As more employers have raised their minimum qualifications in the recent months, earning a college degree is essential. Still, people eager to obtain a degree may be worried about the financial details of going to school, such as the ability to secure grants for college. Although there are several options for receiving financial aid, many students are wondering which type of loan they should apply for.
These individuals should realize that there are several opportunities for attaining student loans in order to pay for tuition. For example, federal grants such as Stafford loans are available to students at a fixed interest rate.
According to a study released by the Project on Student Debt, one in four private student loan borrowers opted not to borrow from the government.
“These data are troubling because private student loans are more like credit cards and have very little in common with federal student loans,” Lauren Asher, Acting President of the Institute for College Access & Success told the organization.
Individuals who are enrolled at a college or university may be happy to learn that the interest on government loans is decreasing. According to the Wall Street Journal, the current interest rate for Stafford loans is expected to drop 1 percent for the upcoming academic year. For the 2011-2012 year, these figures are projected to fall an additional 1 percent. That means students may accrue less interest after they graduate and be able to pay back what they borrow at a much faster rate.
April 18, 2010
Is it possible to attend an online university on grants and scholarships alone without having to get a loan? It seems that the Stafford Loan is practically automatic with the FAFSA.
April 19, 2010
It is definitely possible to attend an online university on grants and scholarships alone – you just have to do the research and apply for plenty of scholarships. However, getting a student loan can help ease the stress of perhaps not having enough money.
April 21, 2010
How does one decide which loans, scholarships or grants to apply for. Obviously, those that do not need to be repaid are the most desirable, but how would one know if they are eligible?
April 27, 2010
Is it possible to get financial aid if your credit score is not great, or if you have gone through a bankrupcy? How much informatin do you need to give in order to apply for one of these loans.
May 7, 2010
To find out if you are eligible for student loans and grants, you must first fill out the FAFSA. Don’t worry – you will have the chance to say no to a loan if you decide you don’t want it. As for scholarships, it is best to use a scholarship search tool on the web – these will let you know what you are eligible for.
June 2, 2010
I work for a company that helps pay for tuition. Is it possible to get financial aid to pay for the portion that my employer does not cover?
June 22, 2010
less interest makes me happy
thanks for the article