Have You Completed Your FASFA?
School Loans are by far one of the easiest loans you will ever obtain. When seeking a loan from the Federal Government, this is one area they have made simple. There are a few general rules you need to follow, but the results are a higher education you and your family and friends will be proud of.
The government realizes how expensive going to college has become, and this is one area they are behind you in helping those dreams come true. Some of the simple rules you must adhere to are simply applying for the free online FASFA on time, January for those starting college in the fall. If you are a returning college student, your college or university of choice will let you know it is time once again to file the FASFA forms. Pretty simply if you ask me. The reason for deadlines is simple as well. The federal government allots a specific amount every year, once that dollar amount has been exhausted, there is no more. Therefore, getting it done as soon as possible for the following year is important.
I am sure you have heard horror stories about filing the free online FASFA application financial aid. Please do not let that scare you from the process. You simple need to have just a bit of information available and answer the questions honestly. One of the things they will request is the information found on your tax returns. If you have not yet filed, it is OK to estimate. You can go back later after filing and report the correct information. If you are estimating honestly it should not make much of a difference on your application.
The federal financial aid programs offer many different types of products for you to take advantage of. You may actually qualify for more than one program depending on your financial aid need. There are Stafford college student loans that will come in the form of subsidized or unsubsidized. A subsidized college student loan is when the government actually pays the interest for you. When it comes time for you to pay the loan back you will only be paying the principle because the federal government has already paid the interest for you. Good deal, don’t you think? An unsubsidized loan just means you will be responsible for the interest when you are in repayment. You can choose to pay the interest monthly while still in school or it can be added to the principle once you are in repayment. Your chose!
The above Stafford college student loans are the most popular of all college student loan. My guess would be because they are so easy to obtain. You may also qualify for a grant. A grant is typically monies you will not have to pay back. It is given to your school to help pay for your tuition and such. This is awarded based on your financial aid needs. The subsidized Stafford college student loan is also based on extreme financial aid need.
I encourage all new and returning college students to always apply for the federal financial aid programs (FASFA) before they seek private funding. Until you apply you really don’t know what you will qualify for. You may think you will not qualify when in reality you do. Every penny helps, so make the most of yours.
You can find the FAFSA at www.fafsa.ed.gov