My student did not qualify for grant aid, but cannot afford to pay for school. What can be done?
There are various types of loans available to assist students by spreading the cost of college over an extended period. The Federal Direct Subsidized loan is available to needy students (based on FAFSA information) and does not gain interest while the student is in school. The Federal Direct Unsubsidized Federal Stafford Loan accrues interest while the student is in school. The amount that can be borrowed through these loans depend on your student’s class level and dependency status, however no credit check is required. Non-federal loans for educational expenses are also available from commercial banks. Parents of dependent students may also qualify (based on credit) for a Federal Parent Loan for Undergraduate Students (PLUS Loan). You as a parent may borrow an amount equal to the cost of education minus any other financial aid received by the student.
Related Questions
- Why is the family contribution on the Student Aid Report (SAR) sometimes different from the family contribution that the School of Medicine expects?
- My student did not qualify for grant aid, but cannot afford to pay for school. What can be done?
- How does a high school student qualify for the Dual Enrollment-College-in-High School program?
