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Scholarships, grants and loans are funding staples for university students, who use them to pay for tuition, books, housing and other college fees.
While each form of aid tackles school expenses, there are important distinctions to be made between the types of available assistance.
While the name and precise lending protocols of the program may have changed, the bottom line for students is that Federal Direct Loans provide the best source for low-interest fixed-rate school financing.
All forms of federal financial aid are initiated using a standardized request form called the Free Application for Federal Student Aid (FAFSA).
To utilize the funds, students were required to enter into borrowing agreements with private lenders, who administered each student’s guaranteed Stafford Loan.
The important thing to remember about both of these coveted forms of financial aid is that you are never required to pay the money back.
Guarantee your private college loan with the help of a co-signer, but when you are on your own in your quest for student aid, your best path to success includes Federal Direct Loans from The United States Department of Education. Pell Grants and other free-money programs lift disadvantaged students into higher education, by granting educational assistance to the neediest qualified applicants.
To increase college access for a wider cross-section of potential students, the Federal Government also puts forth low-interest long-term loans.
The popular Stafford Loan program, a long-time federal financial aid stalwart, has recently been changed to accommodate modern students.
Historically, campus financial aid offices worked to provide college financial aid packages that included guaranteed Stafford Loan awards.
Expected Family Contribution (EFC) is an important reference number that is submitted along with your Student Aid Report to each of the colleges you are considering attending.