Frequently Asked Questions represent the most common things students ask for. If you can not find an answer to your question you can Ask Our Experts.
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Direct Subsidized Student Loans (Stafford).
Also referred to as Federal Direct Stafford/Ford Loan. A loan from the U.S. Department of Education made on the basis of the student's financial need and other specific eligibility requirements. The Federal Government does not charge interest on these loans while borrowers are enrolled at least half-time, during a six-month grace period, or during authorized periods of deferment.
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Direct Unsubsidized Student Loans (Stafford).
Also referred to as Federal Direct Unsubsidized Stafford/Ford Loan. A federally financed student loan made to students meeting specific eligibility requirements. Interest is charged throughout the life of the loan. The borrower may choose to pay the interest charged on the loan or allow the interest to be capitalized (added to the loan principal) when the loan enters repayment.
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Do Academic Competitiveness Grants have to be repaid?
No. They do not have to be repaid.
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Do college graduates receive scholarships?
Yes. There are plenty scholarships provided for grad students as education becomes more expensive.
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Do Federal Pell Grants have to be repaid?
No. They do not have to be repaid.
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Do Federal Supplemental Educational Opportunity Grants have to be repaid?
No. They do not have to be repaid.
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Do fellowships for undergraduate students exist?
Yes, There are fellowship programs for both: undergraduate and graduate students
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Do I have to be in a college when I apply for scholarships?
The answer is no. You can and you should apply for scholarships as soon as possible, even if you're not enrolled in any school. Having said that somewhere along the process you will have to enroll as the scholarship provider will need to verify he is granting money to a real student.
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Do I have to reapply for financial aid every year?
Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA. Note that your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
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Do I need a co-signer?
You might need a co-signer if your credit is insufficient. Graduate students with good credit should not need a co-signer to apply for the loan. If you get denied, you can re-apply with a cosigner.
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Do I need full coverage on my car?
It depends. If you're car has been leased or bought on credit you will be required to pay for a full coverage policy, because they car is not fully yours. Now, if the car is paid off and it is worth a lot it makes sense to have full coverage in order not to lose money during collision, theft, food, and etc. Do your own calculation. If you're premium is high and your car is not super expensive it will makes sense to buy out standard insurance without full coverage.
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Do I need to be accepted to a school before I can get a loan?
You must be enrolled at an eligible institution to be approved for and receive a loan. Enrollment is verified after you submit an application, as part of the loan approval process.
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Do I need to be admitted before I can apply for financial aid at a particular university?
No. You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted and enrolled at the university.
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Do I need to be enrolled for this loan?
No, that is the beauty of this loan. You can apply for it with a generic reason and use the funds the way you like. Using funds this way is one of the biggest pluses in Financial Aid.
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Do I need to do anything to keep these repayment incentive benefits?
Yes. We have implemented these benefits to encourage timely repayment of Direct Loans. To keep the up-front interest rebate and the interest rate reduction benefits, you must make your first twelve required monthly payments on time.
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