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Many students are unable to pay for a full school tuition all at once. Financial aid in the form of scholarships and grants can help offset the costs of school. So can student loans.

Unlike gift aid, which does not have to be paid back, student loans must be paid back to the lender. payday loans Kentucky There are several types of student loans:

• Federal student loans , which are provided to students and funded by the federal government.
• Federal parent loans, which are provided to parents and funded by the federal government.
• Private student loans, which are provided by lenders like credit unions, banks, state agencies and schools.

Are student loans considered financial aid? According to the Federal Student Aid office, loans are considered a form of financial aid. It’s important for students and parents to be aware that these must be repaid with interest.

We always recommend for students to review their own situation and do what is best for them, says Ted Groff, a financial aid director at Universal Technical Institute (UTI). If they can complete school without borrowing a dime, that is the best possible situation, but most are not in that position. If they are like most, the UTI Financial Aid team can provide options to help pay for school, and it all starts with completing their FAFSA (Free Application for Federal Student Aid). 10

The FAFSA is an important form for any aspiring student to complete because applicants may be eligible for funds like scholarships and grants, which don’t need to be repaid. Upon completion of the FAFSA, students and their parents also learn about their eligibility for specific federal loans. Terms and conditions of federal loans are set by law and include benefits that private student loans might not offer. Continue reading “What’s the Difference Between Private Student Loans and Federal Student Loans?”

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MICHIGAN: The near doubling in the cost of a college degree in the past decade has produced an explosion in high-priced student loans that could haunt the US economy for years.

While scholarship, grant money and government-backed student loans – whose interest rates are capped – have taken up some of the slack, many families and individual students have turned to private loans, which carry fees and interest rates that are often variable and up to 20%.

Many in the next generation of workers will be so debt-burdened that they will have to delay home purchases, limit vacations, even eat out less to pay loans off on time.

Kristin Cole, 30, who graduated from Michigan State University’s law school and lives in Grand Rapids, owes $1,50,000 in private and government-backed student loans. Her monthly payment of $660, which consumes a quarter of her take-home pay, is scheduled to jump to $800 in a year or so, confronting her with stark financial choices. I could never buy a house. I can’t travel; I can’t do anything, she said. I feel like a prisoner.

A legal aid worker, Cole said she may need to get a job at a law firm, doing something that I’m not real dedicated to, just for the sake of being able to live.

Parents are still the priics were radically altered in recent years as tuition costs soared and sources of readily available and more costly private financing made higher education seemingly available to anyone willing to sign a loan application.

Students with no credit history and no relatives to co-sign loans were willing to bet that high-priced loans were a trade-off for a shot at the American dream. But high-paying jobs are proving payday loans KY elusive for many graduates. Continue reading “Student loans shoot through the roof in US”