Hello students! Mr. Fellows here to tell you about Step 4 of the financial aid process... tackling additional financing options that you have.
Here she goes...
Whoop!...Didn't really give myself a lot of room...
Okay... See ya on the open road.
Even if you've maximized all of your scholarships, grants and federal student loans, you may still need help covering college expenses.
So Monty's gonna tell you all about the additional financing options you have available to you.
Take it away Monty...
He's more of an ice hockey guy. Next, there's the Federal Direct PLUS loan for parents. Now this loan is available for parents of dependent undergraduate students. It covers up to 100%, yeah, 100% of remaining education-related expense.
A credit-check is required, but the parents' debt and current income is not considered.
Also, there's the private or alternative student loans. Now these loans are made available to students through banks and other private lenders.
A credit-check is required as well as a debt and current income check. Therefore, most students will need a qualified adult wage earning cosigner to meet eligibility requirements.
Additionally, as a way to better manage payment of your outstanding tuition, some schools may allow you to enroll in a tuition payment plan. Now this plan will allow you to make smaller and more manageable payments.
Well, that just about wraps it up for this step.
And like I always say... with college comes great knowledge.
I'll see ya next time!
Sign up for the CollegeSTEPS® program and get handy information throughout the year.