Financial Aid- Which Student Loans??

Question

I got a letter in the mail today describing my financial aid that my school will give me. I guess i will need to take out some loans since I do not have the money to pay for it, but all of the loans they provide (Stafford, Student PLUS etc) all have extremely high interest rates 7-8.5%. Is this normal? Is there any other decent place where I can borrow money for a lot cheaper??

Also, should I take the loan out in my name, or my parents name? My parents will contribute less than $3000 to my education, and I will have to pay the majority of it.

Thank you

Answer 1

I'm not sure about the first question, except to say you should call the school to see if they can recommend some. They usually have preferred loans that they trust for their students.

Also, if you get a loan in your name, you won't have to start paying until 6 months after graduation. However, if your parents take out the loan, most likely they will have to start paying once the full amount of the first loan is disbursed. (Meaning if you have a Fall and Spring loan, they'll have to start paying the summer after that academic year.)

However, if your parents apply for a PLUS loan and are rejected, you'll be entitled to more unsubsidized Stafford money, which has a lower interest rate.

Answer 2

Unfortunately these interest rates are typical. They are rising. If you consolidate your loans you can stick them at this interest rate so they don't rise. These interest rates are low compared to some other loans especially if you do not have good credit.

You should take the loans out in your name. You will be able to make payments on them when you graduate. They will tailor your payment amount to the job you recieve when you graduate. No need to overburden your parents, it is your life and your responsibility now.

You can borrow money from private banks. The interest rate will depend on yours (or your cosigners) credit. You can also try sallie mae.
http://www.salliemae.com

You can try for a Parent Plus loan as well. It is an additional loan you can get. If your parents have good credit they will qualify for it. If they have bad credit they will get denied. Once they are denied you can purse this same loan under your name. Go to your financial aid office and ask about it or call your schools 1-800#.

Good Luck and Happy Education!!

Answer 3

I would go with the student loans they general have low interest rates. In your name not your parents if you are over 25. Good luck

Answer 4

i dont know your interests or details, so i will just post all that i have.

There are government loans & grants, and then there are private loans & scholarships.

try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html

TESTING & PRACTICE TESTS
(SATs, PSATs, ACT, GRE LSAT, MCAT, GMAT,TOEFL, etc)
http://www.kaptest.com/college
http://collegeboard.com/splash/
http://act.org/
http://lsac.org
http://toefl.org
http://www.ets.org
http://www.gre.org
http://www.aamc.org/students/mcat
http://www.gmac.org

TURNITIN
(don’t copy papers, teachers/professors
DO check your papers with this)
http://turnitin.com/static/home.html
http://plagiarism.org/

INFO
NACAC & COMMONAPP
http://www.nacacnet.org/MemberPortal/
http://commonapp.org/
http://nsse.iub.edu/index.cfm

DVD TOURS OF COLLEGES
http://collegiatechoice.com/

CRIME STATS, DATA OF COLLEGES
http://ope.ed.gov/security/search.asp

SCHOLARSHIP LIST
http://scholarshipamerica.org/
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html

MORE SCHOLARSHIPS, HELP & INFO:
http://apps.collegeboard.com/cbsearch_ss/servlet/scholarshipsearchservlet?SS_ACTION=DB_SEARCH&pageIndex=1
https://www.collegedata.com/cs/search/scholar/scholar_search_tmpl.jhtml?Referrer=OvScholar
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.scholarshipexperts.com/
http://www.scholarshiphelp.org/
http://www.findtuition.com/scholarships/
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://www.greenzone.org/
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php
http://www.akaeaf.org/programsandinitiatives/
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.dellscholars.org/
http://www.thurgoodmarshallfund.org/
http://www.jackierobinson.org/
http://www.bpwusa.org/i4a/pages/index.cfm?pageid=4212
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.uncf.org/
http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

MISC FIELDS OF STUDY
http://www.arts.ucla.edu/support_ucla/primary.htm
http://www.act.org/goldwater/yybull.html
http://www.act.org/recognition/clients.html
http://whereyouheaded.com/
http://luth.org/schools.htm
http://www.nwboatschool.org/
http://soloschools.com/
http://www.nols.edu/wmi/
http://etruscanfoundation.org/

NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/

BECOMING A TEACHER
http://www.siemens-foundation.org/TeacherScholarship/
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/recognition/clients.html

CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp

INTERNSHIPS
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/

DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h

STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/

IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://essayedge.com/
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html

GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html
http://www.actstudent.org/finaid/scholarshipscams.html

LOANS
http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml
http://www.akaeaf.org/programsandinitiatives/

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://loanconsolidation.ed.gov/
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html
http://loanconsolidation.ed.gov/

TEACHER / PROFESSORS reviews, rated by students
http://www.ratemyprofessors.com/index.jsp
http://teacherreviews.com/
http://pickaprof.com/

INTERNATIONAL STUDENTS
http://www.edupass.org/finaid/
http://www.irex.org/programs/grants.asp
http://ciee.org/
https://www.iesabroad.org/IES/home.html
http://www.iie.org/programs/gilman/index.html
http://www.iie.org/programs/gilman/resources.html
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/
FROM OTHER COUNTRIES
http://fordfound.org/

HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm
http://www.bpwusa.org/i4a/pages/index.cfm?pageid=4212