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Monday, November 28, 2011

Financial Aid Exists For You To Go To School

By Michelle Conner

When you think about your future and your career, you will look to college as your starting point. Some of the students applying to college will qualify for scholarships but the odds are fifty/fifty that you will not. Do not, however, give up on your education dream because you can still get student loans and make your dream a reality. Planning for the future should include research into how Masters scholarships can get you closer to your goal.

Before taking on debt, however, be sure to explore every possible resource for scholarships first. Demographics can play a huge role in finding scholarship money as places like the Midwest and Northeast are experiencing decreasing enrollment numbers and are offering better scholarships to students outside their regions. Public colleges in these regions have the same problem with numbers and are also looking to entice students to their schools via scholarship offers.

If you have ruled out all possible chances for "free monies", you should begin the process of financial aid by applying for a loan. You will be borrowing money from the government or a private lender at a specific interest rate. As with most student loans, you will have approximately six months after graduation before you will be expected to begin paying back the loan. With the economy the way it is these days, spending a little time researching single mother grants can have a huge impact on your repayment amount.

As you calculate your educational financial needs, be aware that there are different types of student loans. The majority of students borrow directly from the United States government and these Federal Loans are provided directly to you without going through a third party. Of these Federal Loans you also have three possible options available.

A subsidized Stafford Loan is available to students who demonstrate financial need as determined by the information provided by the student on the Free Application for Federal Student Aid (FAFSA). The significant advantage to a subsidized loan is that the government pays the interest on the loan and you won't accrue any interest until after you graduate. Available to all students regardless of financial need are unsubsidized Stafford Loans which require you to pay interest either while in school or once you have graduated.

Students demonstrating extreme financial need are eligible for a Perkins Loan which means not only does the government pay the interest while you are in school, but also that they continue to pay the interest for nine months after you have graduated. If you are an undergraduate and need additional resources your parents can apply for a Parents Loan or Plus Loan. Also available are loans from other institutions such as banks and other lenders.

In review, you need to fill out a FAFSA and submit it so that you can get a response regarding the exact amount for which you may qualify. If you are borrowing money, no matter what type of loans you have, you will need to pay it back. Also know that a part time student also qualifies for these loans so check with the financial aid office at your school.

About the Author:

One of the most stressful aspects of getting traditional or online degrees is figuring out how to pay for it. Be sure to research thoroughly for grants and scholarships and by all means, fill out and send your FAFSA no later than February twelfth. College is an expensive but worthwhile endeavor and Education Connection can help make it a reality.

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