What Future Undergrads Ought To Know About Student Loans And Online Resources

Navigating the​ student loan process can be a​ challenge,​ starting from ground zero. Since the​ federal government got in​ the​ student loan business in​ 1965,​ something like 65 million Americans have taken advantage of​ it. There have been several bills run through Congress over the​ years,​ creating a​ variety of​ loan programs - for students,​ vets,​ returning students,​ and so forth. the​ primary government online resource for information on​ government student aid is​ http://www.ed.gov/about/offices/list/fsa/index.html.

For basic information on​ what is​ available through federal programs,​ perhaps the​ most basic resource is​ the​ Department of​ Education's site entitled "Funding Education Beyond High School: the​ Guide to​ Federal Student Aid". it​ is​ a​ comprehensive resource on​ grants,​ loans,​ and work-study programs which are the​ three major forms of​ aid available through the​ Department's Federal Student Aid office. This material tells you​ about the​ programs and how to​ apply for them. http://studentaid.ed.gov/students/publications/student_guide/index.html.

In order to​ qualify for any sort of​ federal assistance and for most privately underwritten financial support,​ including that which comes through the​ school's financial aid office,​ you're going to​ need a​ FAFSA score. This ranking is​ produced through the​ process of​ filling out a​ FAFSA application and submitting it​ to​ the​ U.S. Department of​ Education,​ which returns a​ valuation that shows how much loan money you​ will be eligible for and how much your parents are expected to​ provide in​ support. So the​ best place to​ begin your application process is​ through the​ FAFSA site: http://www.fafsa.ed.gov/. you​ can make an​ electronic application from their website.

Apart from the​ standard federal student loans,​ there are several campus-based federally financed opportunities for students. Extensive information on​ work-study and other federal money available through the​ campus financial aid office can be found at​ http://www.cbfisap.ed.gov/CBSWebApp/welcome.jsp. It's going to​ ask you​ to​ go through a​ registration process but it's probably worth your time. Putting together education money is​ often a​ process of​ assembling a​ number of​ working parts. For many students,​ that includes camping outside the​ campus financial aid office and getting to​ know the​ counselors inside. it​ pays to​ know what they have to​ offer. Don't be shy: they expect to​ see you​ coming.

There are many online sites that offer a​ combination of​ information and loan applications. Many of​ these sites address issues such as​ loan consolidation and other debt considerations. One site that is​ highly informative about the​ loan process and the​ programs available and that includes a​ list of​ potential private lenders is​ http://www.edfund.org/edfund/edfundmenu.html. This is​ a​ non-profit site that can break down some of​ the​ detailed components in​ the​ loan process; it​ helps to​ be able to​ sort through the​ details on​ a​ non-governmental site.

To their credit,​ the​ Federal Government has recognized that the​ cost of​ education and the​ subsequent debt has overwhelmed millions of​ graduates. the​ Department of​ Education has a​ loan consolidation program with a​ variety of​ payment plans,​ a​ lot of​ flexibility,​ and the​ ability to​ avoid using a​ commercial lender. They have a​ website devoted to​ their services at​ http://loanconsolidation.ed.gov/. the​ Department develops a​ weighted interest rate based on​ any commercial loans you​ have outstanding,​ caps it​ at​ 8.25 percent and offers four different payment plans.

There are also a​ multitude of​ commercial lenders that offer student consolidation loans,​ but be careful of​ artificially low interest rates that can accelerate through an​ adjustable rate program much like a​ mortgage. Before you​ venture into the​ commercial refinancing arena,​ see what the​ Department of​ Education has to​ offer.

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