Please, respond to some or all of the following questions.
- How many student loan applications did you submit?
- What type of student loan did you receive?
- Any tips for your fellow college pals?
Please, respond to some or all of the following questions.
Most college students find it necessary to take out some kind of loan in order to be able to pay the always growing college tuition bills. College debt in the United States is larger than the credit card debt of the nation. This is obviously beyond acceptable, but unfortunately, it has always reached the point where it is nearly unavoidable. The best kind of loan to take out is a federal loan because the interest rates are typically lower. Private loans have very high interest rates and they are the main reason that the cumulative college student debt is so high. Fixed interest loans are also a good choice because interest rates will usually only rise and never decrease. You should also always do your own research for student loans, especially if you plan on attending a private university. Scams have taken place in the past where colleges lure students into taking out student loans with a specific distributor in exchange for a cut of the profits. Just as would you with any contractual agreement, make sure that you know exactly what you are getting yourself into before you sign off. Once you are locked into a loan, you can’t get out.
But due to my particular circumstances, I had to figure out a way to pay off the balance on my account for the semester. I was short on money because when I moved to Pennsylvania from California, I was no longer eligible for a CalGrant. By taking the summer semester off, I will be able to work on saving money, and also, by the time I get back to school, I will have been living in Pennsylvania for a year, and will be eligible to a PA grant. I want to try to keep my student debt as low as possible, but I know that I will be able to get a good career after graduation.
You know what really sucks? My parents claimed me on their taxes last year. Which means for me, I have to get all of THEIR tax information for my FAFSA for this year's financial aid. I had my mom on the phone while I filled it out. They live in California, and I live in Pennsylvania. Now, I have to have my sister email me transcripts from my parents' tax return. It's going to be a pain, because she's busy with her own problems. I guess it's the price to pay to be able to get enough money to take courses this year.
I don’t really go for student loans especially when you don’t have any assurance that you could pay it. A friend of mine was not able to graduate because of this. Before the semester of her graduation, he applied for a student loan for some reasons only she knows. I asked her if she has any reliable guarantor or something to back her up and she told me that her boyfriend who has work will take good care of her when it comes to that. i just believed in her, I really worried since I know that her boyfriend’s work is about to get lost. She applied and was able to get the money but I don’t know what happened next, she was not able to graduate and I asked for her friends why and they said they don’t know why. I tried to call her and we talked and she told me that she was not able to pay the loan and the interest got higher that she is already having a hard time finding a way to pay for it. I asked where her boyfriend is and she told me that her boyfriend can’t help since he too has financial problems too. And how’s that? applying for student loans are really helpful in times of extreme financial needs but relying on it too much will sometimes drag you down. Before going for it, make sure that you are able to pay for it or else you will suffer the consequence of not being to pay for it.
I applied for both sub and unsub loans all throughout college. I have received both loans every semester I have been in college. People with undecided majors need to be careful though because there are so many credit hours that are covered under financial aid at each level. I didn't realize this until I received a warning letter from the school one semester that I was close to using up all of my allotted hours. I was very irresponsible with taking out so many loans. I always got large refund chaecks every semester so I considered that free money in a way. I was not worried about interest rates or anything like that. It wasn't until my income tax was taxen to repay overdue loans that I started to care lol. I have also heard horror stories of people going to third party loan providers and getting sucked in to even more debt that way. I was always advised to stay away from those, which I did. My advice is to first get all the grants and scholarships you can before turning to loans. If you need to turn to loans make sure you understand the consequences of borrowing irrationally. Only take out what you need and pay them back asap.
Some tips on getting financial aid and keeping it! http://www.collegenquirer.com/money-matters-financial-aid-demystified/
Student loan stuff can get really confusing. I think a lot of times people underestimate how helpful the financial aid office can be in sorting out specific questions. My friend was agonizing over loan issues days before she had to submit what loans she was renewing online and begging her dad and everyone in the dorm lounge for help. Talking to somebody who's paid to understan the stuff in the financial aid office is a wiser choice.
Thus far, I haven't had to take out any college loans. However, that is changing very soon. My parents covered it for two years and now they are terminating the rest of the education. It is up to me to pay for all of my college education, like many of you and many of my class mates. It's time for me to take up the responsibility and become an adult. There's only a few weeks in order to get a college loan before the summer semester I am in, and times running out. Since school is over, I will be able to spend a ton of time researching loans. And after speaking to an adviser, I have gained a lot of information from them.
The first thing that you should do is fill out FASA... Unfortunately, I will not qualify since my parents make too much. - Yeah, sucks I still have to pay... But hey, that's life. Anyway, if you get this, you'll get a state grant.. There's certainly deadlines that you need to complete and what really sucks, is you have to enter personal information and parents information- which I feel is unnecessary for them to know. Also search everywhere online for scholarships and ask your guidance counselor at your school for them.
The second thing you should do is look for information online. Google low interest rate loans for college students. You'll get a ton of a results, but look for something that's legit. After you find some, read into it and/or read reviews about it. If you feel you have found your loaners, set up an appointment. If you are under 24 years old, your parents are forced to co-sign with you. If their credits rates are amazing, the interest rate will be reduced. Only take out within your need. Try to go to a school that you satisfy your needs for your job and somewhere that won't cost a lot.
Finally, set up a payment option and examine all the terms/conditions. Most loans you won't have to pay until after you are entirely out of school and have graduated. If not graduated, not until you are done take classes. Even if you have to work in a factory, make money from somewhere to begin paying off your debt and establishing your credit.
There's a lot you can do with financing college. And one thing is, don't take out a credit card if you can't afford it! They're traps. It's highly recommended you speak to professionals. To be honest, it's not hard understanding college loans.
What is the FAFSA and how do you apply for it? If you are attending college in the US, you will be required to fill out the FAFSA form in order for you college application to be processed. FAFSA is a form used to file for federal student aid. The name means Free Application for Federal Student Aid. FAFSA is not an aid program, it is just the name of the form. One of the outputs of the FAFSA is the Estimated Family Contribution, or EFC. It is necessary to complete the FAFSA to qualify for Federal aid such as Federal Loans and Grants. It is also required by many colleges to qualify for institutional aid, however some colleges use additional or alternative forms/methods. The FAFSA uses household income as the primary basis for EFC, meaning the income of one or two parents and the student. The FAFSA determines your eligiblity to receive federal aid: including Pell grants, FSEOG grants , Federal Work Study and Federal Student Loans (subsidized/unsubsidized Stafford loans and Perkins loans). The FAFSA is required by all public colleges and universities and a large number of private schools require the FAFSA (some in addition to other FA forms). You can find more info on the FAFSA at fafsa.ed.gov.