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Created with Fabric.js 1.4.5 Paying for College Website Loans Paying for College College can be a very exciting time for students and parents/guardians alike, however for some the idea of howto pay for college may be at the top of their list of concerns. Here are multiple ways students can utilize to help. Job Income Work Study Grants Other What are my options!?! Scholarships As always with any questions please contact your friendly school counselors...we are here to help!! Typically Comes from three sources:Federal and/or State GovernmentsCollegesPrivate Organizations Scholarships come in the form of money given to a studentfor any number of reasons(sports, academics, membership, financial need, etc.)and do not need to be paid back. STEPS to getting this type of money:Complete the FAFSAComplete any Financial Aid forms requiredby your school Research and apply for outside scholarships Federal Perkins LoansColleges award these loans to students with the highest financial need, using federal government money. The 5 percent fixed interest rate is low,and you don't make any loan payments while in college. You can borrow a total of $27,500.Federal Direct Subsidized LoansThese need-based loans have a low interest rate of 3.4 percent, and the government pays the interest charges while you're in college. This interestrate is fixed, which means it will not change over time. You can borrowup to $3,500 your freshman year, and this limit increases each year.Federal Direct Unsubsidized LoansThese non-need-based government loans have a higher fixed interest rateof 6.8 percent. But they allow you to borrow more money than a DirectSubsidized Loan. You can pay the interest while youre in college or add itto the amount of your loan. The second option means youll end up payingmore money over time.Federal Parent PLUS Loans These non-need-based government loans allow parents to borrow the totalcost of your college education, minus any other aid received. They have a7.9 percent fixed interest rate.Private (alternative) and State Loans These loans from banks, colleges, private organizations and state governmentagencies usually are not need based or subsidized. They require good credit,which often means a parent with good credit must cosign the loan. Interest rateson these loans are often higher than on federal loans, and the rates may rise over time. This is another form of the whole Financial Aid package. It is offered to students who ask to be considered for it when filing out the FAFSA.It is in essence a part time job on campus that you are guaranteed to have and get paid for. They are found all over campus' and it helps to cover costs of college. This would include things such as another familymember paying for the student's college, havingan amount of money already set aside in order topay for college, taking an assistant-ship (wherethere is then a stipend that helps to pay a certainamount of the cost) and many other ways peoplechoose to pay for college. These are very similar to Scholarships howeverGrants tend to be more needs based, anddepend on your family's income.They also come in three sources:Federal and/or State governmentsCollegesPrivate OrganizationsAnd they also follow the same guidelines to apply:Complete the FAFSAComplete any Financial Aid Forms Requiredby your schoolResearch and Apply for outside scholarships This option is having a student pay for the theireducation out of their pocket or parents payingout of their pockets (or a combination). Typicallystudents would either begin saving up and/orworking throughout school in order to pay off thetuition and costs.As the only option used for paying off collegethis is highly uncommon.
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