Federal Student loan Info

Do you need a college education to make money but don't have money to go to college? If so, congratulations! You meet the main requirement for federal student aids. This is not the only requirement, however. There are more, and this article covers the most basic of federal student loan info - eligibility requirements.

Deciding which student gets what type of aid is not done randomly. The financial aid administrator of the career school or college that you are planning to attend will determine whether or not you should be given student aid. To qualify, you should

●       be able to show financial need.

●       have a high school diploma. If you don't, then at least be able to present a General Education Development certificate or prove that you passed a test that was approved by the Department of Education.

●       be working towards a certificate or a degree.

●       be enrolled in any eligible program.

●       have a Social Security number.

●       be a U.S citizen. If not that, then you should be an eligible non-citizen.

●       register with any government Selective Service if thus required.

●       maintain good academic progress once you are in school.

What if there is one or two requirements that you cannot answer yes to? Take the time to fill out an application anyway. The Education Department encourages this because you may be qualified to receive non-federal aid from private institutions and states. The only way to know for sure is by completing the application. It's free, it's not at all difficult to complete, and it will help you get all the federal student loan info you need to see if you can get other grants.

You do not have to give up on your college plans to drop out of school simply because you do not have money. Get a loan, a grant, or an aid. The government's website (www.fafsa.ed.gov) provides all the federal student loan info you need. It also walks you through the process. 

For more information go to http://collegestudentloanblog.com

Should I Apply for a Federal Student Loan?

Going to school is the best investment you can make in your future. During your lifetime, as a college graduate, you will make over $1,000,000 more than your friends who only received a high school diploma. But, the cost of a college education, even at a state college, can be very expensive. It is not unusual for a student to come out of a four-year university with over $50,000 in student loans, and often much more. If you are considering going to school, your first step should be to apply for a federal student loan.

Of course, before you apply for a federal student loan or any other kind of loan, you should exhaust your family’s college fund, and any scholarships you can possibly get. Then, of course, you should apply for grants, many of which are provided by the government, which do not have to be paid off. Then, however, you should start to look at loans.

There are pro’s and con’s about getting loans to go to college. The biggest concern for most people is that you are borrowing a lot of money that will absolutely have to be paid off. No bankruptcy proceeding will write off a federal loan, so don’t think you can get out of paying it back. The government has the power to garnish your wages or put a lien on your bank account or your home if you fail to pay on time.

However, if you apply for a federal student loan and you are accepted, you will start to build your credit record almost immediately (even before you begin to pay it off), and you can get the loan without concern for what your credit score is. The government does not base its lending on your power to pay it back, but rather on your need.


For more information go to http://collegestudentloanblog.com