trainee Financial Aid Basics - understanding Your Options and What They Mean

Student Loans Basics - trainee Financial Aid Basics - understanding Your Options and What They Mean

If you plan to attend college, but donít have wealthy parents to pay the cost, a student loan is your best bet. Financial aid makes it possible for whatever to attend a college or university. With so many ready options, choosing the right financial aid option can be overwhelming. Fortunately, colleges and universities hire expert financial aid counselors trained to help you make the right decision.

Student Loans Basics

What is Financial Aid?

Financial aid is a term used to report monies that an personel receives to help pay the cost of college tuition, books, and living expenses. There are many types of financial aid. Some students qualify for grant programs, which is free money for college. Meanwhile, other students partake in work-study programs that offer to help pay the cost of tuition.

Qualifying for a grant or work-study program is difficult, and in some instances, these programs are little to low-income students. That is why a majority of college students apply and receive tuition assistance straight through a Federal student Loan program.

Federal student Loan Options

The Federal government offers a range of student loan options. Many students have found the Federal Stafford Loan to be a good choice. This simple interest loan is easy to qualify for and is ready to undergraduate and graduate students. Even better, Federal Stafford Loans donít need collateral or exquisite credit. The interest rate is regularly fixed at 6.8%, and repayment doesn't start until six month after graduation. Deferment or forbearance is ready to borrowers who caress economic hardships.

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