Stafford Loan Basics

Most people struggle to pay for college. If you are looking for financial assistance, you may be considering a Stafford Loan. Before you start applying for loans, make sure that you have exhausted all grant and scholarship opportunities. If you can obtain grant money or scholarship money, then you will not have to pay back the money that you receive. The fact of the matter is, that most of the time students are not able to secure enough funding through these avenues to pay for the school that they need. This has the majority of parents and students turning to student loans for help.
Getting student loans can be confusing if you do not know where to start. Many people start with the Stafford Loan for many reasons. First of all, the Stafford Loan has a fairly low interest rate and can usually beat out other types of loans in this area. The Stafford Loan also lets you put off, or defer, your repayment until after graduation. There are a few flexible repayment plans that you can choose from, making repayment fit your personal situation as closely as possible. This can help you to avoid lapses in payment and ultimately lose your good deal or tarnish your credit history.
Either the student or the parents can fill out the FAFSA (Free Application for Federal Student Aid) available online or through your school. This application will take many things into consideration when determining how much financial aid you are eligible for. It will consider the number of children attending college, income, number of people the family is supporting, savings including retirement accounts. The FAFSA will estimate how much your family can pay out of pocket for college expenses and a Stafford Loan may be awarded for the remainder.
This process is designed to keep people from taking out more in student loans than they need to. The formula used on the FAFSA is very accurate and most people are happy with the outcome. You will send in the FAFSA application and then wait for the Student Aid Report (SAR) to come in the mail. The SAR will let you know what you qualified for. If you approve the information, then another form will be sent to the school of your choice. An additional form will be sent to the state to see if you qualify for any additional monies from the state. After you fill out and approve the acceptance form, you will be sent details on how to get the money that you need.
If further assistance is needed, then you and your parents may look into other types of student loans or private student loans to fill in the gaps.

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.

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