For undergraduate students interested in financial aid, there are lots of options available. To start with, you can go for college scholarships. The significant thing about college scholarships is that you do not need to repay it after completing your education. The only drawback of college scholarships is that with so many students applying for it, you may face plenty of competition at the time of approval.
Role of Federal Government
Federal government offers undergraduate students wide variety of loan packages. Unlike private student loans, rate of interest of federal student loans are normally quite low. Further, repayment schedule is set on the basis of your financial condition which ensures that you do not face any issue in repayment. To get an approval for federal student loan, it is quite important that you fill the loan application form carefully.
PLUS Loan
The eligibility criteria for getting an approval for PLUS loan is that you should be enrolled in an institution which is recognized by the federal government. Professional and graduate students can also apply for a PLUS loan. PLUS loan is similar to Perkins and Stafford loan in the sense that it is backed by the full faith of the US government. In addition, you can get PLUS loan through the Federal Family Education Loan Program and Federal Direct Student Loan Program.
With regard to differences between PLUS loan and Perkins loan, remember the point that in PLUS loan repayment period starts as soon as you leave your college. In comparison to Perkins loan and Stafford loan, rate of interest is normally higher in PLUS loan.
Free Application for Federal Student Aid - FAFSA
Free Application for Federal Student Aid (FAFSA) is a form that undergraduate students need to fill in order to become eligible for federal student financial aid. It has been noticed that majority of schools use details from the FAFSA to provide non-federal aid. The FAFSA consists of wide variety of questions related to students and their parent finances. In evaluating the Expected Family Contribution, factors such as family size and income are taken into consideration.
The Free Application for Federal Student Aid does not have queries related to religion or ethnicity. A Student Aid Report, commonly known as FAFSA responses summary is being offered to the student. As a student, it is your responsibility to review the Student Aid Report carefully. If there is any mistake in it, try to correct it. The college you have selected on the FAFSA will get Student Aid Report directly from the federal government.
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