These are scholarships that are not provided by any government institution therefore funds come from either individuals, foundations, companies etc. This is an option if your tuition is not covered fully (or at all) by federal grants and or federal subsidized or unsubsidized loans. To see our list click here:
This is an option that people explore after they have filled out FAFSA and applied for all possible scholarships. FAFSA also offers loan options, in addition to grants. Here is what you should consider when thinking about loans:
Subsidized Loan – Perhaps your best option if you are considering borrowing money to pay for college. This type of loan has interest that is paid by federal government while you are in college and offered through FAFSA application.
Unsubsidized Loan – The interest on this type of loan begins to accumulate as soon as they disburse money to you. Therefore, you often times pay more in the long run, remember that you will probably not have to make payments until you graduate but with this one you will have to pay more.
Perkins Loans – Available to undergraduate and graduate students that is a program through the federal government (need to fill out FAFSA to determine eligibility). The funds are from the federal government and your school also contributes to a portion- they make the determination on how much is offered. This loan currently has an interest of 5% and this rate can be changed by congress.
Available to everyone regardless of status:
Student Loans at a Bank – This is a type of private loan where no federal forms such as FAFSA are required and an option for students who either did not qualify for FAFSA, or did not get enough money to cover their tuition. If you or your parents already have a bank account make an appointment to see what types of options they have for you and ask about interest rates! This is what will determine how much you will pay in the long run.
Student Loans at a Credit Union – Similar to a bank, sometimes credit unions offer lower interest rates, we recommend inquiring with a few and weigh your options before you make a commitment.