hi,

Going to be needing a student loan pretty soon. Anyone out there care to share where they got their loans from and so on. Im pretty new to the whole loan thing. I know were not in the bests economy right now, so I was also wonder if its even possible to get a loan? Also I would like a loan where I can pay it off after college.

Thanks

 

Check out the Stafford loan... if you have already filled out your FAFSA it would be the way to go...

FAFSA - Free Application for Federal Student Aid

 

yeah I filled out the FAFSA today....Should hear back from them soon

 

You want federal student loans and FAFSA is how to start that ball rolling. They come in two varieties, subsidized and unsubsidized. The subsidized ones are better because they get government subsidization to keep the interest down, but both types are good and are always kept at very low interest (5% or so). Your school will receive something back from the FAFSA people telling them how much money to award you and all your money will come from the school bursar not from the government directly. Some general rules are you have to be in school fulltime, make reasonable grades, and make reasonable progress toward some kind of degree.

There are limits on financial aid from the Federal Government, you only get enough aid to get through a degree plus a few years, and it is based on how many years they think it should take to get your degree. For example, in my case I got into chemistry and spent three years doing that before deciding to heck with this and went to aerospace engineering for three more years. The financial aid limit was reached for me in the senior year and I had to go to commercial student loans at that point. No big deal, except that they are at a higher interest rate, something like 8%.

You can always get Pell Grants, scholarships, stipends, awards, I even got a couple thousand as a one time award from a rich alumnus of my school. The best way to cut costs is always to get in- state tuition if possible and to get a scholarship if you can. I completely tapped out a full scholarship the entire time I went to school, it had to have been worth more than $50k in out of state equivalent tuition. All you had to do is keep a B average or better, and it was given to all in-state students in the state I am from.

 

Federal loans are definately the best route you can take, they have the lowest interest, however they are only available for a Title 4 schools and not if you are just getting training at an FBO. If you are going to a university/college and already have federal loans, try the Wells fargo collegiate loan.
https://www.wellsfargo.com/student/u...ad/collegiate/

The interest is the lowest of all of the private loans out there and they will finance you for flight training costs if you are in an aviation degree program. Hope this helps.

 

Guaranteed Student Loans are those backed by the Feds. One piece of advice I will give is to make sure you find out what the interest rate is and what it would be if you needed to consolidate. I'm locked in at 9%....ouch!

In addition, check into what grants are available to you. Loans you pay back, grant money is FREE & CLEAR!!!!



atp

 

Where would I be able to find grants? Sorry, im pretty new in this business

 

Check with the financial aid office where you plan on attending school. The office is required by law to inform you of all monies that you are eligible for....loan or grant. When I was in school at ERAU, I was awarded the Guaranteed Student Loan (GSL), National Direct Student Loan (NDSL), and the Florida Student Assistance Grant (FSAG). There was so other grant money that was available to me as well but I can't remember the name of the grant.


atp

 

sweet thanks atp

 

Could I get denied for FAFSA due to the amount of money my parents make a year even? if they arent paying for my education?