After many students
exhaust their federal financial aid options through the FAFSA, they turn to private loan options to fill the gap.
The Know Before You Owe Act of 2012 would empower students to
exhaust their Federal financial aid options, which are more reasonable than the terms of private loans.
I agree — you should always seek scholarships and grants first, and then
exhaust Federal financial aid, and then use private student loans if necessary to cover the gap.
After
exhausting all federal financial aid options, this would be the best time to consider applying for private student loans.
Not exact matches
Private student loans are a means to an end when students have
exhausted other forms of
financial aid, including scholarships, grants, and
federal student loans.
«They tend to be relatively cost - effective for sponsoring governments because each of the programs use a «last - dollar» model whereby the state subsidizes tuition costs after the student has
exhausted all other available state and
federal financial aid.»
Private student loans are a great option when you have
exhausted all of your
federal financial aid options and still need money to cover college expenses.
Private student loans are a means to an end when students have
exhausted other forms of
financial aid, including scholarships, grants, and
federal student loans.
If you're going to school but don't qualify for
federal loans, or if you've
exhausted all of the
financial aid the government offers, there are safer options than using a credit card to pay for tuition.
When
federal and state
financial aid options have been
exhausted and they're often
exhausted before you can cover all of your bases, you should consider private loans as a way to bridge the gap.
Private loan rates, which vary from lender to lender, may also rise in response to the Fed rate hike, so borrowers should first
exhaust all their
federal lending and
financial aid options before signing up for a private loan.