...but don't want to join the military?
This is a list of several online financial aid finders to help students in seeking out alternative sources of funding to joining the military. Most of these sites are free though some are easier to navigate than others. For general information about the loan and grant process go to http://www.finaid.org/fafsa/ This site provides information about Pell Grants, Perkins Loans, Stafford Loans and work-study opportunities. Some private universities require that students fill out the College Board's CSS Profile form in addition to the FAFSA form.
- Federal education loans: Federal loans are the largest source of education loans. Loans available under federal programs have very attractive terms when compared to most other borrowing options. They offer lower interest rates, the possibility of having interest subsidized by the federal government while the borrower is in school, the ability to postpone making payments, longer repayment terms, and less stringent credit requirements. The two primary programs are the Federal Family Education Loan Program (FFELP) and the William D. Ford Federal Direct Loan Program (FDLP). The loans available through these programs start with the same terms; however, in the FFELP, your bank, credit union, or school is the lender, and in the FDLP, the U.S. Department of Education is the lender. Listed below are some of the more widely used federal education loans.
- Private education loans: Private loans are designed to bridge the gap between available funds and school costs. Considered alternative loans, private loans should be used to supplement federal loan programs. If a student doesn't qualify for a federal loan or if he/she is not awarded enough to cover expenses, a private loan might be helpful. Private education loans are available from a variety of sources. For example, Sallie Mae's private loan program for undergraduate and graduate studies is the Signature Education Loan Program - a comprehensive source of funding whereby federal and private loans are offered as a package from a single, convenient source. Other private supplemental loans are available and in some cases are tailored to specific courses of study. Some of Sallie Mae's examples include:
- Helpful Websites
- http://www.fafsa.ed.gov/ For information about FAFSA and an online registration form
- http://www.usnews.com/usnews/edu/dollars/dshome.htm (U.S. News and World Report: Financial Aid)
- http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp (Federal Student Aid)
- http://www.studentaid.org/ (National Association of Student Financial Aid Administrators)
- www.collegeaccess.org/NCAN/ National College Access
- http://studentaid.ed.gov/students/publications/student_guide/index.html : The Student Guide is a comprehensive resource on student financial aid from the U.S. Department of Education. Grants, loans, and work-study are the three major forms of aid available through the Department's Federal Student Aid office. Updated each award year, The Student Guide tells you about the programs and how to apply for them
- http://apps.collegeboard.com/cbsearch_ss/welcome.jsp : Helps locate scholarships, internships, grants, and loans that match your education level, talents, and background. For more information on Pell Grants in particular see the College Board's sub-website: http://www.collegeboard.com/article/0,3868,6-30-0-36318,00.html http://profileonline.collegeboard.com/index.jsp (The College Board - this is a pay site, but the College Board is reputable; they are the same company that does the SATs)
- http://apps.estudentloan.com/exec/loanfinder : Allows you to search for both private/alternative loans and Government (FFELP) Loans (also known as Stafford Loans). This site then compares the results by any variable of your choosing (e.g., average interest payment, repayment term, etc.)
- http://www.salliemae.com/ : A free and helpful website from Sallie Mae.
- http://www.college-scholarships.com/free_scholarship_searches.htm : Links to many different free scholarship search engines. This is where searching out financial aid opportunities becomes uncanny.
