College loans and FAFSA?

Question by ustino: College loans and FAFSA?
Could anyone tell me everything about college loans and FAFSA… I don’t understand it at all! Also, what’s the difference between FAFSA, Stafford loans and Perkin’s loans? Thanks so much for your time!!!

Best answer:

Answer by Suddenly Human
The FAFSA stands for “Free Application for Federal Student Loans” and is the application for federal and state financial aid. Stafford loans are a federal loan you can get without a cosigner and have a fixed interest rate of 6%. If your family is considered poor, you can get Subsidized Stafford loans. This means the government pays the interest accumulated while you are in school. Unsubsidized loans the government does not pay the interest while you are in school.
Perkins loans are prob the best federal loan to get because they have the best interest rate and are also subsidized. If you HAVE to take out loans this the order you want to take them out in… the first is the best.
1. Perkins
2. Subsidized Stafford
3. Unsubsidized Stafford

Never ever ever resort to private student loans, they have variable interest rates, require a cosigner, and if something were to happen, like you died or became disabled, your cosigner would STILL have to pay back those loans.

This is a great publication on the different types of loans, the interest rates and the max amounts you can borrow. Good luck.

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7 thoughts on “College loans and FAFSA?”

  1. The FAFSA is an application for financial aid. After you fill it out, the financial aid office at the school where you applied will offer you a financial aid package that might include a Stafford loan and/or a Perkins loan. I got both, but a year or so ago my former school discontinued the Perkins loan program.

    You might also get grants and fee waivers from the school. The financial aid package would also include work study, which is the opportunity to apply for and work at a work study job. You don’t have to take work study if you find a better job elsewhere.

    If you apply to and are accepted by more than one school, they will each offer you a different aid package.

  2. Students and parents who must deal with the high cost of a college education have available to them a wide range of student loans. This article offers details on three general types of student loans. Unlike other student loans, application for a specific Stafford Loan should be preceded by the filing of a Free Application for Federal Student Aid (FAFSA). The FAFSA application should be made in the name of the aspiring student.

    Like some other student loans, application for the Signature Loan permits the use of a co-signer. In fact, there is a real advantage to applying for a Signature Loan with a co-signer.

  3. Such a great idea, and so suitable for a university. Whoever came up with
    this idea… mad props, you belong where you are – inspiring and broadening

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