Paying For College With Student Loans And School Grants
College is very expensive, and therefore many college students are forced to turn to student loans, financial aid and school grants to pay for their education. Student loans are available from a variety of sources. The most common place to go to look for student loans is the federal government.
The government offers both loans and grants to eligible college students. The first step towards applying for these federal programs is to complete the Free Application for Federal Student Aid (FAFSA). This application will determine whether or not your family's income qualifies you for federal aid. If you qualify for help, you will receive an award letter stating what options you have.
The federal government offers two main student loans for those who qualify. The Stafford Loan is one of these. In order to qualify for the Stafford Loan, you will first need to complete the FAFSA. If you are notified that you qualify, you must be enrolled at least part time in your school to apply for the loan. If your application is approved, you can borrow up to $46,000 with the Stafford Loan, with up to $23,000 of that subsidized by the government.
The other federal student loan program, the Perkins Loan, is designed for students with tremendous financial need. If you are notified after filing the FAFSA that you qualify for the Perkins Loan, you will work with your school to attain the loan. The school will actually be your lender, using funds that the government sent to them for this purpose.
If you do not qualify for these types of student loan programs, you can seek private student loans through any lender you wish. Your school may also offer a tuition payment plan that allows you to pay your tuition over time as you attend school. If you need more information about your student loan options, contact the financial aid office of your chosen school. The financial aid department at any college or university will help you determine if you qualify for any student loans that you may have overlooked in your search. Remember don't be afraid to ask for help if you need it.
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Providing scholarships or school grants for college education is important to those students who cannot afford to pursue college because of financial problem. School grants are usually granted to those deserving and qualified students with low income status. Good to know that the government provides this kind of assistance.
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