senate heads toward showdown vote on student loansThe Associated Press

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Sen. McCaskill Makes Campaign Push on Student Loans - OzarksFirst.com

Sen. McCaskill Makes Campaign Push on Student Loans
OzarksFirst.com
Claire McCaskill held her first public campaign event Sunday afternoon criticizing her Republican rivals for their positions on student loans and pell grants. McCaskill visited Blueberry Hill, a St. Louis landmark restaurant and student hangout, .

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Getting the most from your financial-aid package
In recent weeks, Eva Chung's family watched with pride as acceptance letters arrived from all seven of the colleges to which she applied. But some of that initial euphoria has worn off as financial aid ...


 

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