College Financial Aid Guide

Perkins Student Loans

collegefinancialaid — Wed, 09 Jul 2008 17:31:28 +0000

A Perkins Student Loan is different from a Stafford Loan, even though both are federal loans. The local colleges distribute the funds from Perkins Loans on a financial need basis. The Federal government distributes money to the schools, which are then awarded to students as needed. Funds are limited and no more money to the school will be given that year, so early applications are very important. Undergraduate students can get a maximum of $20,000 for the 4 years, and Graduate students can receive up to $40,000 for their education.

By Mark Allen, FinancialAidFinder

Choose Student Loans Carefully

collegefinancialaid — Wed, 09 Jul 2008 17:28:56 +0000

As you shop around for your college financing, it is important to know that you may be able to get a better deal somewhere else. The Federal government does set the maximum amount of interest for Federal school loans – but it does not set a minimum. This means that you may be able to get the same loan for less interest. Interest can really make a large difference of tens of thousands of dollars when it comes to having to pay interest over a 10-30 year period. Ideally, find a lender that offers the lowest interest, and learn about them, too, before you apply. In some cases, it may also be possible to get a Stafford subsidized loan and a Stafford unsubsidized college student loan. Remember, there are many different kinds of student loans. Consult with your college financial aid counselor on campus and do your online homework. Be sure to apply by the stated deadlines or risk missing out on money you need.

Welcome to the College Financial Aid blog

collegefinancialaid — Wed, 09 Jul 2008 16:21:53 +0000

Finally! I have long had the desire to launch this website where my information about college financial aid can be shared with parents, current and prospective college students.

I’ve been writing about college scholarships, grants, fellowships, and student loans for many years, and am a regular contributor to FinancialAidFinder. This is a great free resource online that includes considerable information about the topics I just mentioned plus federal work study, the Montgomery GI Bill and other military financial aid programs, state financial aid programs, and much more. There are even regular blog postings announcing scholarship programs — twice per week.

The big key to getting money for college is knowing what’s out there, understanding that you’ll qualify for something, and then getting off your duff and applying by the stated deadlines!

The college financial aid application process is daunting to many people. In addition, who wants to start piling up student loan debt? So people resist applying much like the procrastinate on doing their taxes or starting a 401k.

And speaking of 401ks, it’s time for more parents to learn about and use 529 College Savings Plans and Prepaid Tuition Programs. I plan to convey information about these programs, their positive and negative aspects, and how to get started.

Fortunately, when it comes to the topic of money for college — paying for tuition, room & board, and textbooks — there are myriad information resources. Online you’ll find plenty of resources, not just FinancialAidFinder but also government and student financial aid office websites. You’ll be able to quickly learn how to apply, when to apply, and what you might be eligible to receive.

The most ambitious folks look for alternatives to college loans, such as scholarships from government and private sources. Even if you only receive $1000, that’s money you won’t need from loans!

Anyway, I’m glad to have got this blog started and look forward to sharing what I know.