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 loan early repayment penalty proposal 'abandoned' - BBC News

Telegraph.co.uk
Student loan early repayment penalty proposal 'abandoned'
BBC News
Plans to impose penalties on students in England who pay off university loans early are to be abandoned, ministers are expected to announce. Business Secretary Vince Cable had intended to introduce an early repayment penalty.
Penalty for paying off student loan early is liftedTelegraph.co.uk
Student loans payoff charge scrapped, but debt-averse could still be penalisedThe Guardian
Student loan penalty plan ditchedThe Independent
AFP -Sky News
all 241 news articles »
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Is Financial Aid Really Making College More Expensive?
The Obama administration acknowledges that student loans could be behind skyrocketing tuition. But the real link between college costs and aid is complicated. Shutterstock / Thomas Barrat Financial aid, ...


Free college financial aid assistance
Are looking for help with filling out financial aid forms for college? You are in luck...


Financial Aid Paving the Way for Maine Students at Northeast Technical Institute
With the addition of Federal Financial Aid, many students can now attend NTIs short-term career training programs and be job ready in just months.Scarborough, ME (PRWEB) February 13, 2012 NTI has gained approval to offer Federal Financial Aid to qualified students enrolling in their Information Technologist, Network Administration and Design, Network Specialist, HVAC-R, Medical Transcription ...


DSI accuses schools of embezzling student loans - The Nation

The Nation
DSI accuses schools of embezzling student loans
The Nation
The Department of Special Investigation (DSI) is preparing to take action against higher-education institutions and staff caught embezzling student loans. "I will raise the issue at the upcoming meeting of the special case committee," Tharit Pengdit, .
DSI finds 32 universities involved in loans scamBangkok Post

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Bill requires financial aid class
A Washington state senate bill will require all students to take an additional financial aid class if passed. ..


For college bound, a look at financial aid changes
The mad dash to cobble together college funding will soon be under way...


Students should be more informed about student loan policies - Towerlight

SF Weekly (blog)
Students should be more informed about student loan policies
Towerlight
Many students are concerned about college affordability and are forced to turn to student loans. Part of Obama's strategy to mitigate cost is to cap student loan payments at 10 percent of a person's monthly income. The country's current economic .
The Current Landscape of Private Student Loan DebtMy Loans Consolidated
S.F. Student Accuses Bank of "Double-Dipping" Late FeesSF Weekly (blog)
NY grad takes a stand against loan company Sallie MaeThe South End

all 4 news articles »
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Student Loans Approaching $1 Trillion Hurting First-Time Buyers: Mortgages - Bloomberg

Bloomberg
Student Loans Approaching $1 Trillion Hurting First-Time Buyers: Mortgages
Bloomberg
Enlarge image Student Loans Near $1 Trillion Hurt Young US Buyers Student Loans Near $1 Trillion Hurt Young US Buyers Matt McClain/The Washington Post via Getty Images A graduation ceremony at Montgomery College oon May 20, 2011 in Rockville, Maryland.
Student Loans Near $1 Trillion Hurting Young Buyers: MortgagesSan Francisco Chronicle

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