Looking At Student Loans And How To Apply For One

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Personal student loans are very common especially in countries where education can be quite expensive. Take for example in the UK or in the US, there are a lot of students who apply for loans for education to broaden their career horizon. If you are planning on getting a loan yourself, here is a guide that will help you through the process.

Financial Institutions Helping Students

A lot of financial institutions are offering help to students who need to pay for their tuition or for college. You can find various low interest rate student loans that will help you complete your education with ease. Almost every major bank in the world offer student loans for college. Aside from that, there are usually government programs that offer financial aid to the students. Take for example, in the US, there is what we call the Federal Stafford loan which helps undergraduate and even graduate students pay for their education. Aside from those programs, there are also available parent plus loans for those who are paying for their children’s education. So if you are one of them, you are probably eager to learn how to avail of personal student loans. Let’s go over the steps to take to apply for one today.

How To Get A Federal Student Aid

student-loan-scamFirst thing you should do is to complete your free application for Federal student aid. It’s also called FAFSA. This information is important because it’s how the financial institutions will assess your loan and will determine how much to lend you. You’ll need to provide your social security number, tax and income information, any investment or mortgage information, and lastly you need to state whether the student is claimed as a dependent by the parents. You’ll also have to include the possible schools you would like to attend to. It is important that you submit your FAFSA right after the 1st of January. Some financial aids are offered on a first come first served basis.

Student Aid Report

Once you have submitted the FAFSA, you’ll receive a Student Aid Report or SAR in about 4 to 6 weeks. This will show how much you and your family will be asked to contribute to your education. Your chosen schools will also have a copy of this report. You will need to review this to ensure it is correct. After this, the schools you’ve chosen will send you an award letter if you are accepted. The schools will offer you a breakdown of the cost of attendance as well as the financial aid package. You can accept or decline the offer. Check the deadlines of these letters to ensure their offer does not expire. Once you’ve decided to accept the federal or federal plus loan, you may seek for a partner bank or financing institution that will release the funds to you. Check out the bank of your choice for a more detailed process on the personal student loans that they offer.

Subsidized Loans vs Unsubsidized Loans

There are two types of student loans, the subsidized loan and the unsubsidized loan. The loan where the borrower pays all of the interest is the unsubsidized loan. The loan where there is another person, someone other than the borrower who pays either part or all of the loan interest, is a subsidized loan. The most common student loan is the unsubsidized loan where the student holding the loan pays all the interest. The difference then between subsidized loan and unsubsidized loans is that there is an outside party that pays the loan interest. This makes the best choice for a student loan the subsidized loan because the government pays the loan interest. Until a student graduates, the government continues to pay the interest of the loan or until the student quits school. An unsubsidized loan is more difficult to repay because the student will have to pay all the interest that has built up over the time they are attending college.

Stafford Loan

The federal government backs a Stafford loan and these can be either unsubsidized or subsidized. Being that these are federal loans, the loan is a need-based loan offer depending on the student and their family’s need for financial assistance. A major part of the student loans for college that do get awarded by the federal government loans are awarded to those who come from families who have a lower income than $50,000.

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The unsubsidized Stafford loans are often offered to students who cannot qualify for the subsidized loan through Stafford. With the unsubsidized loan the student does not need to make loan payments while attending school but must pay the interest on the loan while in school. The advantage of a this loan is that the student is not expected to pay anything on the subsidized loan until they graduate from school.

Other Government Loans

Other government loans that are subsidized are also available for students who are going through college. Many universities and colleges have funds for loans allocated by these funding corporations each year. The federal government uses criteria that are decided between them and the schools when the loans are offered to the students attending classes there. The students who do take on these loans are not expected to pay the interest that accrues during the time they are actively attending classes.

Plus Loan

There is another type of unsubsidized loan which is the Plus Loan where either the parents of undergraduate students or graduate students are offered this loan. Parent plus loans have fixed interest rates which are usually about eight percent. This loan is unsubsidized and has therefore no help with the interest while the student goes through their schooling.

The difference between subsidized loan and the unsubsidized loans is then government assistance in helping with the interest of the loan while the student goes through school. The Stafford loan was created and named after the Vermont Senator Robert Stafford because of his tireless work in the field of higher education. This is a highly sought after loan because the rate of interest is lower than most other types of student loans.

Backpack Safety Tips for Your Students

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If you’re working as a teacher or counselor in the school system your responsibilities include much more than just teaching and counselling. You should constantly be on the lookout for opportunities to promote the best interests of your students both mentally AND physically. You need to offer them help wherever you can.  One of the questions we receive often is about the various types of backpacks available to students and which is recommended for their current growth stage and build. The most common student backpack is the frameless backpack, but why make them lug around a heavy backpack on their shoulders all day long? Those things can be really heavy when they are full, being filled with textbooks, athletic shoes, CD players, etc. Instead, why not purchase them a school rolling backpack? These are just like the ones the grown-ups use in the airports — just proportioned for smaller hands —

Jansport Rolling BackpackA major manufacturer of school rolling backpacks is Jansport. A good example of one of their better products is the Jansport Wheeled Super Break. Priced from $25.80 — $69.95, this school rolling backpack is available in 9 different color and fabric designs. It features a large main compartment for things like books and a laptop computer, with a utility pocket located in the front. This school rolling backpack has a retractable 3-stage molded rubber handle for a comfortable grip, as well as corner-mounted in-line skate wheels. This school rolling backpack is 19″ x 8″ x 13″ and weighs around 1 pound when empty.

Disney Princess Rolling BackpackHere is one that is sure to please any young girl: the Disney Princess Rolling Backpack School Bag. Manufactured by Ruz, it is priced at just under $30 and has a cute picture of six princesses from the movies. This smaller school rolling backpack is ideal for in the kindergarten or elementary-school aged child, as it measures 12″ x 16″ and is quite light. This school rolling backpack has an extendable handle that raises up 29 inches, and also features luggage wheels on the bottom and adjustable shoulder straps for carrying on the back. This school rolling backpack has one front zipper pocket.

Not to be left out are the boys. And here is a great-looking school rolling backpack from GDC. It is called the Marvel Spiderman Boys Blue Rolling School Backpack. Priced at just under $23, it has an adjustable handle that extends up to 30 inches, has two big front pockets and two side pockets as well. The side pockets can carry a water bottle — and a free water bottle is included. This school rolling backpack is made of heavy-duty material, so it will take a lot of abuse.

Another great school rolling backpack is the Strawberry Shortcake Rolling Backpack School bag. Priced at just under $30, it is proportionally sized (12″ x 16″) for the younger child, and is equipped with two front pockets and one side pocket. For convenience a free water bottle is also included — and like the boys school bag, this school rolling backpack is also very durable, being manufactured from heavy-duty canvas — which is not only long-wearing but is also easier to clean than other types of fabrics.

Finally, for kids who are Elmo fans, we have this item from Fast Forward: the Elmo 123 Rolling Backpack. Priced at just under $35, it features a humorous portrayal of Elmo in a pleasing design and is sure to be loved by your kids. This school rolling backpack has two side pockets and a central, zippered main compartment. This would be a great item to purchase for any preschooler or kindergarten-aged child.