Financial Aid For Students
Dateline: 09/04/98
Whether you're just starting out, or trying to go back to college, you are no doubt horrified by one thing -- the cost. Most people know that financial aid for college students is out there, but how to go about getting it can be downright abstract. Do you go to the bank? Apply for it at the school? How much can you get and what'll it cost to pay back?
Fortunatley, the Department of Educations Financial Aid Web site can answer all your student loan questions, provide you with the forms you need and even help you apply for aid online.
To start out, you should read the Student Guide to Financial Aid and Funding your Education, which will describe all those Federal Grants, loans, and work-study programs.
One of the most popular Federal loan programs right now is the Direct Loan Program. These loans have a lot going for them. The whole deal is worked out between you, your school, and the Department of Education. No banks, no loan committees. You just fill out one application -- the Free Application for Federal Student Aid (FAFSA). There are two ways to go with the FAFSA. You can download the FAFSA software (PC compatible only) that will allow you to fill out an FAFSA and transmit it directly to the Department of Education. You can even fill out and submit an FAFSA directly online (40 - 128 bit encryption). About 1350 schools participated in the Direct Loan program in 1997-98 and more are being added.
For answers to questions like, "How much can I borrow?", "What if I don't repay my loan?", and "What's the interest rate?" can all be found on the Direct Loan FAQ page.
Finally, if you have defaulted on a student loan, the Department of Education now provides several options for repaying defaulted loans, loan consolidation, and, under certain circumstances, cancelling and discharging loans.
Maybe this is the year for the US Department of Education to show you the money.
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