Financial Aid Questions

Am I eligible for financial aid?
Just about everyone qualifies for some type of college loan consolidation aid. In fact, over 8 million students receive financial aid every year. Even if you’re not a straight-A student or a star athlete, you may be eligible for more aid than you think. To see if you meet basic eligibility requirements, take our Financial Aid Eligibility Quiz. Then, complete the Free Application for Federal Student Aid to see how much aid you can get.

When do I start the process?
What is FAFSA and where do I find it?
How can I increase my chances of getting more aid?
How do I get the money?
How do I know if I’m a dependent student?
Which loans require credit checks?
When do I start repayment of my loans?
Student Loan Consolidation FAQs and Responses
Why should I consolidate my student loans?
Consolidating student loans offers many benefits-even if you’re currently making your monthly student loan payments without any difficulty.

You can make monthly bill paying easier with one student loan payment to one lender.
The rate on a federal loan is fixed for the life of the loan. Federal student loans and parent loans issued prior to July 1 2006, carry variable interest rates that are adjusted annually.
Consolidating can help ease the pressure on your monthly budget by reducing your monthly student loan payment by 10% — 60%.
You can save money by using your student loan payment savings to pay off high-rate debt, such as credit cards.
Consolidation will help your credit scores and debt-to-income ratio, both key factors if you’re looking to qualify for a credit card, buy a car, rent an apartment, or purchase or refinance a home.
Won’t my total cost increase if I extend repayment to 30 years?
Can my parents consolidate their federal parent loans with my student loans?
How is the interest rate determined?
Is the interest tax deductible?
How do I know what my payment will be?
How do I apply?
Stafford Loan FAQs and Responses
What’s the difference between subsidized and unsubsidized Stafford loans?
It’s all about financial need.

Subsidized Stafford student loans are awarded to students with demonstrated financial need. While students are in school, Uncle Sam pays the interest on subsidized Stafford loans, and payment is deferred (delayed) until after graduation. Once out of school, though, the student assumes responsibility for the loan, including interest.

With unsubsidized Stafford student loans, you’re responsible for the interest from the time funds are disbursed. Unsubsidized federal college loans are not based on financial need; in fact, virtually every student is eligible for an unsubsidized Stafford loan. Although interest starts to accrue immediately, you can delay repayment until after graduation.

How much money can I get with a federal Stafford student loan?
What if it isn’t enough?
How are loan funds disbursed?
What is the interest rate?
How do I apply for a Stafford loan?
Private Student Loan FAQs and Responses
What’s the difference between federal and private student loans?
Federal student loans are guaranteed by the federal government, and offer attractive terms such as low fixed interest rates, deferred repayment, subsidized interest payments (for student who demonstrate financial need), and flexible repayment terms. Neither Stafford student loans nor Perkins student loans require a credit check or co-signer. The credit checks for PLUS parent loans and Grad PLUS graduate student loans are modest, much less stringent than for private student loans and other types of consumer loans. You must complete the FAFSA (the Free Application for Federal Student Aid) in order to be eligible for federal education loans.

Private student loans are non-government loans offered by banks, credit unions, and other private lenders. These loans are not based on financial need but rather on your creditworthiness and ability to repay. Private student loans are designed to supplement federal loan programs and can be used for a wide range of education purposes, including tuition, books, living expenses, and a computer. The rates and terms for private student loans vary by lender and borrower creditworthiness. If you don’t qualify for a private student loan on your own, you may need to get a co-signer.

Do I need a co-signer for a private student loan?
What are the rates for private student loans?
What is TERI?
How do I apply for a private student loan?
Parents’ FrequentlyAsked Questions and Responses
How much should I save for my child’s education?
How much you need to save depends on the school your child attends. Tuition and fees at public colleges are generally lower than those at private schools. Regardless of the school, though, education costs have been rising, and are expected to continue increasing over the next decade.

Here’s how much college funding you’ll need to save to send one child to an average four-year private or public college. Don’t let these numbers frighten you. Start implementing your college savings plans today.

Child’s Age (Years) Average Cost
Private College Average Cost
Public College
One $257,543 $118,312
Four $222,475 $102,200
Eight $183,031 $84,080
Twelve $150,580 $69,173
Sixteen $123,884 $56,909
Which is better, a prepaid tuition plan or a college savings plan?
If savings may impact my child’s federal aid eligibility, why should I save at all?
How much will I be expected to contribute toward my child’s education?
How is EFC calculated?
How will contributing to a 529 impact financial aid eligibility?
Who should save — me or my child?
Who should borrow — me or my child?
How is a PLUS loan different from a Stafford loan?
Is there a credit check required for a federal PLUS loan?
What if I’m not approved for a PLUS loan?
How much does a federal PLUS loan cost?
How are federal PLUS loan funds disbursed?
Are there any prepayment penalties on the federal PLUS loan?

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This article has written by Miss Money Belle