Education is important to one's success. It is the kind of wealth that is never stolen. What if you don't have the means of going to college? This is when most students resort to financial supports such as loans, scholarship grants, and work-study type of curriculum.
Educational Loan is the most popular option of getting support for college. There are some requirements you have to accomplish to avail this opportunity.
The Financial Assistance Process
I. Fill up the application form for student loans.
o National citizen of the United States are more prioritized. Non- U.S citizen should show a valid SS number.
o Must be enrolled on selective service program among men aging 18 to 25 years old.
o Must have a Secondary Level Educational Attainment or accomplished a GED (General Education Development) program.
o Enrolled, at least for a semester, in a bachelor's degree course or any educational program.
II. List at least six schools where you wish to be admitted. This will permit you to have numerous award letters.
The application forms in applying for student aid are made available at your secondary level education school, any college financial assistance office, or at any public libraries. This form will be processed for almost four to six weeks. After that period, you'll be receiving your SAR (Student Aid Report)
The SAR carries the information of how much you'll be receiving on your financial support and how much is your EFC (Expected Family Contribution). The schools you've listed in the application form would also receive this document.
III. Upon the receipt of your SAR, you have to check for possible errors or incorrect information written.
If there are errors, you may correct them through online at FAFSA Web Corrections, write down certain corrections and mail it on the given mailing address, or contact the financial assistance office of the school you plan to be admitted in.
IV. In accepting reward letters received from different schools you had applied, you must take into consideration the best option wherein you'll benefit more.
o Evaluate the breakdown
- Find the CoA (Cost of Attendance). The itemized list of amounts of tuition fees, board and lodging, and miscellaneous are reflected in here. The EFC and the student support amount must be equal with the CoA so that you'll not need additional resources of income to attend college.
o Ask Questions
- asking some questions to yourself would give you enough reasons to accept the award package or not, like;
1. Do you have to maintain a specific grade?
2. Does the package shield the similar expenses each year?
3. What would happen to your loan if you receive a scholarship grant?
4. What is the interest rate of your loan?
o Make a choice
- After comparing the pros and cons of each award letters, you're already down to the next step which is choosing the option you'll benefit most.
There are two kinds of Educational Loans
A. Government Student Loans
The university or college institution you wish to enroll at might be involved on either FFELP (Federal Family Education Loan Program) or FDLP (Federal Direct Loan Program). In FFELP, private lenders are the ones who offer loan funds. While in FDLP, the funds will come from the national government.
B. Private Loan Firms
If for example, unfortunately you didn't qualify for government student loans, private lenders are your last option. These private loan firms provide you a more flexible repayment conditions and reasonable interest rates. Private lenders offer you loans that include from paying the balance that your grant can't cover to paying your full education cost.
Things to consider on applying for a loan
o Borrow the exact amount money you only need.
Loans are big responsibility. You have to repay them in due time. To avoid losing your credibility as a loaner, you only borrow the money you need. No more, no less!
o Select your lending firm carefully.
You have to examine their interest rates and their repayment terms. Choose the firm that would give you more convenience of repaying period. You also have to check out their additional benefits.
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