The form uses information about your family’s financial situation to determine your Expected Family Contribution (EFC).Once your EFC is determined, it is used to draft an individual Student Aid Report (SAR) that spells out your financial needs relating to college.Three important factors influence the amount of your Perkins award: Maximum annual borrowing limits for undergraduates currently stands at ,500, with a lifetime limit of ,000.
Comparing Federal and Private Loans Evaluating Lenders and Offers Assessing Your Finances Community Q&A With the price of education skyrocketing these days, especially in the U.
S., student loans can be an onerous burden for many adults just starting their careers.
However, there is good news for students who need college funding, and it comes in the form of no credit-check federal loans.
In addition to grants and other financial aid, the U. Federal Government administers a program of Direct Student Loans that does not require a long history of pristine credit.
Refinancing your debts, and consolidating them into one low-interest loan may help make your month-to-month payments easier, and save you thousands of dollars over the lifespan of the loan.
Borrowing has a paradoxical component that can be particularly confounding as you launch your quest for college funding.
It is important to protect your credit rating from day one, but at college time your greatest financial successes to date might be paying your phone bill on time, or perhaps managing a revolving credit card account.
By all means, put your best foot forward by exhibiting responsible fiscal behavior, but don’t expect banks and credit unions to lend to you without a significant history of positive credit outcomes.
Independent students enjoy higher borrowing limits. As of July 1, 2012 Direct Loan maximum borrowing limits range from ,500 to ,500 annually, depending on your individual situation.
Perkins Loans are federally funded student loans, which are administered directly by the Institution of Higher Learning you are attending.
If the interest is not paid by the borrower, it will be added to the principle balance of the loan.