Now that we’re inching into June, I figured it would be a good time to reflect back on your FAFSA applications and ask you all if you ended up getting enough money in federal student aid.
Loading ...If you didn’t, there are a lot of other places you can find funding for school… so don’t get stressed out just yet. Let’s breeze over a few:
No matter what time of the year it is, you can always search and apply for scholarships. They are the best kind of financial aid because you don’t have to pay them back and they don’t come out of your pocket. Check out resources like ScholarshipPoints.com and StudentScholarshipSearch.com for ample amounts of free money opportunities for school.
If you need an extra loan over what was awarded to you via Stafford and/or Perkins loans, a Parent PLUS loan might be a good option. This product is actually taken out by one or both parents of the student and features a fixed interest rate and generous repayment period. In addition, it has been reported that the credit check for this type of loan seems to be less stringent than with a private student loan, so it usually is easier to be approved. The maximum you can draw with this type of loan is your total cost of attendance minus existing financial aid for the year.
Not everyone has a parent with good credit (I didn’t), but there are other options available. Private or “alternative” student loans are also credit-based like the Parent PLUS loan, but come from banks instead of the government. Due to this, they typically have more features and benefits due to the native competition in the banking sector. Generally speaking, they are very flexible and versatile sources of money for school and you can use them for anything from rent to computers to textbooks. Apply now >
Note that private student loans have a heftier credit check, but you have the ability to use virtually anyone for a co-signer. For more information about this topic, check out my blog on co-signers.
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