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Financial Aid and Forms For College

How Do Student Loans Work? Taking out student loans is borrowing money, and it is very important the you realize this before signing for the loan. Generally, repayment of student loans is deferred until after graduation or at which point the student is no longer enrolled on at least a halftime basis. The repayment period for most student loans is 10 years, and the rate for outstanding federally guaranteed student loans is based on rates for short-term Treasury bills. One good thing about student loans is that they usually carry a low rate of interest, however paying off student loans is not always an easy task. Financial Aid You Must Repay (Student Loans). Financial aid usually comes in the form of student loans for first-year students. Financial aid is more than student loans, with numerous scholarships, grants and awards open to students with diverse several backgrounds and interests. With many students and parents needing to turn to financial aid, colleges are offering many financial aid programs to help you afford the education you desire. You will need to get approval from your financial aid counselor - in 2003-04, three-quarters of all full-time undergraduates received some type of financial aid ($9,900 average). When considering financial aid, explore "free money" options such as scholarships and grants, or work-study programs prior to pursuing student loans. College Application Checklist. The Common Application was developed to simplify the college application process. Free college application checklists are available on many internet web sites. Keeping track of college form deadlines is important: Keep track of all of the key steps in the college application and financial aid process. Learn how to navigate the college application process; begin thinking about topics for your college application essays; start drafting outlines. This should begin long before a student actually starts the college application process. Prepare your college application carefully. A good recommendation letter can be an asset to your college application. What If I need Financial Aid? A financial aid form must be filed with the college or university the student plans to attend. Don't start the New Year without completing your college financial aid form. To receive federal need-based student financial aid, the student must file the federal student financial aid form. Many private universities require a separate financial aid form, and some colleges have their own financial aid form that they required to be completed. Check with your college to see which financial aid form they require. What If One Of My Student Loans Is In Default? When you're in high school and looking into colleges, paying off student loans is probably the last thing on your mind. The first strategy for managing your student loans is knowing exactly what kind of loans are in your portfolio. One of the flexibilities of direct student loans is the deferral of payment during qualified times. The advantage of these types of direct student loans is that they have many of the same kinds of benefits as federal loans. The main drawback to private student loans is the fact that they have a little higher interest rates than their federal counterparts. One good thing about student loans is that you can consolidate them. If you are a student about to separate from school, the best time to consolidate your federal student loans is before your grace period ends. Another time to hesitate before you choose to consolidate student loans is when you are close to finishing your payments. If you decide that consolidating your student loans is the right option for you, take action now before interest rates go up. Kathy Hildebrand is a professional writer [] who is easily bored with her "day job" assignments. So, she researches anything and everything of interest and starts writing. Writing about an extremely wide variety of subjects keeps her skills sharp, and gives her food for thought on future paid writing assignments. Her own college experience with the financial aid form FAFSA [] prompted her to write some short articles on the subjects. More of her research can be found at her web site and other sites around the internet. [] Article Source:

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