Health Professions Student Loans (HPSL)

Students seeking a degree in a health profession may qualify for the Health Professions Student Loans program. These types of student loans are awarded by the school that you wish to attend. Students that qualify need to be considered to be in financial need. To get a Health Professions Student Loan, your degree needs to be in veterinary medicine, optometry, dentistry, pharmacy or podiatric medicine. Funds are available to schools offering these degrees from the federal government and you may qualify for student loans through one of these schools. Remember, the government has a goal here. They want more physicians and health care providers in our country. They want to help and if you can meet certain criteria, then you could be on your way to medical school.

There are a few criteria that you need to meet in order to qualify for a Health Professions Student Loan. First, you must be a citizen of the United States or one of its territories. Second, you have to be accepted into the school medical program. This acceptance depends on your application, grades and possibly recommendations from past teachers. If you do not keep your grades up while participating in the HPSL program, then the school is obligated to take your funding away. This program is designated for students who show enough potential to be successful in medical school, graduate, then go on to make enough money to pay it back. This is generally what happens, and that is why the HPSL has such good terms for repayment of the loan monies received.

Your financial needs are investigated before you can be awarded an HPSL. The family’s finances and contributions are considered unless you are a graduate student or are deemed independent. Amounts awarded are adjusted for other forms of financial aid received.

The payoff terms of the HPSL are at a fixed, low interest rate. The HPSL can have better terms than other types of loans and student aid because of the future earning potential of the students. This makes the loan less of a risk for the lender. Interest does not accumulate when you are enrolled as a full-time student. There is also a one year grace period when interest is not accumulating. The one year grace period covers you for payments and interest if you graduate or withdraw. It also covers you for a year if you drop down to part-time. You can have up to ten years total to repay the Health Professions Student Loan monies.

If you do not qualify or have maxed out the amount of financial aid that you can receive from your school, you should consider private student loans from a lender. Web sites such as www.student-loans.net offer you many choices of lenders and lots of valuable information when selecting the private student loans that may be right for you.

Scholarships for Military Children

Numerous large corporations’ goods often supply a military supermarket, known as a commissary. With these government contracts, these corporations often want to give back to those who support them. One way they have decided to do this is through Scholarships for Military Children Program.

This scholarship is awarded annually for each commissary operated by the Defense Commissary Agency worldwide. The program began in 2001 with 396 recipients receiving $1,500 each. After seven years, the total number of applicants is up to 40,000 with $5,506,000 in scholarships grants being awarded to 3,500 students.

The way it works is, the commissary business partners donate to the Fisher House Foundation, which in turn, contracts with a professional scholarship management firm to evaluate the applications and select the best-qualified recipients.

A minimum of one $1500 scholarship will be awarded at every commissary location where qualified applications are received. More than one scholarship per commissary may be available based on response and funding. The scholarship provides for payment of tuition, books, lab fees and other related expenses.

To qualify for the Scholarship for Students of Military Children, you must be an unmarried dependent, or child under age 21 (23 if enrolled as a full time student) of active duty personnel, reserve/guard and retired military members, or survivors of deceased members, may apply for a scholarship.

Dependent children of NOAA (National Oceanic and Atmospheric Administration), Public Health Service, other federal or military related agencies or activities, or DoD civilian employees are not eligible unless they meet the above requirement. Applicants should ensure that they, as well as their sponsor, are currently enrolled in the Defense Enrollment Eligibility Reporting System (DEERS) database and that they have a current ID card. The DEERS database will be the primary method of verifying eligibility.

Applicants must be enrolled, or planning to enroll, in a full-time undergraduate degree program at an accredited college or university in the fall term of 2008. Applicants who have earned an undergraduate degree or who are enrolled in a graduate degree program are not eligible. All applicants must also have a minimum GPA of 3.0 (on a 4.0 basis) to be eligible to apply.

The minimum GPA requirement applies to both high school and college students. Students attending a community or junior college must be enrolled in a program of studies designed to allow the student to transfer directly into a four-year program. Applicants who receive an appointment to one of the U.S. Military Academies (or affiliated preparatory schools) or are awarded a full scholarship at any accredited U.S. post-secondary institution of higher education are not eligible to receive funds from this program. A full scholarship is usually defined as one that provides for payment of tuition, books, lab fees, and other related expenses.

Applicants, or their sponsors, need not live at an installation that has a commissary. Applicants may submit their application at any commissary, however it is recommended that they submit the application where their sponsors normally shop or closest to where their sponsors live. It is the sole responsibility of the applicant to ensure the commissary receives the application.

If it is not possible (due to distance considerations) for the applicants to submit their applications in person, they may also mail, UPS, or FedEx their completed applications to the commissary nearest to where their sponsor is stationed. Applicants who choose this method must contact that commissary and obtain the name of a person to whom the package will be directed.

So if you are right out of high school and one of your parent’s served the government through the military, taking advantage of this program will certainly be the right move toward paying for your education.

Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Agriculture Scholarships for Hispanics

The United States Department of Agriculture (USDA) wants to see more Hispanic students coming to work for them. With a degree in agriculture, the USDA hopes underrepresented communities will have a chance to find higher paying jobs.

The Hispanic-Serving Institutions National Program (HSINP), which promotes the continued growth of Hispanic enrollment in Higher Education, has been working with the USDA with this program. Partnering with colleges and universities across the country, the HSINP is hoping to put emphasis on providing more fellowships, scholarships and internship opportunities for Hispanic students so that future leaders can be made and inspired.

The program, started in 1986, now offers full-tuition scholarships, paid internships (minimum 640 hours) leading to permanent employment, and employee benefits such as mentoring, career development, leadership training, and use of a personal computer.

Recipients of a Public Service Leaders Scholarship enter into an agreement with the USDA to receive full-tuition scholarships for the indicated number of years. In addition, recipients intern at the USDA for a minimum of 640 hours prior to graduation. The internships are paid in addition to the scholarship funds. Students may be required to work during the upcoming summer. Recipients are required to work for the USDA for one year for every year of sponsorship upon graduation.

The targeted majors the USDA is seeking is students wanting a doctoral level in economics and undergraduate students studying Civil Engineering, Agriculture, Soils, Statistics, Business, Plant & Crop Sciences.

The scholarship recipients, upon graduation, then become permanent employees of the USDA and must be prepared to work for USDA for one year for each year of educational assistance received. Not a bad deal.

What is the USDA looking for? Students who are committed to public service, leaders in their community, and students who are intellectually curious.

For those students who are just seeking an internship, there are programs that offer on-the-job training and experience, allowing students to work while completing their education. USDA provides undergraduate and graduate students with paid internships to serve as assistants to scientific, professional, administrative, and technical employees. Once you have your foot in the door, the USDA makes an effort to help students stay with their job and work their way up.

So whether you apply for their scholarship program or internship, opportunity knocks for those seeking careers with the Department of Agriculture.

Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Saving for college

Saving money for the college years is simple in theory, but can sometimes prove to be a more complicated endeavor to put into practice. Obviously, if you are able, start saving early and contribute to that savings on a consistent basis.
Getting started, it is wise to do some research on current tuition and housing costs as well as taking into consideration the approximate effects of inflation between now and when your children will actually begin their college careers. This will allow you to arrive at an approximate per semester or per year goal per child. Next, calculate the amount you will be able to comfortably contribute on a regular basis taking into account the time span between now and high school graduation. Now is the moment of truth. Will your contributions match or exceed the approximate amount required? If the answer is yes, well that is great news. Put the battle plan into place and keep feeding those accounts consistently.
If the answer is no, as it is for many of us, stick to the plan anyway, make the contributions you can and start researching alternate ways to supplement the approximate savings you will have in place. Student loans come in several different varieties. Finding the right student loan to fit your needs and situation can often be a logical solution.
Federal Student Loans are generally affordable, with reasonable interest rates and deferred payments. Depending on your needs and how you qualify a Federal Student Loan, it may fill in the financial gaps in funding the education of your children. For each student, their financial situation and that of their parents is taken into account when they apply for Federal Student Loans. If what you have found in the realm of Federal Student Loans has not yet solved your funding issues, a private student loan might be right for you and your children.
A private student loan can be the perfect option when federal loans and other financial aid options have not come through at all or if they have simply fallen short of the financial demands of college education and living. Applying for a private student loan can be done online and is a fairly simple and quick process. A student with no credit history can still qualify for a private loan with the assistance of a qualified cosigner who has established good credit. When a private loan has been approved, the funds are sent directly to the student.
Planning ahead is great, but when the financial demands of a college education outweigh the best results of your planning, supplementing your education budget through federal or private student loans is a functional and logical Plan B.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.

Is College Worth the Cost?

It is no secret that college tuition and expenses have been on a steady rise for many years. This has many families worried that they will not be able to afford to send their kids to college. Many even shy away from encouraging their children to dream of a college education. Trade skills are almost being forced on the younger generation. The daunting and staggering college costs are changing the way that we raise our kids.

Imagine if you were told not to dream. What if you told your parents that you wanted to be a doctor and they just had to turn you down? What does this do to the self esteem of a young child? Many families, college educated or not, struggle to keep up with housing costs and the cost of living in general. Saving for college simply is not in the cards for a lot more families than many would like to believe. What does this mean for the future of our country?

We are trending towards generation after generation of minimum wage and poverty level workers. What happens then? They can not afford college for their children and so the cycle continues. If you have been worried about affording college for your children, then there are some things that you should realize.

So, you are wondering if college is really worth the cost. Consider college an investment. Not only is college an investment in your child’s self esteem and job satisfaction, but it is also an investment in your family and country. College graduates earn an average of sixty percent more than their peers. This makes an earning difference of almost one million dollars over a lifetime. With all of the college grants, financial aid, student and parent loans, there is almost no excuse for denying your child this investment in their future.

You may have to make short-term sacrifices to afford loan payments, but it should be well worth the effort. Students can defer payments until after they graduate. There are even payment plans that are income based, which means that your child will not have to pay more than they can afford as they get older. If you are worried about being responsible for hefty loan payments between times of employment, do not worry too much. Most student loans have deferment periods that can put your payments on hold until you are employed again. The government and loan companies have all sorts of special benefits and payment breaks for student loans.

Our government does want our children to be able to afford college. We need professionals in our society to function. This does not mean that the rich are the only ones able to get educated and continue to be rich. Many loans are income based and your child can get just about as much help as they need. If they do not get as much as you need for actual college costs, then there are parent PLUS loans and private student loans to consider. These are available on top of Federal Student Loans, scholarships and financial aid. Do not stifle your child’s dreams. Encourage them to make a better life for themselves as well as their children and grandchildren. Choosing to go to college can affect many generations to come and, yes, our families’ futures are worth the cost.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.

Repaying Your Student Loans

You took out the student loan, are going to college and then life changes. So what do you need to know about repaying your student loans? Here is a little information everyone should understand when it comes to federal student loans.

To start, repayment for student loans only occurs after you graduate, leave school, or drop below half-time enrollment. You will then have a short grace period that will be:

* six months for a Federal (FFEL) or Direct Stafford Loan.
* nine months for Federal Perkins Loans

If you have a FFEL or Direct PLUS Loan, you don't have a grace period and repayment generally must begin within 60 days after the loan is fully disbursed.

The upside of FFEL or Direct Loans is that you have a choice of repayment plans. Federal Perkins Loans don't offer this, you generally have up to 10 years to repay, however, your monthly payment will depend on the size of your debt and the length of your repayment period.

If you don't repay your student loans on time or according to the terms of your promissory note, you might go into default, which will affect your credit rating. There is assistance for borrowers having difficulty repaying their education loans, including deferment and forbearance. In certain circumstances, your loan can be discharged/canceled.

One example is if you're a teacher serving in a low-income or subject matter shortage area, it may be possible for you to cancel or defer your student loans.

Just because you go to college and get a degree, doesn’t always mean you’ll have an overabundance of money right away. If you find yourself in financial trouble and have difficulty making your education loan payments, contact the organization that services your loan immediately. Find out if you qualify for a deferment, forbearance, or other form of payment relief. It's important to take action before you are charged late fees. For Federal Perkins Loans, contact your loan servicer or the school that made you the loan. For FFEL Loans, contact the lender or agency that holds your loan.

What is deferment? You can receive a deferment for certain defined periods. A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school, unemployment, or economic hardship. You don’t have to pay interest on the loan during deferment if you have a subsidized FFEL or Direct Stafford Loan or a Federal Perkins Loan. If you have an unsubsidized FFEL or Direct Stafford Loan, you’re responsible for the interest during deferment. If you don’t pay the interest as it accrues (accumulates), it will be capitalized (added to the loan principal), and the amount you have to pay in the future will be higher.

You have to apply for a deferment to your loan servicer (the organization that handles your loan), and you must continue to make payments until you’ve been notified your deferment has been granted. Otherwise, you could become delinquent or go into default.

For those who are called to active duty during a war or other military operation or national emergency, the new College Cost Reduction and Access Act (CCRAA), enacted on September 27, 2007, modifies the military service deferment for borrowers in the FFEL, Direct Loan and Federal Perkins Loan programs.

This deferment was originally added to the HEA by the Higher Education Reconciliation Act of 2005 (HERA). Under the HERA, the military service deferment had a maximum time limit of three years and was available for loans first disbursed on or after July 1, 2007.

Effective October 1, 2007, the CCRAA eliminated the three-year limit for this deferment and removed the provision that limited the availability of the deferment to loans first disbursed on or after July 1, 2001. Eligible borrowers may now receive the deferment on all outstanding FFEL, Direct Loan and Federal Perkins Loan programs in repayment on October 1, 2007, for all periods of active duty service that include that date or begin on or after that date. A borrower whose deferment eligibility had expired due to the prior three-year limitation and who was still serving on eligible active duty on or after October 1, 2007, may receive the deferment retroactively from the date the prior deferment expired until the end of the borrower’s active duty service.

There are options. If you are concerned about applying for a federal loan due to the need to pay it back, remember there is help out there and people to talk to. Using a student loan for college has more benefits than downfalls, so be sure to do your homework first and then make your decisions.

Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Nursing Scholarships and Loans

If you are looking for a vocation to go into that pays well but doesn’t cost a fortune in college expenses, take a look at nursing. Due to the growing nursing shortage in America, many hospitals and even the government are providing scholarships, loans and loan programs for those interested in studying nursing. How does it work?

With the government, financial aid is provided in the form of long-term, low-interest rate loans to full-time and half-time financially needy students pursuing a course of study leading to a diploma, associate, baccalaureate or graduate degree in nursing.

Participating schools are responsible for selecting loan recipients and for determining the amount of assistance a student requires.

To be eligible, the school you apply to must participate in the Nursing Student Loan Program and you must be a citizen, national, or a lawful permanent resident of the United States or the District of Columbia, the Commonwealths of Puerto Rico or the Marianas Islands, the Virgin Islands, Guam, the American Samoa, the Trust Territory of the Pacific Islands, the Republic of Palau, the Republic of the Marshall Islands and the Federated State of Micronesia.

There is also a great government program called the Nursing Education Loan Repayment (NELRP).

NELRP is a competitive program that repays 60 percent of the qualifying loan balance of registered nurses selected for funding in exchange for 2 years of service at a critical shortage facility. Participants may be eligible to work a third year and receive an additional 25 percent of the qualifying loan balance.

Authorized by Section 846 of the Public Health Service Act, “the purpose of the NELRP is to assist in the recruitment and retention of professional nurses dedicated to providing health care to underserved populations.”

If you are selected to participate in the NELRP, you enter into a contract with the U.S. Government. Of course the flip side is you owe the government a few years of your life and there are some serious consequences for breaching this contract.

To be eligible to apply for this program you must:
• Have received a baccalaureate or associate degree in nursing (or an equivalent degree), a diploma in nursing or a graduate degree in nursing from an accredited school of nursing in a State
• Have outstanding qualifying loans obtained for nursing education leading to a degree or diploma in nursing as specified above
• Have completed the nursing education program for which the loan balance applies
• Are a U.S. citizen, U.S. national or a lawful permanent resident of the U.S.
• Are employed full time (32 hours or more per week) at a critical shortage facility
• Are employed at a non-profit facility (effective October 1, 2007)
• Have a current permanent unrestricted license as an RN in the State in which you intends to practice or be authorized to practice in that State pursuant to the Nurse Licensure Compact (not a U.S. Government Web site) and
• Have submitted a complete NELRP Application, a signed NELRP Contract, supplemental forms and all required documentation by the NELRP application deadline

You are not eligible to apply if you:

• Have a judgment lien against your property for a debt owed to the United States. Such individual is precluded from receiving Federal funds (including NELRP funds), until the judgment lien has been paid in full
• Have a service obligation (see Application Guidance > Definition of Terms) that will not be satisfied by the NELRP application deadline
• Have breached an obligation for professional service to a Federal, State, or local government entity
• Are currently in default of a Federal debt (e.g., student loans, delinquent taxes, etc.)
• Work for a nurse staffing agency or travel nurse agency
• Work on an "as needed" basis, this usually includes PRNs, Pool Nurses, or a person who is not scheduled in a full-time capacity by NELRP definition
• Have a temporary or inactive RN license
• Are a licensed practical/vocational nurse
• Are a nursing faculty member employed full-time in an educational institution or
• Are self-employed

With nursing not only is the pay decent but there are also enough jobs that it is most likely won’t have to worry about finding work, wherever you live. And without a loan to repay, you get to actually keep your earnings.

Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Plus Loans and the FFEL Program

If you have a dependant child enrolled in college, then you may qualify for a PLUS Loan. PLUS Loans are also known as parent loans in the world of student loans and financial aid. PLUS Loans are available through the Federal Family Education Loan (FFEL) Program. They are also available through the William D. Ford Federal Direct Loan Program. As a parent of a student, your credit history will come into play when applying for a PLUS Loan.

If your child is already receiving financial aid or other student loans, then you may or may not qualify for an additional PLUS Loan during the same enrollment period. Your child has to be enrolled at least half time in an eligible school for you to receive PLUS Loan money. Applications for PLUS Loans are available through lenders or directly from the school. You may consider going through a company that matches you with the lender that’s best for you, or at least gives you many different lenders to choose from. If a school offers you one lender for a PLUS Loan, then make sure that you check around and consider all of your options. The one that they offer you may not be the best deal around.

If your credit as a parent is not that great, then you still may qualify for a PLUS Loan if you can exhibit certain extenuating circumstances. Check with the lenders for specifics that could help qualify you for the loan. Parents can borrow as much money as the student needs to attend college. If the student is already receiving some financial aid, then it is considered and subtracted from the cost of attendance. You can not borrow more than the cost of attendance with a PLUS Loan.

PLUS Loan money is sent directly to the school. Money can be put towards tuition, room and board, school fees and other school related expenses. Any extra money borrowed that is not necessary for school will be sent directly to you, the parent. You can choose to have the money deposited in a school account where it will be held for future school needs. In any case, all of the remaining money must be used for school and school expenses.

The interest rate on PLUS Loans is currently 8.02 percent. This rate changes every year on the first of July. There are also fees associated with PLUS Loans. Usually when there is a loan payment dispersed, which can be one or two times per enrollment period, the parents will pay a 4 percent fee. This money goes to the lender and/or the government to keep the cost of managing PLUS Loans down to a minimum. You don’t get the luxury of a grace period with a PLUS Loan like you do with some other types of student aid. Payments start immediately after the first disbursement is made, or within sixty days of the first disbursement. As soon as the first disbursement is made, interest starts accruing and continues to accrue for the life of the loan.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.

Student Loan Payment Options

If you have a high amount of student loans that you are struggling to pay off, then you may have questions about how to handle it. There are provisions with most types of student loans that allow you to defer payments or adjust payments to meet your needs. Check with your lender for specifics. Here, we will discuss common options when it comes to paying down your student loans.

If you are really in over your head and have considered bankruptcy, be prepared. Bankruptcy is not an option for federal student loans. They will not go away or be discharged even if you are filing bankruptcy. You do have some options though. You can apply to change the pay off terms of your student loans. Instead of struggling to pay them off in ten years, you can stretch them out to thirty years. This, of course, would end up costing you more interest in the long run, but it could relieve the stress of large monthly payments. If you’re missing payments because they’re too high, then it will end up costing you more anyway, not to mention that you can ruin your credit by missing payments.

Filing bankruptcy with a private student loan is not any better. There is a provision for undue hardship, but the standards are extremely hard to meet. If you can meet the requirements, then it is possible to get a private student loan discharged. This provision is very rarely awarded. You should consider different ways of paying off your student loans if possible.

One option is to talk to your lender about a graduated repayment plan. This plan allows you to start out at low payments that steadily increase over time. This gives you some time to build your income up to a point where you can afford the larger payments. Payments are figured generally once every two years, so you have some time to prepare when the payments increase.

Another option is setting up an income based repayment plan. This plan uses your adjusted gross income each year to figure the payment that you can afford. The payment is based also on the size of the loan. How many members you have in your family is also taken into consideration. Many find this a very effective way to budget for student loan payments.

In times of extreme hardship, you may qualify to defer your loan payments. This doesn’t mean that they are discharged or gone, but simply put off until a later date. Many types of student loans will not have interest accruing during the deferment period. If you don’t qualify for deferment, you may qualify for forbearance. Forbearance is like deferment, in that you can postpone payments for a set length of time. Unlike deferment, forbearance options do accumulate interest during the period that you are not making payments.

In general, you should try to pay off your student loans whenever you come into extra money. All debts need to be taken seriously and you should always pay as much as you can afford. If you are in some trouble and need to change the terms or put off monthly payments for a while, contact the custodian of the loan. Manage it well, and you can be on your way to paying off your student loans.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.

Reasons you may not want to save for your children’s college

It goes against everything we are told, to save for our children’s college, starting when they are young. The truth is, it's fiscally irresponsible to spend your retirement money on your children's education.

We all know college can be very, very expensive. With that, we tell ourselves that we'd better start saving if we want our kids to get an education and a good job. Private colleges currently cost more than $25,000 per year, and even in-state public universities cost more than $12,000 per year. Few people can fork over that kind of money without planning ahead.

But are we really in deep trouble if we don't have a college fund set up for our 5-year-old? How should we balance saving for college with other financial goals?

Sometimes, putting money into education funds is not the best use of your money. Here's why:

• You can't get a loan for retirement
• Other financial goals come first. It's heresy to some, but it's true: Your retirement plans are more important than your children's college funds. Your kids can get through college somehow, and you will probably find a way to help them, but it's more important to plan for your retirement. Remember, your kids can get student loans, but there's no such thing as a retirement loan.
• If you have to choose between putting money in the kids' college funds and buying a house, buy the house. You may be able to pay tuition with a home-equity loan when the time comes.
• Education funds are not always the best way


Typical education savings plans may have drawbacks, such as:

• Limited investment options. Many education funds pay only interest; others let you invest in the stock market. You can't use the typical education fund to invest directly in real estate or start a small business, for example. Compare the rate of return you expect with what you could receive in alternate investments.
• Difficulty predicting future tax benefits. Tax rules change, and it's hard to predict future income levels. Sometimes by the time kids reach college age, their parents' income level is too high for certain tax advantages they'd been counting on.
• Financial aid considerations. Students are expected to contribute a higher percentage of their savings to their college education than their parents, so placing money in your child's name may hurt their chances of getting financial aid. You may be better off keeping the money in your name.

If you want your child to appreciate the investment in their education, working with them in helping pay for their own college can have its benefits. Every year a number of freshmen trek off to college on their parents' hard-saved money, only to spend more time the first few semesters partying than studying. Would they crack the books more if they were paying the bill? Even the most responsible kids seem to do better in college when they help pay for it.

Students can start at a community college at relatively low cost. In California, for example, the annual cost for tuition, books and supplies at a community college is about $1,500. After two years, students can transfer to a four-year college and graduate with the same degree as students who started there.

Recent trends, such as taking courses online or getting college credit before graduating from high school, can also help cut the total cost of a degree.

If you decide to set up education funds for your children, ask your tax professional about the options that will give you the most flexibility and the best after-tax return for your situation.

Remember to pay attention to your own overall financial picture first, however. It's a good idea to keep some investments accessible for projects such as paying college tuition, but designated college funds are not the only way to go. Whatever your family's needs may be in the future, the best way to be sure you can meet them is to make sure you are on the right track for all your financial goals.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Student Loans for Those Seeking Health Professions

If you are a full-time student looking to study to be a doctor of science in pharmacy; or a doctor of dentistry, podiatric medicine, optometry, or veterinary medicine, you may be eligible for the need-based Health Professions Student Loan (HPSL), designed to provide financial assistance in the form of long-term loans.

HPSL is a federal loan program administered by the University as the lender.

The aggregate maximum you may borrow in HPSL loans is limited only by the cost of tuition and fees, and by the funds available and the 5 percent annual interest is subsidized by the federal government during the time you are in school and the one-year grace period. You begin repayment at the end of the grace period. Your payments are calculated for full repayment within 10 years (120 months).

For consideration for the HSPL loan, you must report parental data on the FAFSA, even if you have independent student status.

Each and every time you accept an HPSL loan, you will be mailed a paper promissory note and loan disclosure form that you are required to complete and return to SFC before loan funds can be disbursed to you. You will be required to attend an exit interview if you:

* are about to graduate.
* leave the University (even if it is just temporary).
* drop your registration below half-time enrollment.
* transfer to another school.
* leave for a National Student Exchange (NSE) experience.

Are there any restrictions? Funds are allocated to schools by statutory formula for the purpose of capitalizing a student loan fund. Funds on deposit can only be used for loans to eligible students pursuing a full-time course of study; for costs in connection with the collection of any obligation to the fund. The maximum amount a student may borrow is cost of attendance (including tuition, other reasonable educational expenses and reasonable living expenses). Third and fourth year medical and osteopathic medicine students may be eligible for additional funding to repay earlier educational loans.

Students of allopathic medicine and osteopathy must meet financial need criteria and agree to enter and complete a residency training program in primary health care not later then 4 years after the date on which the student graduates from such school and to practice primary health care through the date on which the loan is repaid in full.

To be eligible for Loans for Disadvantaged Students (LDS) students must meet the HPSL criteria and also be from a disadvantaged background as defined by the Secretary. To be eligible for LDS funds a school must be carrying out a program for recruiting and retaining students from disadvantaged backgrounds, including racial and ethnic minorities and carrying out a program for recruiting and retaining minority faculty.

In addition, the school must agree to ensure that adequate instruction regarding minority health issues is provided for in the curricula of the school.

Participating schools are required to renew their agreement periodically as specified by the Secretary to operate a student loan fund with the agency responsible for administering the program. Student applications for financial assistance indicating the basis of approval or disapproval of a loan are maintained on file in the school.

So if you feel medicine is the path for you, there are special student loans available for you, do your homework and you might be surprised.

Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

On-Campus and Off-Campus Jobs Available

Even if you have received a loan for your tuition or were lucky enough to get a scholarship, extra money is always needed to help pay for books, supplies and day-to-day living expenses at school.

Often schools post part-time jobs that are available right on the campus. Two typical and popular positions to check out are front desk attendant and library assistant. The desk attendant sits at the entrance of a dormitory and keeps watch over the students coming in and out. They are expected to check student IDs, buzz people in and just make sure everything is the way it is suppose to be according to the particular regulations. It is the perfect job to get when you would like to do some studying while on the job. The library assistant is the job to get if you want some quiet time. Most libraries have, or should have, a quiet atmosphere. The tasks involve sorting books, pulling information and stocking the shelves. It requires a person who is self-motivated and task-oriented. An added plus is that, most often, the library jobs pay better than the majority of jobs available on-campus.

There are also many work-study programs available to consider for getting jobs while you are studying. These particular part-time jobs are assigned by your college or university. Check the student loan department for more information. They are for both undergraduate and graduate students and can be on-campus or off-campus. The off-campus jobs may require relevance to your major or public interest. Wages are determined by the difficulty and required skills involved. They all start at the minimum wage rate. The number of hours you may work is determined by your need, how early you apply and total amount of work-study funding at your school.

To be eligible for work-study, you must complete the free application for federal student aid annually. Eligible Federal Work Study students may earn their Federal Work Study (FWS) award in on-campus departments and offices, or off-campus at selected nonprofit organizations and public agencies. On-campus work-study positions usually include duties such as clerical, childcare, tutoring, library positions, security, lifeguards and laboratory assistants. The off-campus work-study positions are referred to as community service opportunities simply because these positions are designed to provide direct public service to the community. These positions usually go to the students whose majors are related to the work, have previously worked in the program, or have work experience in education, social work, parks and recreation, or community health. There are solutions to getting more money for your college needs.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

The Fears Associated with Starting College

It is perfectly normal to have doubts, worries and fears after you have received that acceptance letter. You thought the stress would subside after decision time; but now you are feeling anxious all over again with a new set of worries. Remember that the hardest part is over. You got in and know that your new stress will start to dissipate in time. Know you are among others with the same questions and same concerns and it is totally normal to feel this way.

The first thing people worry about is getting lost and experiencing that uncomfortable feeling of being a clueless freshman. The best way to reduce first-day jitters is to study the campus map to see where the different buildings are located. Try to figure out which buildings your classes will be held and wander around the campus to locate them before your actual classes begin. This way you will be prepared and know exactly how long it takes to walk to class so you won’t be late.

Everyone has doubts at first and wonders if he or she will not like the college once there. The number one piece of advice you’ll hear from most college grads is that college is what you make it. It is possible to have a good college experience anywhere. A lot depends on how you approach it. Learn to take advantage of the resources around you. It is common for students to consider transferring during their freshman year, but it is advisable to wait, give it a fair chance and keep an open mind. When reviewing their total experience, many college grads say that they didn’t really start getting the hang of it until the end of sophomore year. It helps to become involved with campus affairs.

It is a given that you will experience bouts of loneliness; everyone does. Just remember that there will be many other students in your same situation. Being away from home is hard, and so is making new friends. Avoid isolating yourself. It’s a lot easier to deal with the confusion and excitement of college with others.

The first step is to make new friends. Be sure not to miss Orientation. You will never have an easier time meeting new people in your life. Be bold and be the first to introduce yourself. A flow will begin, and often, the camaraderie you form during this orientation period is very beneficial and important.

There is no denying it; college is expensive. Try not to worry about the finances of college because there is help available—from scholarships, work study programs, off-campus jobs to private student loans. It is possible to get money for school.

Fear that college will be hard? You already got in; you’re smart. Now it is up to you to keep things going. Brush up on your study skills, learn how to balance and make the best of your time. Take full advantage of the many resources available on campus, including the many professors who are there to help you succeed. Another resource is right at your computer. Visit www.student-loans.net where you can find helpful articles answering some of the questions you will have about your new life on campus.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Taking out a private loan to help pay for school

Besides loan scholarships offered by the individual colleges, among the many other student loan options available to pay for tuition are Perkins Loans, Stafford Loans, the Federal Direct Loan Program, Parent PLUS Loans, Graduate PLUS Loans, Consolidation Loans, private loans or alternative loans, and work study loans.

If you have qualified for a scholarship or a federally funded grant or loan, you still may need more cash to pay your school bills. Private student loans offered by some banks and other private lenders may find you that money. Lenders offering alternative student loans for college financial aid and private loan consolidation can be found through various websites on the internet. However, before tapping into private student loans, you should almost always maximize your borrowing from federal loans first. The interest rates on federal student loans are limited to a relatively low percentage. Private loans are at higher interest rates. Quite often the interest on private loans may be capitalized which means it will be added to the loan principal. Depending on the number of times this is charged during the length of your loan, this will increase the amount of money ultimately borrowed.

Approval and terms for private loans are based on your credit history. If you have no credit or your credit rating is bad, you might need a co-signer to qualify for this loan. A higher interest rate on your loan usually accompanies a poor or minimal credit record. Additionally, fees and penalties can be higher than with government-backed loans. And your repayment terms may not be as favorable. Because of these conditions, taking out a private loan should be used as a last resort and keeping it only as a small portion of your financial aid portfolio would be smart.

Another option to consider for getting more money for tuition is work study programs. These part-time jobs are assigned by your school. They are for both undergraduate and graduate students and cnabe right on campus oroff campus. The jobs off campus may require relevance to your major or public interest. Wages are determined by the difficulty and required skills involved and start at the miniumum wage rate. The number of hours you may work is determined by your need, how early you apply and total amount of work study funding at your school.

As mentioned earlier, there is information available about private student loans on the internet. The site www.student-loans.net is a helpful place to research student loan companies and compare what is offered and involved with each option. Sometimes the choices can be overwhelming. This site will help you with the process. It also contains helpful tips for students and information about campus life.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net

Researching Scholarship Opportunities

You are ready to go to college or maybe your child is and you want to know what types of scholarships are available. Maybe you are asking yourself where to start? If so, here are a few tips.

Scholarships are either given by colleges or universities that you plan to attend or by the private sector. But most scholarships are private-sector, that is scholarships that are offered by businesses, professional associations, community service organizations and individuals. Both types of scholarships often requires an application and some type of essay.

Before researching scholarships, know that most have some sort of criteria that you must meet before qualifying. This criteria can be academic performance, financial need or even race, ancestry, sexual orientation and hobbies. Making a list of all of your hobbies, clubs or organizations you have belonged to, whether your parents have belonged to organizations or the armed services, and what your interests are, will help you with your search.

To search for scholarships you can use the Internet, libraries and college counseling and financial aid offices.

Using the Internet and search engines such as Google and directories such as Yahoo! Requires some research skills. Simply typing in the world scholarships and return over 60 million results. Typing in scholarships for women will narrow the results substantially. Add to the search text your major, such as women engineering scholarships to refine results further. Search by all germane academic and personal factors, including your specifics from your list, and combine these where apt; examples include: engineering scholarships, engineering scholarships women, chemical engineering scholarships women, Filipina scholarships, etc.

Most colleges and universities will have a library collection of texts on funding your education and librarians have a great deal of expertise on how to search printed material and the Web. University libraries customarily have larger collections and more resources than community colleges and you can search the catalogs over the Web.

Local public libraries may be useful in several ways. They may have a collection of financial aid and scholarship texts, and the professional librarians may be able to help your search. Public libraries may also have information on local and regional organizations, such as university alumni, association branches, community service clubs and organizations, chambers of commerce, religious institutes, and professional associations that may offer scholarships. Local organizations may offer substantial scholarships, some of which may be renewable. Use the library to get contact information and ask the organization about scholarship offerings and whom to contact for application material.

Check with counselors and professors at your college and the college(s) to which you plan to transfer for scholarship information. Professors in your major may know of scholarships in their field or of professional associations that may offer scholarships.

Check also with employers in your major field. Organizations, such as hospitals, may assist employees who will commit to working for a period of time after graduation. Some hospital work-study programs offer 40 hours pay while the employee works 20 hours and attend a college nursing program for 20 hours work week. Many employers offer tuition assistance programs to help employees gain expertise related to the company’s business or operating areas or needs. Some universities offer free or reduced tuition for their employees.

There are many scholarship opportunities out there, the difference in who finds them is how they conduct their research.

About the Author: Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of private student loans and information on student loans and consolidation. For more information, please visit http://www.student-loans.net