Home Schooling Private Financing
Home Schooling and Private Student Loan Financing
If you have spent your early years being home schooled, you may have some serious concerns about what types of financing will be available to you should you desire to pursue your education to the college or university level. You may be wondering whether or not you will qualify for government backed or private student loans after spending your formative years being home schooled.
Through this article you are provided with essential information relating to what is available to people who have been home schooled when it comes to government backed and private student loan options. Armed with this information you will know what resources are available to you today to finance your education into the future.
Students that have been home schooled are eligible for Federal student loans (and private student loans by extension) provided they have “completed a secondary school education in a home school setting that is treated as a home school or private school under State law” (Section 484(d)(3) of the Higher Education Act of 1965).
Since 1998, in order to qualify for Federal or private student loans, home schooled students are no longer required to take the GED or the Ability to Benefit test. The Higher Education Amendments of 1998 removed these requirements as far as home schooled students are concerned.
Generally speaking other types of financial aid are also available to home schooled students – beyond Federal and private student loans. For example, in most instances home schooled students will be able to qualify for different types of scholarships, grants and work study programs. However, you do need to keep in mind that many private scholarships actually do require that a home schooled student pass the GED before he or she can qualify for a private scholarship.
If you have been home schooled and if you are intending to apply for a private student loan in addition to any other financial aid that you may be seeking, you need to make certain that your home schooling course of study did meet state requirements for that type of educational programming. In this regard, you will want to consult with your lender to find out exactly what type of documentation will be required in this regard.
Understanding the confusion that can arise when a home schooled student is seeking financial aid, there are organizations in operation today that, in part, provide support services, information and guidance to home schooled students who are seeking financial aid, including private student loans. There are also now some limited scholarship opportunities that are available exclusively to home schooled students.
Of course, as more and more students complete home schooling programs, the financial aid system itself will better adapt to this type of learning structure. Once again, if you are unsure what a lender may require in regard to supporting documentation associated with your home schooling program, make certain that you discuss any questions you have with your lender very early on in the process.
