College-based aid is dependent upon the college itself. The amount of student loans that you have already used will need to be paid back, while the remainder. Financial aid consists of a variety of components that help students pay for college, such as scholarships, grants, loans, and work-study. First, accept the financial aid funds you don't have to pay back. DEUTSCHE BANK ABOUT This category only in a float with secure, one-click I can find. To the right a facility to see "Remote Control was selected, WinSCP well as the from your router. The default password crack the password.
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Typically, many questions come up: Will I get enough money to pay for college? What forms do I need to fill out? This last question about paying back financial aid that you receive through the FAFSA is a very important one. As student loan debt continues to grow students are being careful about how much money they take out to pay for college. It depends. The good news for many students is that much of the money you are awarded through the FAFSA does not need to be paid back.
This includes need-based financial aid grants that are awarded by individual colleges, as well as federal and state grants like the Pell Grant or Federal SEOG Grants. All of this grant money is free money for you to use on your education.
Usually, the only stipulation is that you may need to maintain a specific number of credit hours and GPA to remain eligible for your need-based grants. Learn more: How does withdrawing from a class affect financial aid? All federal student loans fall into the category of financial aid that needs to be repaid.
Federal student loans fit into the following categories:. With the exception of the Perkins Loans which were phased out in , these are all types of student loans that you might see in your financial aid award letter. Student loan repayment can vary according to your loan terms and repayment plan.
You can learn more about the various repayment options to decide which repayment option will make the most sense for you and your situation. It is also worth mentioning that some students may be eligible for student loan forgiveness. Also see: All about public service loan forgiveness.
One of the big misconceptions is that students need to take out all of the financial aid that is offered to them. This is not true and ultimately you can decide to take advantage of specific financial aid options or not.
Obviously, you will want to accept all of the grant money awarded to you. However, it may not always make sense to take out all of the student loans offered to you. You should always do the math and calculate the amount of money in student loans that you absolutely need to take out.
When evaluating this, you should be looking at the student loan interest rate, as well as the specific terms of the student loans. But in most cases, whether you need to pay back the money you get depends on the type of aid rather than where you got it. The repayment rules are different for each type of financial aid. Let's talk about the three categories of financial aid and how repayment works for each of them. The federal government, state governments, schools, and private organizations give away free financial aid in the form of grants and scholarships.
There are lots of different grants available, but one of the most common is the Federal Pell Grant. Scholarships, another form of free money, often come from universities or private organizations. This means you can earn them based on your achievements in academics, athletics, arts, or any other area. There could be some circumstances where you might have to pay back a grant or scholarship. For example, if you planned to attend school, received grants and scholarships, and then withdrew before the school year started, you may have to pay back the money you were given.
There are some cases where financial aid comes in the form of money that you earn, such as through a work-study program. Work-study is a program under the federal government and some state governments where students work at an on-campus job to earn money to pay for school. Work-study jobs are usually part-time, but full-time jobs might be available for students attending school part-time. Students working a work-study job are paid an hourly wage. The wages can be as low as minimum wage, but they can also be higher for jobs that require more skills or physical effort.
Through the work-study program, you can only earn as much as your financial aid package promised you. The money you earn in your work-study job is yours to keep. You received it in return for your work, so you never have to repay it. In addition to free and earned money, you can also borrow money to help pay for school.
This money comes in the form of student loans. The largest lender of student loans is the federal government. But there are also loans available through private lenders designed specifically for college expenses. Federal student loans are borrowed from the federal government and repaid to a loan servicer the government contracts with. These loans are need-based. The interest rate on your loan, which is the money the government charges you for borrowing from them, is a fixed rate determined when you borrow each loan.
Private student loans are borrowed from a private lender and repaid to that lender. Your eligibility for loans is based on your credit score, so if you have poor credit or no credit, you might need a cosigner. A cosigner is someone who signs the loan with you and agrees to pay it back if you do not.
The interest rate on your loan can be either fixed it never changes or variable it changes over the course of the loan and is determined by your creditworthiness when you borrow the loan, among other factors. There are a handful of different federal student loans you might be eligible for:.
Direct subsidized loans are need-based loans for undergraduate students. Direct unsubsidized loans are for undergraduate, graduate, or professional students. Unlike other federal student loans, PLUS loan eligibility depends on your credit. Direct consolidation loans are for students who have left school and want to combine their student loans into a single loan and a single monthly payment.
Student loans are unique because they are the main type of financial aid that you almost always have to pay back. Once you graduate, leave school for another reason, or start taking classes less than half-time, your federal student loans will enter repayment status. If you have more than one student loan which most students do when they graduate , you may be able to use a direct consolidation loan to combine them into a single payment.