Financial Aid 101 -- Loans
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Financial Aid 101 -- Loans

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College Parents of America brings you information regarding college Financial Aid & Scholarships. This chapter focuses on loans for students and parents.

College Parents of America brings you information regarding college Financial Aid & Scholarships. This chapter focuses on loans for students and parents.

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  • 1. Financial Aid 101 - Loans
  • 2. How do I pay for college?
    • $16,141 average, in state, 4-year public universities
    • 3. $28,130 average, out of state, 4-year public universities
    • 4. $36,993 average, 4-year private universities
    EVERY YEAR!!
    Source: The College Board, Annual Survey of Colleges, 2010
  • 5. Financial Aid 101 - Loans
    What are loans?
    • Loans are a form of financial aid that many students use to help meet the cost of attendance with is not covered by their scholarship and grant awards and personal resources.
    • 6. Unlike grants and scholarships, loans accrue interest and must be repaid.
    • 7. Payment on most college loans may be deferred until after graduation, and occasionally even for a time after graduation if your student stays in close contact with the school and explains the need to defer. 
  • Financial Aid 101 – Types of Loans
    Before turning to student loans, make sure that you have exhausted the "free money" part of the award - namely, scholarships and grants - and family's allocated savings, investments or income to pay for college expenses. – Simple Tuition
    Loans available to students and parents may be divided into two types:
  • 8. Financial Aid 101 – Federal Loans
    • Students should always start with the federally-backed or funded loan types - such as Perkins, Stafford/Direct Loans, and PLUS loans for parents.
    • 9. All of these loans have fixed interest rates and lower (or no) credit score qualifications for borrowers.
    • 10. Most of these loans have limits and may be harder to qualify.
  • Financial Aid 101 – Private Loans
    • If you were turned down by PLUS loan and your student doesn’t qualify for other federal loans, you still have options.
    • 11. Private lenders offer many loans that can help you with your college education. Most carry higher rates than government loans, but lower than other types of consumer borrowing.
    • 12. Some private loans offer better flexibility and are easier to qualify.
    • 13. University financial aid office may offer you a list of the school’s preferred lenders. Ask your financial aid officer to explain the features of the loans each of these lenders offer, but don’t limit yourself to the banks on the list.
    *Listed by origination volume, data accurate as March 5, 2010
  • 14. You have questions, we have answers!
    Join
    College Parents of America and get more tips and advice on:
    How to choose private loans for students and parents;
    How to select a co-signer;
    How the private loan application process works; and Much More…
    For more information, please contact us the following ways:
    www.CollegeParents.org
    888-761-6702