Government grants for student loan – Few things you should know

Recent studies conducted by the premier survey boards put forth a rather dismal picture as far as grants for school loans are concerned. The figures proved to be rather surprising and why not considering educational costs aren’t really anything that’s worth being too happy about.  In fact, the tuition tab for a year at a private university averages more than 30,000 dollars easily. This obviously says a lot about the kind of problems students are likely to face given the current monetary scenario when it comes to handling the rising college expenses. This is where the government grants come into the picture.

 

Find out more about the government grant for student loans

 

Here are a few things you should know when it comes to government grants for student loans. Read on to find out more.

 

1.The size of the loans: You should be glad to know that the United States Department of Education has federal student programs in place and they’re known to fund more than 100 billion dollars in terms of student aid. These programs are essentially responsible for administering grants as well as fund the work-study programs plus the guaranteed student loans. Now, if you’re looking for these, then you need to get in touch with the financial aid department of the respective college, university or qualifying trade school that you’re going to attend.

 

2.The considerations involved: Now, if you’re a student seriously contemplating financial aid, then you’d be required to complete filling out the Free Application for Federal Student Aid (FAFSA). This is essentially because almost all of the institutions that grant financial aid for higher education make use of this FAFSA. It’s essentially used to determine the eligibility of the students for receiving any sort of financial aid. This of course includes the government grants for student loans too.

 

3.The Stafford loans: These loans are essentially divided into 2 groups. One of these happen to be the Subsidized Stafford Loan and this is essentially need based. Herein the US Department of Education subsidizes the interest there on the loan but for a specified time period. The 2nd category essentially includes the Unsubsidized Stafford Loans and these are not based on need as such. Plus here the interest isn’t subsidized either. You could get these loans directly from the school or perhaps from a private lender.

 

4.The Perkins loans: You could access these loans through your college or university. They’re available at almost all levels and you need to repay it to the school.
Remember, most of these grants for student loans can’t be discharged through bankruptcy so be sure to repay them on time. Failure to repay student loans isn’t going to be good at all.