If you want to study at college or university or are entering vocational training, you are going to need cash and lots of it. Tuition fees, accommodation and other expenses don’t come cheap but you can apply for student loans and grants from the US Federal Government.
You can apply for student loans and grants, no matter what year of school you’re in. The interest rate is currently 3.4 percent and you have a choice of four different payment plans, both fixed and graduated over periods of 10 years or 12 to 30 years, depending on the plan you choose and the amount of the loan. Commencement of repayment is also dependent on the type and amount of the loan. In certain cases of hardship, any balance outstanding after 25 years may be forgiven by the Secretary of Education.
You can apply for Federal student loans and grants if you are a citizen or a national of the US or if you are in the United States other than temporarily. You must have been accepted for enrolment or already be enrolled in a degree or certificate course at least half time as a professional student, graduate or undergraduate at a postsecondary school which participates in this program. If the school has decided that attendance on a program which does not culminate in a degree or certificate before being enrolled in a degree or certification program then you will also be eligible for student loans and grants. Parents may also apply for a loan for dependent students.
To apply for student grants and loans, in the first instance, contact your school and they will advise you whether you are entitled to a loan direct from them or whether you need to apply through the Department of Education. The deadline for application will be advised to you by the body to which you apply.
If you have applied to your school for a loan then they will certify that you are eligible to receive a grant and the money will be credited direct to your school account or issued by cheque or cash or by electronic transfer. However, you may be required to supply additional documentation in support of your application. If one of your parents is applying for a lone then a credit check will need to be carried out. The loan will be granted if they have no past history of credit problems.
Cliff Lively is familiar with the problems associated with Federal Government student loans and grants so for information on private loans visit his website, Private Student Loans Without Cosigner.
Article from articlesbase.com
