| Loans
account for about 54% of the student financial aid that is awarded
every year. In general, there are 2 types of loans, those that are
based on financial need and those that are not. The government is
the largest provider for need-based loans which are characterized
by low interest rates, delayed repayment, and an in-school interest
subsidy. Examples of need-based loans are Perkins loans, subsidized
Stafford loans, and Direct loans. Non-need based loans on the other
hand, are often helpful to families who are unable to pay their
expected contribution. Features of these loans include higher interest
rates, no in-school interest subsidy, and they may also require
immediate repayment of the principal. Examples of non-need based
loans are unsubsidized Stafford or Direct loans, PLUS loans, and
private or alternative loans. While it is always wise to borrow
the smallest amount of money possible to fund your education, loans
often play an important role in filling the financial gap, making
a college education a reality. Additional
Resources: California
State University, Fullerton Office of Financial Aid click
here
Free
Application for Federal Student Aid (FAFSA)
click
here
Student Loans click
here EDFUND:
Managing Your Loan click
here Studentdebthelp.org:
Financing Your Education click
here How
the Borrowing Process Works click
here
Learning
the Loan Process click
here
Calculators click
here
Understanding
the Student Loan Process
click
here
Student
LoanTypes click
here
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