juddle asked:


i would absolutely LOVE to continue my education. i am disabled. my problem is a learning difficulty, depression and extreme stress. are there any financial aid programs available for the disabled? i need one that would not force me to carry too many credit hours (more than i can emotionally handle). any suggestions?

Kim asked:


I am not looking for financial aid or a govenrnment program because i already know in my state i dont qualify but i was wondering if any one knows a good finance program that i can pay back after i graduate with a (low or lowest) intrest rate possible?

Also is it like a credit card thats specifically for school or how does it work?

There are a number of different types of student loans. They are all created to help students and parents discover the right choice for their respective situation. The overall cost of both private and public colleges are steadily increasing and students need to find the means for funding their education. Deciding which student loan, whether a private or federal student loan, is a very important decision. You will eventually be responsible for paying it back, so research all of your options. &nbsp

What is a Student Loan?

If you are a student who is preparing to borrow money as part of a student loan, prepare to learn all that you can about what a student loan is and why you need it. It is meant to help you as you pursue your collegiate education. Because the cost of education is continually rising, student loans give you more opportunity to go to the school of your choice. Be prepared to begin repaying of the loan a short time after you have finished your education. &nbsp

Types of Student Loans

There are three primary types of student loans available, a federal student loan, a private student loan or a parent loan. Two of the most common federal loans used by students are Stafford loans and Perkins loans. What is beneficial behind a federal student loan is that federal laws regulate the interest rates charged for these programs. A lender has to offer a federal loan at the specified interest rate, which is usually lower than the national interest rate. A federal student loan can also be consolidated after the student graduates, allowing the student loan repayment plan to fall under one large umbrella.

Private student loans are different from federal loans, and students applying for these don’t have to fill out federal forms. Private lenders offer these loans, making them cost more because there is no legal requirement to stay within a certain interest rate. Private loans also require a student to submit their credit history, and the interest and fees paid on the student loans are based upon the student’s credit score. Parents may be required to co-sign for a private student loan, making them responsible if the student has to defer payments at any time.

A parent loan, or the Parent Loan for Undergraduate Students (PLUS), is a type of student loan parents apply for to encompass any additional cost their child’s financial aid or student loans won’t cover. PLUS loans, like other federal loans, come with a fixed interest rate. These loans can also be consolidated, like the Stafford and Perkins loans, and parents are fully responsible for repaying PLUS loans to the lender after they are distributed.

Finding student loans that are right for you doesn’t have to be a difficult task. It just takes a little time and research before making a final decision. Talking with your college’s financial advisor can help you go down the right path when choosing a loan. It is important to go over all the student loan repayment options when choosing a loan program from a lender because you will be financially responsible after graduation. Deciding upon the right loan can help you achieve your dreams of higher education.



By: Samantha Ellis

About the Author:

brut44 asked:


I am over 25, have lived with my mom for the last 2 years, and have made less than $5,000 last year. I want to know how hard it will be to get a grant. Would it make a difference if I lived on my own or not? I want to attend a small community college next year and I need money to assit me in living. Thanks in advance for your help.

nita23 asked:


I currently have two student loans in default. I already made arangements to pay my deferred loans and I have been paying them on time for the past three months. I would like to know can they still garnish my income tax although I am paying on the loans?

Sara asked:


I just completed my FAFSA. I’ve lived on my own for two years but I still need my parents tax information, which I think is ridiculous. Does anybody know how they figure what you are able to receive in financial aid?
Well, I’ve already done all this. I’ve done my parents tax information, and mine. I just don’t understand how they assume that if you’re under 25, you still need your parents tax information.

shadowriches asked:


I am divorced with three children. Next year the eldest will be heading off to college. How, if at all, is the income of the non-custodial parent figured into needs formulas for college financial aid/loans/grants?

Aisha L asked:


My cousin attends community college and owes her current school money. If she transfers to another community college will she be able to enroll, if she still owes the first community college money. All i know is that she will not be able to have her transcripts released. She decided to start all over from scratch since she changed her major, so does it matter if she is in debt at one community college but plans to enroll and start all over from the beginning at another community college. Will she be able to attend another college without any problems.

At this time of year parents are pulling together their 1040s, W-2 and other financial paperwork as they get ready to settle down and prepare their federal and state tax returns. It is also the time that parents of college bound students should also prepare their Free Application for Federal Student Aid (FAFSA). It is the perfect time to prepare your child’s FAFSA, as much of the income and asset information will be right in front of you as you complete the tax returns.

For those students who are currently in their senior year of high school, January is a critical time to complete and submit your FAFSA. Many colleges set priority deadlines for FAFSA applications for incoming freshman as early as February 1st. For returning college students, the institutional deadline can be as late as August 15th. Students need to contact the Financial Aid Office of each college to which they have applied to for admission to determine all financial deadlines.

Early Bird Gets The Worm

By getting your financial aid application in as early as possible and before the priority deadline, you increase your opportunity for a larger financial aid award. Simply put, financial aid is awarded on a First Come, First Served Basis. Colleges and universities have a finite amount of financial aid and scholarship funds available and you don’t want to miss out on your top college choice, because you missed the college’s financial aid deadline. If the college’s deadline is approaching and you have not received all your financial documents, you may estimate your income and assets, particularly if your income and assets have not changed significantly from the previous year. Keep in mind that you will need to update the information once you have all the needed documents. Estimating your FAFSA data gets your financial aid folder on a counselor’s desk for review that much quicker.

Choose How to File

There are three methods to file a FAFSA. You may apply on line at http://www.fafsa.edu.gov/ and complete the FAFSA on the Web (FOW) application, which is the Department of Education’s preferred method. You may want to print out and complete the FAFSA On the Web worksheet, before entering the data online.

Other FAFSA worksheets available for downloading are:

Dependency Status Worksheet-used to determine if the student is Independent.

Student’s Income Estimator Worksheet- used if student has not filed a 2008 federal tax form.

Parent’s Income Estimator Worksheet- used if the parent’s have not filed a federal 2008 tax form.

Drug Conviction Worksheet- used to determine if a student has a conviction for possession or sale of illegal drugs that could make the student ineligible to receive federal financial aid.

You may also download a PDF version of the FAFSA form. With this method you must mail the completed application to be processed. A paper FAFSA is also available by calling the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. The hearing impaired should contact the TTY line at 1-800-730-8813.

Renewal Application Makes Process Easy

For current college students who applied for financial last year, the Renewal FAFSA allows you to update only the data that has changed from the previous year’s form. FAFSA and Renewal FAFSA applications may be completed in paper form or on the web through the US Department of Education Website http://www.fafsa.ed.gov/.

Addressing Special Circumstances

In the current economy many families may be faced withunanticipated circumstances such as a loss of a job, home foreclosure, etc. The FAFSA should initially be completed with the income  for the year requested. Once it is completed, you should arrange to speak with the Financial Aid Director at the college to request a Professional Judgement Review. This a formal process, where the Aid Administrator will review your situation based on your current circumstances to determine if your eligibility for financial aid can be increased. Be prepared to provide documentation to relevant to your situation, (ie. unemployment paperwork, layoff letter, notice of foreclosure).

So, remember when you sit down to prepare your tax returns, sit a few minutes longer and complete your FAFSA to maximize your financial aid award.

 



By: Sharon McLaughlin

About the Author:

hopefulxxmommy asked:


How many stafford loans can i apply for at once and can i have more than one as long as they are from different lenders? I’m short on tuition for my next term and I have no co-signer for a student loan