New College Students
The first thing a new or returning college student needs to do is ensure that they have completed all of the appropriate FAFSA online application. If you are in need of application advice and submission instruction, please visit FAFSA online, this is a great guide to the Free Application for Federal Student Financial Aid. FAFSA Financial Aid Forms are required for all federal college student aid loans and are strongly recommended for all college students.
You should always start with the Stafford College Student Loan, as it usually will offer the best rates and repayment options. If you are in need of additional funds to pay for college, some additional options would be a Private College Student Loan and a PLUS Loan for Parents.
Searching For Scholarships
New scholarships are posted almost daily on the Internet Searches. These free services will include all the details you will need to apply; including all eligibility requirements, deadlines, amounts, and all contact information.
Have you heard of Scholarship Points? Scholarship Points is a quarterly drawing by the Advisors Foundation that will allow you to win scholarships from $250 - $1,000. You can even earn multiple chances for the drawing by performing simple tasks such as registering, taking surveys, and blogging. See what you can learn when you do the research.
Stafford College Student Loans
Stafford College Student Loans are federal college student loans that are made directly available to college and university students and are used to supplement ones personal and family resources, scholarships, grants, as well as work study. They can also be subsidized by the U.S. Government or can be unsubsidized depending on the college student’s financial aid needs.
Once you have received your results from your FAFSA application and are then aware of how much you qualify for, apply for a Stafford College Student Loan to meet the additional needs not covered by a FAFSA. Graduate college students are encouraged to review a variety of college student loan programs offered through the Graduate Student Loan Program, including the Graduate Stafford College Student Loan.
Parent PLUS College Student Loans
After you have found out how much federal financial aid you have qualified for your parents can then try to qualify to take out a PLUS loan on your behalf. This can help to fill in the gaps in your federal aid need based. However, it is important to file for the Stafford College Student Loan first, then the PLUS loan.
Graduate college students are now eligible for the Graduate PLUS College Student Loan. You can visit the Internet to learn more about this federal college student loan program for graduate students.
Federal Perkins College Student Loans
A Federal Perkins College Student Loan is a low interest (5%) loan for both undergraduate college students and graduate college students with exceptional financial aid needs. Your school will determine the level of aid and will also serve as the lender of the student loan. The Perkins college student loan is made primarily with government funds and a contribution from your school of choice. You repay this student loan to your college or university.
Undergraduate college students can borrow up to $4,000 for each year of undergraduate study (the total amount, as an undergraduate is $20,000). Graduate college students can borrow up to $6,000 for each year of graduate or professional study (the total amount, as a graduate / professional college student is $40,000, including any Federal Perkins College Student Loans you have borrowed as an undergraduate).
