Marco started graduate school in May of 2012. He applied for, and received, a federally guaranteed a Stafford loan. Midway through his third term the government informed him that congress had changed the rules governing student loans for graduate students. First, he discovered that the interest rate for the loan had doubled. Second, he found that interest began accruing, not after he graduated as in the past, but at the beginning of the loan. This added thirty months interest, at twice the interest rate, onto the total he would owe. The news devastated he and his wife.
Advantages of Federal Student Aid
Federal Student Aid (https://studentaid.ed.gov/) is a web site for students, parents, educators, and others. The site structures around 5 questions:
- “How do I prepare for college? Learn about exploring careers, choosing and applying for schools and taking required tests. Use checklists to help get ready”
- “What types of aid can I get? Read about the types of financial aid available from the government and other sources: grants, scholarships, loans, and work-study”
- “Do I qualify for aid? Most people are eligible for financial aid. Find out who gets aid, how to stay eligible, and how to get eligibility back if you’ve lost it”
- “How do I apply for aid? Learn how to submit your Free Application for Federal Student Aid (FAFSA) how aid id calculated and how you’ll get your aid”
- “How do I manage my loans? Choose a repayment plan, pay on time, avoid default, and get help with problems”
Each section provides excellent backup material, articles, and helpful tools. In addition, the site provides calculators for student loans, managing finances, and methods to find help. You may also find the checklists and surveys helpful.
“Financial aid is money to help you pay for college or career school. Aid can come from
- the U.S. federal government
- the state where you live
- the college you attend, or
- a nonprofit or private organization“
Thursday we review how English teachers can help you individually with reusable essays
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