What would be the best type of loan for me?
I'm 18 and freshman at a 4-year college. I paid all my tuition and books for this semester, but I find myself with absolutely no money now. I do competitive cheerleading and spent my Reserve money competitions on school stuff. What type of loan is best for me? I need to pay for cheerleading competitions, books for next semester, and my groceries home. I already applied for financial aid. That's how I was able to cover my tuition for the year. Sorry I forgot!
Hmm .. I do not disagree with people with useful information, but a subsidized Stafford loan is not something you "Apply" to. A subsidized Stafford loan is a special need-based financial aid that only candidates who demonstrate "exceptional need" are eligible. You can not apply specifically for a Stafford loan – if you qualify for one, your financial aid office to inform you. You have not specified in your question if you took the time to apply for financial aid when you applied to college. It's a bit disappointing that some students manage to get through the college application process without anyone taking the time to explain the financial aid at their disposal. You may not even be aware that over 2 / 3 of all university students in the United States receive one or more forms of assistance Financial. This is not a program like food stamps or welfare of people "poor" – Financial aid is a government program that provides almost all American families to help pay for the high cost of college education. There are many "rich" people receiving financial aid, and this is not "cheating" the system – that is exactly what the funding is set at do. If you're not familiar with financial aid, the U.S. Department of Education published a great little guide called "Beyond Financing Secondary Education: The Guide to Federal Student Aid. "You can read the link I added below or you can stop financial aid office at your school and ask someone at the counter for a copy. You will learn about all different forms of aid that are available – who is eligible, how to apply, and how much money you might receive. You also discover why some forms of aid are far from "better" than others. The funding is intended to help with expenses known as your cost of enrollment and cost of attendance includes tuition, books, tuition, room and board, and various education other related expenses, including transportation to and from school, and an allowance for a computer. It is not designed to provide the money for your cheer-leading competition, so you'll need to use some of your own funds for these expenses. The best type of loan is one form of aid Financial – The government backed Stafford Loan Program. You'll read about Stafford in the book that I linked to – it is a low interest rate fixed rate loan you can apply for without a credit history, employment, or a co-signer. Your obligation to repay your Stafford will not begin until 6 months after your studies and you are eligible for a temporary postponement of payments If you are experiencing financial difficulties later. Other forms Non-government mortgage loans are credit-score based, are higher and variable interest rate, and almost always need a co-signer. There is no competition between Stafford loans and private education in terms of who is the "best" loan. Definitely read booklet, and start taking advantage of the government have at least 2 / 3 of your classmates are already in profit. Good lucky!
