Subscribe in a reader12.28.06 | I Want a Loan, Do I Still Have to Fill out the FAFSA?
Before I touch on the title subject…remember this…FAFSA is free! There is no harm in filling it out, even if you think you do not qualify for Federal Aid…you will never know unless you fill it out. Federal Aid eligibility is based on certain criteria that varies per individual and school. So fill it out. Ok, back on track…if you fill out your FAFSA and your school tells you that you are not eligible for Financial aid (which happens quite often)…do not stop there. The Stafford Loan IS financial aid…even though it is a loan that you have to pay back, it is considered a form of financial aid. What does this mean for you, the student? 1) You cannot get a Stafford Loan without filling out the FAFSA first. 2) Filling out the FAFSA does not automatically mean you applied for the Stafford loan. You still need to fill out the Stafford Loan Master Promissory Note. 3) You must collaborate with your school’s Financial Aid Office in order to receive this loan….why? Because it is financial aid!! Although the Stafford Loan may be a bit of a hassle to receive…it is still the best borrowing option for an undergraduate student because it has the lowest interest rate, the best repayment options, and the best borrower benefits…that may not seem important now, but you will be thankful for when you are a graduate paying back your loans.
Ask them for a loan consolidation application and any information that they can provide.
February 26th, 2007 | #
If I apply for a loan such as stafford loan will the rate increase yearly based on what I recieved? and say that i am unable to pay back the loan ontime will i recieve sometime to pay it back?
May 31st, 2007 | #
Does this also consider community colleges?
May 31st, 2007 | #
Everyone should fill out the FAFSA….so many people go to the lender first. Go to your school’s financial aid office first and fill out the FAFSA.
September 11th, 2007 | #