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What School Loans Am I Eligible For?
Student loan eligibility is something that each student should be aware of prior to putting together a financial aid package. The federal government will give you a good idea of what you eligible for when you fill out a FASFA form, but you should also have a good idea going into the process. This way, you will never be side-wisped by something that you never expected. There are a couple of different types of loans and each one requires a different qualification process. Understanding the dynamics of this relationship can help you prepare for the student loan process.
In order to be eligible for a federally funded student loan, you can to show that you have a need for such a loan. This need will have to be shown when you fill out the Federal Application for Student Financial Aid (FASFA). The federal government does this in order to make sure that they are only giving help to those who really need it. If you or your parents make plenty of money, then chances are that you are not going to receive a need-based loan from the federal government. There are some exceptions to this rule, however. If you are applying for a non-subsidized Stafford loan from the federal government or a Parent PLUS loan, you do not have to show financial need. These loans must be paid back at a higher interest rate, however.
There are other conditions of eligibility to go along with the one mentioned above. You must go through a few different hoops in order to satisfy eligibility. For starters, you have to be a United States citizen and have a social security number. You must get your high school degree and attend a college or university. In addition to that, the federal government checks to make sure that you are working towards a degree and making satisfactory academic progress.
If you aren't applying for federal financial help, then there are other loans that you can qualify for. Many private lenders are looking to help people with higher education in today's market. Since the mortgage loans market has taken a hit because of sub prime borrowers, banks are exploring other ways to lend money. They understand that student loans carry significantly less risk than other types of loans, so they have taken the directive to lend to many students. If you have decent credit and you are a college student, then there are quite a few different private loans that you could ultimately qualify for.
What type of college loan are you eligible for? That depends upon what your college needs are and what your financial situation is. The federal government has different standards of eligibility that you will have to adhere to, so make yourself aware of those rules. Private loans are much more flexible, as just about anyone can make themselves elibigible.
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