Loan Borrowing Order Expanded
If other forms of financial aid are exhausted, such as scholarships and grants, then you can use loans to cover the remainder of your Cost of Admission (COA). On our website we discussed the Loan Borrowing Order:
- Federal Perkins Loan - 5%
- Federal Subsidized Stafford Loan - 4.29% (No interest while attending university)
- Federal Unsubsidized Stafford Loan - 4.29% (Accrues interest while attending university)
- PLUS Loan - 6.84%
- Alternative Student Loans - Based on credit (typically a higher rate than federal loans)
When you are down to your last option, alternative student loans, there are lots of important things to keep in mind.
Look for loans with rates of LIBOR + 2.0% or PRIME - 0.50% with no fees
- These rates will often only be available to borrowers with great credit who also have a creditworthy cosigner
- 3% or 4% in fees is about the same as a 1% higher interest rate
- It is common for lenders to advertise a lower rate for the in-school grace period and then enact a higher rate when the loan enters repayment
Personal information that will be needed
- Basic information about the school you will attend
- Name, address, phone number and email
- Social security number
- Drivers license number
- You may need a cosigner
There are lots of options when it comes to private student loan lenders. We have highlited a few to get you started, but a more comprehensive list can be found here. In order to ensure that you are optimizing your chances of receiving the best education loans, you may want to consider enlisting the services of a qualified financial aid consultant.
- No Fees
- Variable interest rates start at 3.15% APR
- You can borrow as little as $2,000 and up to the total Cost of Admission ($120,000 lifetime maximum for undergraduate students and $160,000 for graduate students)
Customer Service Desk (P): 1-888-549-9050
Application Help (E): firstname.lastname@example.org
Website Help (E): email@example.com
General Questions (E): firstname.lastname@example.org
- No Fees
- Rates vary between 2.44% - 11.75% (APR)
- You can borrow as little as $1,000 and up to $170,000 depending on level of education
Live chat with a representative on their site
General Questions (P): 1-800-922-9999
- No Fees
- Rates vary between 2.50% - 11.85% (APR)
- You can borrow as little as $2,000 and up to the total Cost of Admission
- No origination fee and no prepayment penalty
- Rates vary between 2.20% - 11.24% (APR)
- You can borrow as little as $1,000 and up to the total Cost of Admission
Apply/ Cosign for a new loan or check application status (P): 844-422-7505
- No Fees
- Rates vary between 3.39% - 10.93%
- Borrow up to $120,000 lifetime maximum
Student Loan Consultant (P): 1-800-378-5526
If other forms of financial aid are exhausted, such as scholarships and grants, then you can use loans to cover the remainder of your Cost of Admission (COA). On our website we discussed the Loan Borrowing Order: Federal Perkins Loan - 5% Federal Subsidized Stafford Loan - 4.29% (No interest while attending university) Federal Unsubsidized Stafford Loan - 4.29% (Accrues interest while attending university) PLUS Loan - 6.84% Alternative Student Loans - Based on credit (typically a higher rate than federal loans) When you are down to your last option, alternative student loans, there are lots of important things to keep in… Read more here!
College is a serious financial undertaking. At first glance college can look like an unaffordable venture. However, there are multiple vehicles that can help you attend your goal institution without fear of not being able to afford it. These vehicles include scholarships, grants, and student loans. Despite the existence of financial aid, the anxiety of affording school can afflict students and their families up until the summer as they wait for their financial aid packages to be released! Applying for student aid through FAFSA and the CSS Profile is like playing the lottery - except everybody is a winner. Like… Read more here!
The CSS Profile stands for the College Scholarship Service Profile.. It is an online application offered by the College Board for nonfederal financial aid. The CSS Profile is used by almost 300 colleges, universities, professional schools, scholarship programs, and scholarships. Similar to the FAFSA, this application considers student and parent financial information in order to signify how much nonfederal financial aid the student is elibigle.However, the information you’ll need to provide for the CSS Profile is much more in depth than the FAFSA. Also dissimilar to the FAFSA, this application is not free. The CSS Profile has a $9 base Fee and it… Read more here!
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Scholarship Tips and Tricks: Advice from a Scholarship Winner Summertime is great. It's a time for freedom, a time to ease up on your academic course load, and a time for you to generate some money for college. Summer is an ideal time to apply for scholarships, to avoid having to take out educational loans for the school year. "Scholarship" brings both a sense of optimisn and an overwhelmingly daunting feeling for students. Everyone wants a scholarship, but due to the time involvement and their competitive nature, they can be discouraging. With such a competitive environment, how can you ensure that… Read more here!
The FAFSA helps provide funding for eligible students to make college more affordable. Filling out the FAFSA correctly and completely is of the utmost importance to be considered for substantial financial aid. WIth the FAFSA deadline quickly approaching (June 30th), it is imperative that all necessary adjustments, or corrections, are made. While going through your FAFSA with a fine-tooth comb, keep the following quick tips in mind: Federal Deadline for FAFSA Corrections is June 30th, 2016 You use your FSA ID to log in to your account, then click Make FAFSA Corrections to begin the editing process Check and make sure your… Read more here!
Going back to school shopping for yourself may not have been what you thought you’d be doing 20 years ago. But, with the ever changing job market there has been a drastic increase in adults returning to school to complete a wide variety of degrees. Some things have changed since the last time you attended class - one of the most notable changes being the ever-rising cost of tuition. However, one thing has remained constant, that financial aid is available to help make college affordable. In fact, there are more financial aid options available to you than your younger counterparts.… Read more here!
Categories: Financial Aid | Grants | Scholarships | Student Loans | Work Study | Financial Aid Applications | FAFSA | Go Financial Aid
Tags: adult student fafsa financial aid going back to school non-traditional student
Missing the FAFSA Deadline So you missed the FAFSA deadline. What now? First, deep breath. Second, keep reading. Affording college seems out of reach, but have no fear because there are more opportunities for you to get money for college. In order to make sure that you do not miss out on federal aid next year, make sure that you partner with Go Financial Aid and fill out the FAFSA on time and correctly. Scholarships There are a multitude of scholarships available for students to help afford college. There are scholarships based on your unique interests, field of study, minority… Read more here!