udent loan process can be a challenge,
starting from ground zero. Since the federal government got in
the student loan business in 1965, something like 65 million
Americans have taken advantage of it. There have been several
bills run through Congress over the years, creating a variety
of loan programs – for students, vets, returning students, and
so forth. The primary government online resource for
information on government student aid is
http://www.ed.gov/about/offices/list/fsa/index.html.
For basic information on what is available through federal
programs, perhaps the most basic resource is the Department of
Education’s site entitled “Funding Education Beyond High
School: The Guide to Federal Student Aid”. It is a
comprehensive resource on grants, loans, and work-study
programs which are the three major forms of aid available
through the Department’s Federal Student Aid office. This
material tells you about the programs and how to apply for
them.
http://studentaid.ed.gov/students/publications/student_guide/index.html.
In order to qualify for any sort of federal assistance and for
most privately underwritten financial support, including that
which comes through the school’s financial aid office, you’re
going to need a FAFSA score. This ranking is produced through
the process of filling out a FAFSA application and submitting
it to the U.S. Department of Education, which returns a
valuation that shows how much loan money you will be eligible
for and how much your parents are expected to provide in
support. So the best place to begin your application process is
through the FAFSA site: http://www.fafsa.ed.gov/. You can make
an electronic application from their website.
Apart from the standard federal student loans, there are
several campus-based federally financed opportunities for
students. Extensive information on work-study and other federal
money available through the campus financial aid office can be
found at http://www.cbfisap.ed.gov/CBSWebApp/welcome.jsp. It’s
going to ask you to go through a registration process but it’s
probably worth your time. Putting together education money is
often a process of assembling a number of working parts. For
many students, that includes camping outside the campus
financial aid office and getting to know the counselors inside.
It pays to know what they have to offer. Don’t be shy: they
expect to see you coming.
There are many online sites that offer a combination of
information and loan applications. Many of these sites address
issues such as loan consolidation and other debt
considerations. One site that is highly informative about the
loan process and the programs available and that includes a
list of potential private lenders is
http://www.edfund.org/edfund/edfundmenu.html. This is a
non-profit site that can break down some of the detailed
components in the loan process; it helps to be able to sort
through the details on a non-governmental site.
To their credit, the Federal Government has recognized that the
cost of education and the subsequent debt has overwhelmed
millions of graduates. The Department of Education has a loan
consolidation program with a variety of payment plans, a lot of
flexibility, and the ability to avoid using a commercial lender.
They have a website devoted to their services at
http://loanconsolidation.ed.gov/. The Department develops a
weighted interest rate based on any commercial loans you have
outstanding, caps it at 8.25 percent and offers four different
payment plans.
There are also a multitude of commercial lenders that offer
student consolidation loans, but be careful of artificially low
interest rates that can accelerate through an adjustable rate
program much like a mortgage. Before you venture into the
commercial refinancing arena, see what the Department of
Education has to offer.
About The Author: Madison Lockwood is a customer relations
associate for http://www.apollohosting.com. She helps clients
understand how a website may benefit them both personally and
professionally. Apollo Hosting provides website hosting,
ecommerce hosting, & VPS hosting to a wide range of customers.
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