joliejoe
|
Since you are living in US and looking for some financial help, then the best option that is available for you is FAFSA. FAFSA or Free Application for the Federal Student Aid is a federal program with the help of which you can get the required funding for your child to complete his education easily.
There are different kinds of loan available in the Federal Program like Stafford Loan, Perkins Loan, Graduate Loan, Graduate Plus Loan, Parent Plus Loan etc. The maximum amount that you can avail is the cost of education. The rate of interest charged is around 6.8 percent and the loan has to be repaid completely within 7-10 years. The repayment period generally begins after 6 months of course completion.
You can apply for the loan by simply filling the FAFSA form online and submit certain documents like age proof, residential proof and the proof of income. Before you apply for this federal loan program, you must fulfill certain eligibility criteria like you must be permanent citizen of US and age should be more than 18 years. You must be working in a reputable organization with fixed monthly payments. You also need to have good credit scores and a current savings bank account so that the loan amount after sanctioning is transferred to your account.
The Federal Loan would only cover the tuition fees at the maximum. If you want to take further loan for the boarding expenses, purchase of books etc; then you can opt for the Private Loan. There are many private money lending organizations throughout US that would provide you to bear the necessary expenses of education. Some of the popular institutions are Sun Trust, Wachovia, Wells Fargo etc. The interest rate is slightly on the higher side and the time to repay the loan is set for 20 years.
 Posted 327 days ago
|