With the cost of college having risen to historically high levels, borrowing money is the reality most students encounter. And ability to borrow is in most cases predicated on credit. The federal government offers loans that are not based on credit worthiness, and there are other avenues of obtaining money for education. Most students are expected to receive some degree of parental contribution or contribute from their own savings.
Instructions
1. Get a part-time job. If you aren't able to borrow money to live on while in school, get a part-time job to cover your rent and living expenses. Many federal loan programs are designed to cover tuition, while private loans are typically used to cover these additional expenses.
2. Ask about work/study programs. Instead of working outside of school, you might be able to get a job on campus through a work/study program. This has the added convenience of being close to your classes, and some work/study jobs also afford time to study. Use the earnings from work/study to cover living expenses while in school.
3. Complete the FAFSA. The gateway to all federal financial aid and most private student loans is the Free Application for Federal Student Aid (FAFSA). The application requires detailed information about your financial status and earnings, and will be used by lenders to determine your financial need and eligibility for federal aid.
4. Explore grant and scholarship opportunities. Before you accept loan money, you should explore your grant and scholarship opportunities. Your school will probably have some grants and scholarships. There are also a wide variety of private grants and loans you can apply for individually (see Resources below).
5. Apply for federal loans. The two primary federal loans for students that are not based on credit history are the Stafford and the Perkins. The amounts of these loans and the qualifications vary. Your college can provide you with a list of lenders through which to apply.
Tags: work study, based credit, federal loans, grant scholarship, grant scholarship opportunities