December 2008: How To Get Financial Aid In Uncertain Times

3 December 2008 76 views No Comment

Happy December to you! This month in Financial Aid News, we’re reviewing private student loans and parent PLUS loans as ways to pay for college in tough times.

Private Student Loans For Spring Semester

As you head into the holiday season, why not get a jump start on paying for next semester? A private student loan is a great way to pay for extra tuition costs not covered by federal aid. You can also cover any expenses you’re bound to encounter throughout the semester – including books, supplies, housing, transportation, and more.

Borrow up to the cost of education
No fees
Get a 2% graduation reward

Learn more | Apply Now »

How To Get Financial Aid in Uncertain Times

As the economy presents more challenges to students, parents, and families, it’s important to review your financial aid options for the spring semester.

Two funding choices that can supplement need-based aid are the PLUS loan and the private student loan, both of which can meet up to the cost of education.

Federal Parent PLUS Loans

The PLUS loan, or Parent Loan for Undergraduate Students, enables parents with a reasonably good credit history to borrow up to the cost of education at a fixed interest rate. In contrast to private student loans and federal student loans such as the Stafford loan, PLUS loans are taken out by the parent and are repaid by the parent.

Private Student Loans

Private student loans allow students with good credit history and a creditworthy cosigner to borrow up to the cost of education from a non-government source, typically a bank or other financial institution. Private student loans are repaid by students, and have variable interest rates based on credit history.

Which is the best choice?

The best choice is whichever meets your needs and your situation. PLUS loans have a predictable, fixed interest rate, but for some families, parents would rather not have the loan in their names, making a private student loan a better choice.

For more information and to apply for a private student loan, visit:

http://www.PrivateStudentLoans.com/easy/

For more information and to apply for a PLUS loan, visit:

http://www.ParentPLUSLoan.com/plus/

Why student credit cards could vanish in 2009

We’re sure you’ve seen the news concerning the mess the banking industry is in. Many students have already found out student loans are harder to get and for the very same reasons, students may find getting a credit card in 2009 nearly impossible.

A few months ago Bank of America stopped offering credit cards for students. Now we have just learned that Chase will be doing the same thing by the end of the year.

Continue reading to find out when, why and who is still giving out student credit cards >

Scholarship Opportunities

October 2008 ScholarshipPoints 10K Winner
Victoria Fiorentino- George Washington University

“With student loans looming over my head, I am so thankful for this scholarship. As a sophomore, I feel the stress of financial burdens on my education, and greatly appreciate such help.”

Join ScholarshipPoints today, and earn chances to win up to a $10,000 scholarship! Additionally, remember to always search for scholarships. New listings are added everyday, so make sure you visit often.

Join for free today at:
http://www.ScholarshipPoints.com

Other Scholarship Opportunities

Questions & Answers

Q: I am a 22 year old student. I have been living on my own for 3 years and yes I have had the FAFSA problem. I say if I am old enough to gamble money in Vegas, I should be old enough to be considered an Independent person. Who made this law? Why 24? My parents don’t pay anything for me nor do they have the money to pay for school. I tried the override thing but schools are tougher than ever and I didn’t get any help. I have a friend who had parents pass away and I am helping her. She lives with me and I am supporting more than 50%. Will this be considered in my FAFSA? Have any advice?

A: The law was made by Congress in the Higher Education Act and regulatory interpretation set up by the US Department of Education. If your financial aid advisor was unable to help, you may want to approach your school’s director of financial aid with the appropriate documentation and make your case there. Be prepared with tons of paperwork!

Get more answers to your questions at the Financial Aid Forum!

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