“Where do I begin?” This is the million-dollar question often asked when it comes to beginning the student loan and financial aid process. I have outlined the steps to applying for financial aid in the order you should complete them.
You have made a great first step by doing some research, but we cannot stress enough that you need to research financial aid in all its forms. Visit financial aid on the net to learn the basics and become familiar with terms such as FAFSA, Guarantor and many other words and acronyms that you probably will not come across in everyday life. It is definitely worth your time and effort to learn about the financial aid process now, before you start filling out forms. It can potentially help you save money as well.
Complete the FAFSA:
Ensure that you or your child has completed the appropriate FAFSA application. You can find application advice and submission, free, on line at http://www.studenteducationloan.cn or the dept. of education site. To have your FAFSA professionally prepared and files, like a tax preparation service, visit http://wwweducationloan.info, to receive a federal Student loan, you must fill out a FAFSA application.
Find Scholarships:
A Scholarship is money you do not have to give back. Scholarships exist at the local and national level, so be sure to look into all your options, including local fundraising groups, your religious group and national scholarship opportunities. You might consider using a professional scholarship search service for a nominal fee of course. This service can access you to more than $14 billion in essentially free money.
Stafford Loan:
Once you have completed and received the results from your child’s FAFSA, you will then know the amounts he/she has qualified for. At this point is when you need to know obtain a Stafford Loan for the additional money amounts that will be needed. Stafford loans are student loans available through government programs for a low interest rate.
PLUS Loan – Plus Loan for Parents of Undergraduate Students:
After finding out how much federal financial aid your are qualified for your parents can find out if they are qualified to take out a PLUS loan on your behalf. This can help fill in any gaps in your federal need-based aid. Remember it is important to file for the Stafford loan first, then the PLUS loan. You can learn more about both of these loans online.
Still not enough? Alternative Student Loans:
If your federal student aid report indicates that you do not meet the requirements for federal funding, or it falls short of what you need, consider applying for a private student loan. Also known as Alternative student loans. This kind of loan is a credit-based loan you can take out to fund your child’s education. Check this out on line as well.
Alternative Student Loans for parents of grade K-12 students each offer an easy application process with funding in as little as 5 business days at competitive interest rates, making them great choices for students and families with unmet financial needs.