HOW DOES FINANCIAL AID AND STUDENT LOANS WORK ?

I’m now a sophomore and I longed for to know how tyro loans and monetary assist work. Can you put fee onto your tyro loans? My emanate is which my relatives have taken out a lot of credit but they do a great pursuit at profitable it off. Im not certain how low their measure is and I disbelief sick be means to get loans. Any recommendation ?

{ 2 comments }

altaira October 6, 2013 at 1:45 pm

Federal loans are not based on credit. Everyone qualifies for federal loans. You can borrow up to $6500 for your second year and $7500 for your third year. That money is split in half and awarded each semester. The money is automatically applied to your tuition and if there is anything left over it is send to you later.
Your parents’ credit will only come into play if you plan to take out a private bank loan since you would need a co-signer. There are also Parent PLUS loans that are based on your parents’ credit but these would be your parents’ loans and not yours

Nelliebelle October 6, 2013 at 2:33 pm

This website will tell you everything you need to know about federal aid: studentaid.ed.gov .

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