- Student Finances
- Student Loans
- Specialty Scholarships
Federal Financial Aid
You may find your answer in Grants, scholarships and work-study programs. But sometimes, these become insufficient. You need some more financial aid, which can be secured in the form of loans. There are different types of Financial aid loans, each having its own advantages and drawbacks. They have only thing one thing in common, that it has to be repaid back at some point.
Perkins Loan, A need-based loan program in which the amount allowed is calculated by Federal Processor. Application has to be filled out and send early to be considered for a Perkins loan, usually by March 1st. Has lower interest rates and longest grace period of nine months.
Stafford Loan, Comes in two types: subsidized and unsubsidized. Calculated by the Federal Processor. It is available at any time, needs no specific date. o specific filing date for this loan which means it is available any time. The financial need varies only by need and grade level. In case of subsidized loan, the government pays the interest on the loan for a student who has at least half time record, but in case of unsubsidized loans, it gathers interest at all times. The grace period provided on these loans is of six months.
Parent Loan for Undergraduate Students (PLUS), Available to the parents of current students. Students may be either undergraduate or graduate students. Repayment can be done, during the course of the student’s studies. Does not have a deadline and most colleges accept this form of loan.
Private Loans, Considered as the last option for balancing student financial aid after the federal programs have given a balance. It is always suggested to look for best options being given with the amount and type of loan.