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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!
Now that you've seen and deciphered your Student Aid Report, you've realized you still don't have the funds to the attend the college of your dreams. Now what? You have a few options to consider, before reconsidering your number one school. 1. Begin a scholarship hunt. Scholarships are free money. Remember you can find scholarships that are awarded for athletics, academics, volunteering, background, etc. 2. Appeal your financial aid award. Contact the school and see if they can provide you with a more favorable financial aid package. This idea may seem far fetched to some, however if you are an… Read more here!
When grants and scholarships don't cover the complete cost of college, loans are an obvious must for most students and their families. While borrowing money and taking on debt, here are a few things to consider regarding private loans: Private loans generally have an interest rate based and borrowing terms based on your credit record and current economic climate. If you have a credit score that is less than perfect, you are likely to have a high interest rate. Your rate will also vary based on current prime rates. Over the course of your loan, you are likely to experience… Read more here!
When federal aid does not provide enough funds for college, many students turn to private loans. There are many different lenders and loans available. Often times, this can cause confusion for parents and students. Private loans can not only be used for tuition, room, and board, but for other college expenses such as books, supplies, school fees, and transportation costs. These loans can cover up to the full cost of your education and can applied for year round. Private loans generally require a credit check and in most cases on co-signer is required on the application. As a student, adding… Read more here!