• Scholarships
  • Scholarships are usually granted based on merit - academic, athletic, or otherwise.  They are given by the school or another organization.
• Student Loans
  • Student loans are given by the government directly to the student - they are appealing because they have low interest rates, and do not require credit checks.
• Parent Loans
  • Parent loans are given to parents of students to help cover the costs of college.  They can be given by the government, as well as private lenders.
• Private Student Loans
  • Private student loans are granted from banks and other institutions to students.  These loans generally have higher interest rates than federally backed student loans, and are granted based on criteria like credit score and history.

• Expected Family Contribution:
  • Your Expected Family Contribution weighs heavily on how much aid your eceive for school - and with good reason:  the more money your family is able to give, the less money the government needs to give you.  The extra money can be used for those who’s families are less able to contribute.
• Your year in School:
  • Generally, the longer you’ve been in school, the less financial aid you’ll receive.
• Your enrollment status:
  • Part time students receive far less aid than those enrolled in at least 12 credit hours.  To ensure that you get the maximum amount of aid, enroll as a full time student.
• The cost of attendance at your school
  • Logically, the more tuition is at your school, the more help you’ll need from the government.  As such, students at more expensive schools receive more money.

One of the most common student loans to apply for is the Stafford Loan. Applying for this loan is the best place to start if you are looking for finical help. There are four requirements to be considered as a candidate for the loan. The first requirement is that you must be a U.S citizen, permanent resident or eligible non citizen. Another requirement is that you must at least be enrolled in school half time. If you apply for a subsidized Stafford loan you have to meet finical need as determined by your school. To apply for the loan you can not be in default on any education loans or owe a refund on an education grant.

One of the most important requirements is that you must submit a FAFSA before anything can be processed. To file for a FAFSA it is a free process, it can be done electronically online. When filling out this application it is very important to remember to include the codes to the school you’re attending or wish to attend, so your finical information can be sent to those schools. Once your FASA is filled out in about three to four weeks you will receive in the mail a copy of your student aid report and then it will be sent your school. Once this process is complete a Financial Aid Reward Letter will be sent form your school directly to you. At this time you have to make the decision on which parts of the loan you want to accept. For example work study, personal loans, parent loans etc… Once the reward letter is returned to your school you will have to fill out a mastery Promissory note and return to your school.

Once all this paperwork is completed you are now able to receive your student loan money. The federal loan refund will not come right away or go directly to you. First your school will be able to use the loan to pay for tuition and all other school enrolment expenses like a dorm room if necessary. Once everything is paid if you have any extra funds you will receive a refund in the form of a check which can be used just like cash or applied back toward your loans. When this federal loan is refunded to a student it will occur usually right before classes begin or soon after the first week. Most schools will have their own personal set dates when the refunds will be released this can be found on most Universities websites. It is most likely you should have your refund in time to buy school books.

This program will relieve 60% of your student loan debt if you meet the required qualifications. To receive the repayment as a nurse you must commit to providing two years of nursing service in a critically low facility. The purpose of this program is to assist in recruiting nurses and retaining employment.

The main requirements you have to reach to be eligible for the loan forgiveness are you must have a baccalaureate or an associate degree in nursing or some similar accredited degree. You must have outstanding qualifying loans obtained for your nursing education. Another requirement is you must have completed a nursing program. You must be employed at a critical low storage facility. Your RN license must be current for the sate which working. You must be an U.S Citizen or an U.S national lawful permanent resident. The last requirement is that you must of submitted a the NELRP application and signed the government contact.

The important things to remember before filling out the NELRP application that it is a government contract and can have serious consequence if broken.

• Be a U.S. citizen (or an eligible non-citizen)
• Have a valid Social Security Number
• Register with Selective Service
• Possess a high school diploma or GED
• Be currently enrolled (or accepted) as a student working towards a degree in an eligible school
• Not owe a refund on a federal grant or be in default on a student loan
• Have qualifying financial need

So, to wrap up, to be eligible for Federal Student Aid, you need to be a student who has graduated from high school, (or received a GED), be accepted/enrolled in an accredited and eligible program in an eligible school, have all their current federal loans up to date and in order, and need the money (according to their standards). Good Luck!

1. Complete the FAFSA online (it can be found by clicking here) and provide the signatures required.
2. Wait for the FAFSA to be processed. Once it is, you’ll receive a Student Aid Report. On the FAFSA website, they’ll refer to this as your SAR.
3. Check out the Student Aid Report for accuracy. This is important - clerical errors happen all the time, and can be a huge hassle to clean up later on!
4. Keep a printed copy of your Student Aid Report - Again, this is important. Keeping good records of everything related to your student loans will save you time and effort later on.
5. An Expected Family Contribution should be printed at the top right of the page. (What is EFC?) Your school will use this number to award your financial aid.

Just like that, you’re done! Find more information on the official FAFSA website.

At first, I tried to sort through all of the potential expenses with him to come up with an estimate. Before long, it had become apparent that I wasn’t going to be much help - but it dawned on me - this is exactly what EFC calculators do! So, parents, if you want an estimate of how big your piggy bank needs to be before you send little Johnny off to school, have a look at an EFC calculator (in case you’re too lazy to find one yourself, I’ve got one for you - just click here).

Keep in mind that this is an estimate, and a rough one at best - use it as a starting point, and draw your own conclusions.

An hour or 2 of research later, and it appears that Guaranteed student loan is really just another term for a subsidized Stafford loan - the kind we talk about in this article about Federal Student Loan Payback. The short explanation is this: Subsidized Stafford loans are backed with money from approved private institutions, and as long as you are in school, the Government pays that institution interest on your loan amount as well as the fees associated with managing a loan. Sounds like a good deal to me.

Right off the bat, students often assume that the EFC is either how much money you’ll get from the government, or how much you’re going to have to pay for college.  These are both wrong.  The Expected Family Contribution represents the amount that your family is expected to contribute to your education.  It is by no means a guarantee, but rather a very rough estimate used to help the Government assess how much aid you are in need of.