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Student Loans: The Life Preserver Of Our Education System

Zandt

A loan is the reason many students are able to go to collegeand not have to worry about money until after theyvegraduated. There is a lot of paperwork involved in theapplication process of a loan, but once youve completed itand been accepted, it will have been worth it. Loanscan help with the cost of books, tution and even livingexpenses or they can cover them completely. It all dependson your eligibility, which is determined in the applicationprocess of the loan.

A loan is the reason many students are able to go to collegeand not have to worry about money until after theyvegraduated. There is a lot of paperwork involved in theapplication process of a loan, but once youve completed itand been accepted, it will have been worth it. Loanscan help with the cost of books, tution and even livingexpenses or they can cover them completely. It all dependson your eligibility, which is determined in the applicationprocess of the loan.

Applying for a loan is free and you can even complete itonline. You can get a copy of the application at yourcolleges financial aid office, post office or library. Ittakes some patience and time to fill it out and variouspaperwork is needed before you can turn it in, but you willbe happy once the loan comes in. Your grades are taken intoconsideration when applying for a loan as well. Although youdont have to have a 3.0 GPA to get a loan, you do need tobe making satisfactory grades to receive any assistance.Your college will determine whether youre eligible to applyfor a student loan or not.

There are some criteria that you have to meet before you caneven be considered for a loan although. You must be a U.S.citizen or an eligible non-citizen. You must be makingsatisfactory grades and be attending a college thatparticipates in the federal student loan program. You alsoneed to be a half time student, at the least and truly be inneed of assistance.The amount of assistance you will receivedepends on whether youre an independent (you report onlyyour income and that of your spouse if applicable) or adependent (you report the income of both your parents). Thegrade level youre in is also taken into account when theloan assistance is being determined as well.

You dont have to pay back your loan as long as you areenrolled in classes at least half time. 6 months after yougraduate is when you can expect to start having to pay backthe loan and you can set up a payment plan. Not all schoolsoffer loan programs, so youll have to do a bit of homeworkto see if yours offers such assistance. Its best to checkthis important fact out before deciding on which college toattend if money is an issue for you. Make sure to get yourapplication in early also, to ensure that your assistancewill get to you in time for the tuition due date. 60-90 daysbefore the beginning of the semester is recommended.

There are a couple different types of student loan awardsyou can try to receive. A subsidized student loan meansthat you do have great financial need for assistance whilean unsubsidized student loan means you do not have need forassistance. The student that has a subsidized student loanis not responsible for interest until they graduate and thestudent with an unsubsidized loan is responsible at alltimes for interest.

So, what are you waiting for? Apply for a student loantoday and youll be on your way to that college educationyouve always wanted for yourself!

ABOUT THE AUTHOR


Tucker R. VanZandt is founder of All About Loans an excellent resource site dedicated to information on loans

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