Saturday, April 10, 2010

Alternatives to a Student Loan !!!

Before you look at borrowing money in the shape of a student loan, have a look at what is available in the shape of savings or other non-loan areas first.

Do you intend to take one or two classes or to do full time learning? Are you going on to receive a scholarship? Is the institution that you are going to accredited?

How much will you need for each semester? Make a list of how much you will need for books and equipment? How much do you need for food and clothing, and are you living on campus or commuting to and from campus?
You must take all these into account before you can complete the process.

Visit the financial aid office of the institution that you will be attending. Once you get your acceptance letter, this can be done before you apply for any loan or grant.

You could also decide to fill out a (FAFSA) financial application for student aid form. Once your acceptance has been confirmed, the financial aid office of your selected educational institution will help you fill this out and also post it to the relevant address.

When you are waiting for the results to come back from your (FAFSA) financial application for student aid form, you could then, with the help of the financial aid office, check the scholarships or grant options available to you.
Your (FAFSA) will also generate a (SAR) Student aid report, and this can be used with any scholarships or grants to calculate how much money you may need to borrow to pay for your educational credits.
You can choose to work when you are learning to offset any repayment amounts. If you do this then the lenders may use the payment of these monies to determine any further borrowing for any other semesters.

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