BiographyBefore you can even be considered or eligible for any type of college loan, you have to first fill out the Free Application for Federal Student Aid or FAFSA form. This form is essentially the first piece of information that is needed during the student loan borrowing process. If you go to your college’s financial aid office, they should be able to provide you with the FAFSA form and answer any questions you may have about filling it out. You can also obtain it online and submit all of your information through the Internet, which is a significantly quicker way to get through the process. After you have submitted your FAFSA and it’s been processed, you will then receive an SAR, or Student Aid Report. The purpose of this report is to show the amount of money you or your family is eligible for as well as the approximate amount of funds that will be contributed towards the cost of your tuition. Qualifying for grants or other types of private funding is generally determined by your school or university. Once you know what you are and are not eligible for, you can determine how much you will need to borrow from loan lenders. Types of Student Loans You Can Consider College loans can be broken down into four different groups. These include: • Student loans (Stafford and Perkins) • Loans for parents (PLUS) • Private student loans • Consolidation loans If you’re wondering which loan would work best for you, then you have to assess your individual situation in order to determine the right choice. The Stafford and Perkins loans are two popular student loans that most college students find easy to qualify for. Both these loans are available to undergraduate and graduate students who are attending college on a full or part-time basis. An added benefit to these loans is that you don’t have to have an established credit history (which most young students tend to lack) in order to be eligible. As a struggling student, you will probably also appreciate the low interest rates that the Perkins loan offers. The subsidized rates that the Stafford loan offers can also be beneficial for you.
|Style||Elegant Country , Country|