How to Get Student Financial Aid
Going to college can be very expensive. Even for students who have been granted scholarships based on sports performance or academic prowess, there will still be a lot of extra costs involved with getting an education. With that being said, financial troubles should never sway someone’s decision to get a good education and there are a number of ways in which a student can obtain student loans and/or student grants from the government. Following are some of the ways in which a prospective student may acquire funding to go to college.
Private Student Loans
There are a number of lenders available to provide funding for college. Most of the private lenders ask for details pertaining to credit score and general income. If a college student is older and has already established a good line of credit with an adequate credit score, getting financing from a private lender shouldn’t be an issue. However, for younger students who have no existing credit information, it may become necessary for a co-signer to sign on the loan with them. Usually parents, siblings, and other relatives make very good candidates for co-signers, and sometimes close friends will help too when it comes to obtaining money to go to school. In order to apply for a private loan, the first thing one will want to do is choose which of the many financial institutions they will use. Once that decision is made, a simple inquiry as to the guidelines and requirements for applying with that lender will help a student take the proper steps needed.
There are approximately 5,500 educational institutions which participate in the Pell Grant program, making this sort of funding quite useful where lower income college students are concerned. Pell Grants are designed specifically to help students, who could not go to college otherwise, afford the possibility of getting a good education. In addition, student grants, unlike loans, do not have to be repaid. This makes the aspect of obtaining a Pell Grant even more attractive to students who come from a lower income bracket household. To apply for a Pell Grant a student can go through the educational facility of their choice, or visit the FAFSA website and apply by filling out a simple student financial aid application online.
Federal Student Loans
Federal Student Loans are somewhat like private loans in that they must be paid back at some point; however, the eligibility requirements, as well as the interest rate on these types of loans are usually much different. For example, the Stafford and Perkins loan typically have a set interest rate of about 5%. This interest does not begin to accrue until after the student has completed school. In addition, these loans are generally only asked to be paid on once a certain period of time after graduation has passed. This amount of time is usually from 6 to 9 months after the student has completed school. The application process for federal student aid is the same as the process for grants. The college of choice can assist with information and help on applying for a federal loan, or the FAFSA website can be accessed for an easy online application.
No matter which avenue a student winds up using to obtain the right amount of funding needed to get an education, the most important thing is that they do. With this being said, any one of the above options will be useful for a student trying to secure funding for a college education. For this reason, there should never be anyone denied the right to a quality education, based on their financial status.