Your Guide to Government Loans | Personal finance planning

Posted by admin on October 4, 2011 |
in Personal finance planning

If a student of university, college or technical school is willing to get financial aid first thing he or she must consider is government aids and loans. Such helps vary, and most information about them is readily available in the school?s financial aid office. They will help you understand which aid to apply for first and how to do it. Usually financial officers ask students to complete a FAFSA (Free Application for Federal Student Aid) and other paperwork that the school requires.

The most common loans are Stafford loan. This loan is of two types: subsidized and unsubsidized. The one which does not imply paying interest rates during studies and asks students to pay money only after he or she leaves school is called subsidized. These loans are given to students who need help paying for college because they do not make a certain amount of money per year.

During the students study interest rate is paid by the government. On the other hand there are unsubsidized loans which are loans that have an interest rate which must be paid by the student monthly while the student is taking classes. The main reason why one should apply to this project is that usually interest rates are low.

These are not only options for student who need financing. For students who need extra help there is the Perkins loan. When a student is in such a difficult situation they will get both Perkins and Stafford loans. A Perkins loan implies that the government gives some money to schools and schools give money to students who are first to apply. So it will be wise to apply for this loan as soon as possible if you think you are eligible for this type of aid. It is important to know that a financial officer will provide you with the required information on all the various types of loans.

Loans can be consolidated after school is completed. Many students try to do this after they finish school because it is more comfortable for them to pay one monthly bill rather than several bills each month. Interest rates per month can be lowered by adding federal aid. It is important to think well about consolidation because a graduated student only has one chance to consolidate.

Do you still have financial aid questions and concerns? Don?t worry. We have put together an information packed site that will answer many of your questions.

Government Student Loans? Stafford Loans? Perkins Loans? Subsidized Loans? Confused? Get it straight now at Financial Aid Questions.

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Source: http://www.lechec.com/2011/10/Your-Guide-to-Government-Loans/

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