By the way, you'll see the term FAFSA a few times below. FAFSA refers to the Free Application for Federal Student Aid. It's a form you fill out to determine how much federal aid you can get. Some of the loans below don't use it, some do.
Read up and start your financial aid search for student loans.
1. Perkins loans offer a delayed payment, subsidized interest type federal program. This means that if you have a Perkins loan, you don't pay more than the set interest rate, and you make no payments until you are out of school for 6 months. You can get these at universities that offer the Perkins program. You need to fill out a FAFSA for this.
2. Emergency or short term tuition loans come from some schools. I used this to help me pay tuition one semester, and had to pay it back in 6 months. For me, this worked well the one time I used it.
3. Stafford loans you will probably recognize as the biggest federal student loan program. By the way, this program used to be called a guaranteed student loan, or GSL. You can get a Stafford that has subsidized or unsubsidized interest. Subsidized means the government pays the interest until you finish school and start making payments. Also, you can borrow from anybody who makes these loans. Your school, a credit union, a bank. Your school will have a list, usually. And often your check will come to the school, not you personally. The Stafford relies on the FAFSA to determine eligibility, and yes, you have to stay under the limit, both each year and the lifetime limit.
4. Computer loans can make you think you have borrowed just for a computer. Here's the deal: you can add the cost of a computer to your estimated expenses once, typically, in a 4 year degree. When you do this, your expenses increase, and you qualify for more financial aid. Because this happens, you will have to turn in your receipt for the computer to show you really bought it. And the financial aid office may call it a computer loan. Truth is, it's just a loan. If it came as a Stafford or Perkins loan, it will also come under the annual loan limits. FAFSA necessary.
5. The Parent Loan for Undergraduate Student, or PLUS loan used to be just for parents, but has been expanded. Now graduate students can borrow in this way as well, and the new name is the Grad PLUS loan. The payments start after you finish. You can really get into trouble with this one, since you have no annual limit to your loans. You can borrow as much as you need. Be Careful! You do have to file a FAFSA, but you don't borrow based on being low income or substantial need like a federal grant.
6. Private Student loan and a whole bunch more acronyms can add up to a whole lot more debt. A private student loan usually comes from a bank, and banks have some great programs, each one with its own acronym. You can borrow as much as you need with this type of program, and it's just between you and the bank, no FAFSA required. Watch out! Only borrow what you really need.
Not a bad list, right? You can find some cash, finish school and have a great future. Look up the programs above and get started. You can get the education you want and succeed. Keep trying, you'll make it.
Financial Aid Student Loans
Cuts in federal student loan programs resulting from recent legislation could significantly affect the college education of millions of Americans. The legislation cuts $12 billion from financial aid programs. Student loan consolidation is also affected and will impact students looking to consolidate high interest loans. This is not good news for students or parents of students.
The Deficit Reduction Act of 2005, S. 1932, that was signed into law on Feb. 8 by President Bush continues to come under fire.
Another lawsuit to declare that the legislation is unconstitutional was filed April 28 by Rep. John Conyers Jr., D-MI, ranking member on the House Judiciary Committee, who was joined in the suit by 10 Congress members including Rep. George Miller, D-CA, ranking member, House Committee on Education and the Workforce.
The first lawsuit to challenge the bill's constitutionality was filed Feb. 13 by Jim Zeigler, Republican activist and Mobile, AL, elder law attorney. Public Citizen, a Washington-based nonprofit consumer advocacy group, on March 21 filed its own suit seeking to declare the Deficit Reduction Act's unconstitutionality.
Different Versions of the Legislation
According to Democrats the House and Senate passed different versions of the legislation, therefore rendering the bill unconstitutional. The House passed a version of the bill that included funding for 36 months of durable medical equipment and the Senate's version contained only 13 months. As a constitutional requirement, both the House and Senate must sign identical versions of a bill prior to it being signed into law by the president.
"Once again the Administration is playing fast and loose with the Constitution. Anyone who has passed the sixth grade knows that before a bill can become a law, both Houses of Congress must approve it. That the Bush Administration is now saying otherwise underscores the Constitutional crisis we are facing in this country," said Conyers in an April 27 press statement released from his office. "Over 200 years of legal precedent dictate that such discrepancies can be handled through simply refiling the paperwork, or re-voting the whole bill. Because the bill cuts billions of dollars to the Nation's most needy, the Republican leadership prevented a re-vote at all costs."
Conyers suit names anyone responsible for the budget, which includes Secretary of Education Margaret Spellings and President Bush along with other parties responsible for enacting the budget cuts required by the Deficit Reduction Act, according to Democratic aides.
With his lawsuit, Conyers asks for the entire bill to be declared unconstitutional and, therefore, not law, Democratic aides said. The lawsuit asks that an interim restraining order be put in place to prohibit enactment of the law.
"Republican leaders were in such a rush to ram this bill through Congress and get the President to sign it that they violated the Constitution in the process," said Miller in the press statement. "And they were in a rush because this was a very, very bad bill. They wanted to spend as little time as possible having to explain their backwards priorities -- like cutting $12 billion from financial aid programs for college students -- to their constituents."
The lawsuit was filed in the Eastern District Court of Michigan, case No. 2:06-CV-11972. Judge Nancy Edmunds is scheduled to preside over the case; however, it is not known when the case will be heard.
Education is the foundation on which any great civilization is built and this is certainly the case in the United States. When educational opportunities are taken away it can erode this foundation. That is why we need to take action to declare the Deficit Reduction Act unconstitutional. I believe an education is the best investment anyone can make and I am dedicated to helping individuals pursue their educational dreams by making college funding as easy as possible.
Both Kevin Ihrig & Daniel Rivera are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Kevin Ihrig has sinced written about articles on various topics from 401K, Careers and Job Hunting and Education Toys. Need more info in your financial aid search for money for college? Come to come to and download my free short report on financial aid. Kevin Ihrig's top article generates over 3600 views. to your Favourites.
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