Financial Aid
The term financial aid can mean several things to a perspective student. Financial aid can encompass scholarships and grants, which do not require repayment and various types of loans. All of these types of financial aid for college and/or specialty schools should be explored by any student wishing to gain assistance in financing their college educations. Many scholarships, grants and student loans have detailed prerequisites for being awarded financial aid. Whether or not you qualify for college financial aid can be based on many things such as financial need, acedemic performance, civic participation, career goals among many other things.
As mentioned earlier there are many types of scholarships available to any perspective student. A good place to begin your search is by contacting the college or university you wish to attend. Another wonderful resource is the internet.
Grants are a form of financial aid, based on need, which you do not have to repay. Numerous private organizations and government agencies offer grants to students in all fields. A good place to check out is InfoEd's SPIN. SPIN (Sponsored Programs Information Network) is the most widely used funding opportunity database in the world. Across the globe nearly 500 institutions subscribe to the Web-based search engine. Researchers at these institutions use SPIN as their one-stop-shop for identifying the latest grant programs. By aggregating sponsor information in one system, SPIN dramatically cuts search times and substantially increases the likelihood of positive results. Program information is presented in a standard format that allows investigators to readily compare opportunities.
Education loans come in three major categories: student loans (e.g., Stafford and Perkins loans), parent loans (e.g., PLUS loans) and private student loans (also called alternative student loans). A fourth type of education loan, the consolidation loan, allows the borrower to lump all of their loans into one loan for simplified payment.
Federal law sets the maximum interest rates and fees that lenders may charge for federally-guaranteed loans. Nothing prevents a lender from charging lower fees. Many lenders offer a variety of student loan discounts to attract borrowers.
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