We are dedicated to helping students and their families through the confusing
education loan process by providing innovative and effective tools, resources,
and most importantly, choices that help students and families make the best
choice for them.
With the continually rising costs of higher education,were here to assist you by providing this service, designed to save borrowers valuable time and money, for finding and selecting the best student loan.
Their are a lot of myths and mistakes made concerning student loan funding, are you guilty of any of the following:
Mistake #1. We will have plenty of time to deal with the cost issue after we finish the admission process.
In your overall college planning, set up two parallel paths. One is the road to success in admissions – keeping track of all that is needed to prepare for, research, and select a college. The second path is to devote similar energy to investigating college costs, looking into merit scholarship possibilities, and learning how the need system works. Typically families devote the vast majority of time to admission matters and put paying issues on the “back burner.” Neglect of the “aid side” can result in a very unfortunate outcome — being admitted to your dream school but not having the money to pay for it.
Mistake #2. Going it alone — having a problem paying the college bill and never talking to an aid counselor.
This type of mistake includes taking out a student loan from a private lender without checking with an aid counselor about what other less expensive options might be available.
The college financial aid staff is there to help you. This includes not only coming up with an initial award that makes it possible for you to attend, but also keeping you in school once you are there. This responsibility also extends to trying to protect you from borrowing too much money or paying a higher interest rate than necessary.
Mistake #3. Viewing scholarships and loans as the only way to pay for college.
Whatever happened to good, old-fashioned work? Admittedly, current high costs make it virtually impossible to “work your way through college” but a combination of a school year work-study job and work over school or summer vacations can bring in enough money to cover personal expenses and perhaps some of tuition as well.
Myth #1. The most common form of college aid is a scholarship based on the student’s academic ability or talent.
By far the largest amount of gift aid (money that doesn’t have to be repaid) given to undergraduates is awarded wholly or partly based on demonstrating need. After adding in student loans and work-study jobs, more than 90% of all aid goes to needy students.
Myth #2. Colleges have an income cutoff for awarding aid.
There is no income limit when it comes to giving need aid. Eligibility is determined by the family’s ability to pay (considering income, assets, number of family members, and number in college) compared to the cost of the college. At expensive schools, families with quite high incomes can qualify, especially when they have more than one child in college at the same time.
Myth #3. My chance of being admitted is much greater if I don’t apply for aid.
First of all, 75% of all students attend a public university where it doesn’t matter to the admission office if you apply for aid or not. Even among private colleges where there is a limited aid budget, the vast majority of applicants are admitted regardless of how much money they need. Having said that, there are some private colleges which, at the tail end of the admission process, will only be able to admit “full pays” since their aid budget has been expended. From that point on, the school will fill the remainder of the class with students who do not require assistance. However, from the family’s point of view, there is no effective strategy to deal with the very small chance that your student will be subject to this policy. Since it is impossible to predict for any given college if the “full pay only policy” will be necessary, when it will happen, or if your student will be included, the best advice remains – if you need aid, apply for it.
