Financial Assistance for University

by admin on March 18, 2014

Types of Financial Aid

Government loans usually come with lower interest rates and flexible repayment schedules. Federal loans are offered to students who are enrolled half-time or full-time and are need-based. Eligible non-citizens and citizens can apply for federal student aid. The main benefit of subsidized loans is that they are interest-free until graduation. The borrowing limit depends on the grade level, i.e. junior, sophomore, etc. There are alternatives to federal and institutional loans, including scholarships and grants. There are community service, creative, athletic, and average academic performance scholarships. In addition to college-specific awards, there are scholarships by major. Your financial aid office is one place to ask about the awards available. Other sources include local businesses, community and religious organizations, and foundations. Federal student grants under different government programs are another option. In addition to awards, students are also offered work-study jobs.

Students are offered loans and financial aid under different government programs and by private and institutional lenders. Private loans are offered by different financial institutions, including banks and credit unions. Private lenders usually require a cosigner unless the applicant has very good or excellent credit. Applicants with tarnished credit have more limited options compared to creditworthy customers.

Student loans help borrowers to pay school-related expenses such as tuition, accommodation, meals, textbooks, books, and others. The main types of financing include government and private loans, scholarships, grants, and others.

Requirements

Lenders usually require proof of identity, information about your household income, university, and more. There are different types of government aid, including unsubsidized and subsidized loans and grants. There are loans for graduate and undergraduate students and parents with dependents. Students are asked to present information such as their phone number and address, driver’s license number, and social security number, along with the address and name of their school, period of enrollment, permanent address, and so on. If you are married, you may have to submit information about your spouse.

The lending criteria are different for dependent undergraduates. The requirements also vary depending on whether the applicant is a full-time student, continuing student, etc. Some students also qualify for a battered applicant status, including those who are a victim of abuse.

Related Articles:
http://www.canadabanks.net/default.aspx?article=Student+Loans

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