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Most students and parents think that college is a cost and not an investment. one can make a million dollars with a college degree as opposed to one without it. they say they cannot pay their cost for college

One big misconception is that if a student is a us citizen and their parents are not documented, then they cannot apply for a financial help.

The other misconception is if their parents are working, the students are not going to be eligible for financial aid

Due to all these misconceptions, Parents take up mortgages, Pay Education through credit cards just because they are not aware that they are eligible for financial aid

What’s required for a Financial Aid?

1. You have to be a degree seeking student
2. You have to be a US citizen or a Legal US Resident
3. You have to attend Title 4 Institution (A list of Approved institutes by the Federal)
4. The last thing is you should not be in default for any federal loan

Kinds of Loan

Perkins Loan:  A low Cost, Low interest loan, which are institutional awarded, the Perkins loan program is a type of student loan with lowest interest rate. its not a kind of loan which you can apply for. Is awarded to the student by the school

Federal Family Education Loan Program (FFELP)

And the Federal Direct Program which is direct from the Government

Federal loans come in 2 categories. The subsidized Stafford Loan and the unsubsidized Stafford loans
The subsidized Stafford loans the government will pay the interest while the Student is in School and the unsubsidized Stafford loans will have the student liable to pay the interest while they are in school

Student loan rates could go only as high as 6.8 % this year at a fixed rate. Additional Loans could come in the Form of a parent + loan. The limit is only the cost of education…