On My Own
Heading out into the real world is exciting, but it comes with a lot of responsibility. Here are a few things to prepare for.
Student Loan Basics
The thought of going to college can be nerve-wracking; you’re meeting new people, adjusting to a new campus and attending classes that are tougher than you’re used to. With so many worries, funding your education shouldn’t be one of them. There is no doubt that college is a great investment and will repay itself with time, but not everyone is able to pay for it right away. Luckily, everyone has the chance to go to college with the use of student loans.
More people take out loans than one might expect; college tuition is becoming so high that even upper middle class families need some sort of financial aid. The amount of financial aid given depends largely on the family’s need. Aid usually is granted by the federal government, the state government or the college or university. To determine how much and what kind of aid you are eligible to receive, a FAFSA (Free Application for Federal Student Aid) form must be completed and reviewed by both the government and the school you are attending. It will then be determined if you will be offered a grant, scholarship, loan and/or a work-study award.
After completing the FAFSA, you can apply for the Federal Stafford Loan, which is a long-term, low-interest loan made to enrolled students by a lending institution. These loans can be subsidized or unsubsidized, depending on your financial situation. If you are a parent seeking to pay for your child’s education, you could apply for a Federal Plus Loan, which allows the parents to borrow up to the difference between the child’s educational costs and other financial aid each year.
To learn more about student aid and other tips, visit Univest.net or speak with your guidance counselor and university.