What Future Undergrads Ought To Know About Student Loans And Online Resources
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What Future Undergrads Should Know About Student Loans and Online Resources
Navigating student loans can be challenging, especially when you're just starting. Since the federal government began offering student loans in 1965, about 65 million Americans have benefited. Over the years, Congress has passed several bills, creating various loan programs for students, veterans, returning learners, and more. Here’s a guide to understanding these resources and where to find them online.
Key Resources for Federal Student Aid
The primary online resource for government student aid information is the Department of Education’s website. One essential section is "Funding Education Beyond High School: The Guide to Federal Student Aid." This comprehensive guide covers grants, loans, and work-study programs, providing details on how to apply. Visit [studentaid.ed.gov](http://studentaid.ed.gov/students/publications/student_guide/index.html) for more information.
The Importance of the FAFSA
To qualify for federal aid and most private financial support, you need to submit a FAFSA application. This process will determine your eligibility for loan money and how much financial support your parents are expected to contribute. Start your application at [fafsa.ed.gov](http://www.fafsa.ed.gov/), where you can easily apply online.
Campus-Based Federal Opportunities
In addition to standard loans, there are campus-based federal programs like work-study. Extensive details are available at the Campus-Based Financial Assistance Programs site, [cbfisap.ed.gov](http://www.cbfisap.ed.gov/CBSWebApp/welcome.jsp). It requires registration, but it's valuable for finding additional funding sources. Get to know your campus financial aid office; they’re there to help.
Additional Online Resources
There are many websites offering loan information and applications, including advice on loan consolidation and debt management. A great resource is [edfund.org](http://www.edfund.org/edfund/edfundmenu.html), a nonprofit site that simplifies the loan process and lists potential private lenders.
Loan Consolidation Options
The Federal Government acknowledges the financial burden education costs place on graduates. The Department of Education offers a loan consolidation program with flexible payment plans and a maximum interest cap of 8.25%. Check out their services at [loanconsolidation.ed.gov](http://loanconsolidation.ed.gov/).
Caution with Commercial Lenders
While many commercial lenders offer student consolidation loans, watch out for low introductory rates that could rise through adjustable-rate programs. Always explore the Department of Education’s options before considering commercial refinancing.
By understanding these resources and processes, you'll be better equipped to handle your student loans effectively.
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