GRANTS & SCULARSHIPS: Paying for school, part 2 | The ins and outs of federal loans

From: AllCriminalJusticeSchools
Date: Thu, Feb 12, 2015 at 8:33 PM
Subject: Paying for school, part 2 | The ins and outs of federal loans
This will explain it to you in more detail: How To Get Around All of the Problems

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Financing Your Degree: What Are Your Options?

You’re familiar with your eligibility, various expenses beyond tuition, and whether or not your school offers financial aid. Now you’re ready to move on to exploring your options for aid.


How Much Will Come Out of Your Pocket?
By pinning down a "net price" estimate—all your costs minus grants and scholarships—you can find out how much money you’ll need to come up with.

Aid You Don’t Need to Repay
A key advantage to these three types of financial aid: You do not have to repay them.

  • Grants are typically based on financial need and the cost of your program. Federal and state governments are the two largest sources of higher-education grant funding.
  • Scholarships are available from community groups, professional associations, and more. Some are need-based and some are merit-based, and some may require you to maintain a certain grade point average. The harder you search, and the more you apply, the better off you’ll be: keep in mind millions of dollars in scholarship money goes unused each year.
  • Work-study programs pay students who work on or near campus while attending school. For more information, ask an admissions officer at the schools you’re considering.


All loans have to be repaid with interest, so your No. 1. goal should be to borrow as little as possible. Your No. 2 goal should be to limit as much of your borrowing as possible to federal loans.

Key advantages of federal loans:

  • Interest rates are fixed for the life of the loan. Private loans typically come with variable interest rates that often increase substantially, which can make them harder to repay.
  • In some cases, you can lower your monthly payments after making automatic electronic payments for a certain period of time.
  • Federal loans are eligible for income-based repayment plans and public service loan forgiveness.<allcriminaljusticeschools>

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