Federal Student Loan – Federal Monetary Assistance for Education

Nelson Mandela has rightly stated ‘Education is the most powerful weapon to change the world.’ Education, with its endless benefits, is an important element of every person’s life. It not only helps in the development of a person as an individual but also helps in the progress of his family, society and the nation. With an increase in the importance of education, the cost associated with it is also increasing. Hence a number of students are opting for monetary assistance like student loans to pursue their college education. There are a variety of student loans available and it is important to opt for a loan that perfectly suits one’s needs. One of the most preferred and economic type of student loans is the federal student loan. These are the loans for education given by the federal government and are provided through the Federal Direct Student Loan Program (FDLP) by U.S. Department of Education. The federal government program for loan to students has been designed to cater to diverse group of students. This loan can be subsidized or unsubsidized. In a subsidized loan, interest on loan is paid by government when the student is completing his education. In an unsubsidized loan, the interest on the loan has to be paid by the borrower. Fixed, low interest rate and no collateral or credit checks make it a favorable option for students. Federal student loans can be further classified as– • Stafford Loans – These loans are available on subsidized and unsubsidized basis for undergraduate as well as graduate students. These loans are not subject to an approval of credit and also offer 6 months deferred repayment period. • Perkins Loans – These fixed interest rate loans have very generous terms and are designed especially for students with acute financial needs. They can be taken by undergraduate or graduate students who qualify in the loan terms. • Parent Loan for Undergraduate Student (PLUS) Loans – These loans are taken by parents for the education of their children. The loan terms are different than other types of federal loans like the interest is comparatively higher, commitment of repayment is done by parents etc. • Consolidation Loans – These loans are for students who have more than one federal student loan to repay. They can consolidate the various loans into a single loan at a fixed interest rate and longer repayment term. The benefits of federal student loans are – • Federal loans offer a grace period (deferred repayment) after the completion of education. • Rate of interest is lower than private loans like for undergraduates it usually ranges in 3.4% to 6.8%, depending on the type of loan. • As rate of interest is fixed, the repayment amount stays same over the loan period and without any ‘surprise’ increases. • Less stringent credit requirements makes most of the students eligible for federal loans. • Federal loans are designed in a way that the borrower is protected even if he runs into a financial trouble. Any parent or student must explore the varied options available under federal student loans before opting for a private loan. A wise, careful and well-thought made choice of loan will save you from being burdened under a mountain of debt to be tackled after the completion of your education. Read More...

Student Loan Consolidation

Consolidation loans integrate various student loans to form one bigger loan, which can be utilized to compensate the other loan payments. Student loan consolidation program is almost similar to the refinance mortgage process. Consolidation loan is available for different types of basic loans like Stafford loan, Perkins loan, Federal Supplemental Loans for Students (SLS), National Direct Student Loans (NDSL) and Guaranteed Student Loans. Many lenders provide consolidation programs for private student loans as well. Consolidation loan offers easy repayment option for borrowers of education loan. The program is designed in such way that it will make student loan repayment affordable by offering fixed interest rate option. Consolidation loan help borrowers to take advantage of modified terms and conditions which are more attractive as compared to their previous loans. It helps borrower in extending his loan tenure up to 30 years which assists in reducing monthly installments by as high as 50% in some cases. You can have one time convenient payment option by using consolidation loan rather than making repayments on different dates to various lenders. The application process for consolidation loan is extremely hassle-free and it doesn’t involve any credit checks or excessive processing charges. If you want to make repayment of your consolidation loan before due date, then you can do so without incurring any penalty. The eligibility of borrower for consolidation loan depends on his debt status which includes all outstanding student or education loans. A student can eligible to consolidate his loan, if he has been graduated or relieving from the school. As there are lots of advantages attached with the Federal student loans, the consolidation process of Federal and private loan must be followed separately. If you have borrowed both kinds of loans then it is advisable to consolidate your Federal education loan first which results in significant cost savings at the end of process. Your lender manages all the administrative and documentation work associated with your new loan. Lender handles payment tracking system, billing process and sends you review on your current loan status. Some lenders even make tie-up with leading service providers to offer appropriate facilities to their borrowers.Read More...

2012-2013 National Scholarship Cash Grants

United States Achievement Academy
2528 Palumbo Drive
. Lexington, KY 40509

Phone: 866-892-7615
Fax: 859-268-9068
Email:
http://www.allamericanscholar.com/scholarships.asp

Purpose of award: To reward students with high academic achievement.
Eligibility requirements: Students must have a GPA 00.3 or higher, have a well-balanced schedule of academics and activities. Selection is based on GPA, school activities, standardized test scores and honors and awards.
Target applicant: Junior high students or younger
College students
Adult students
Minimum GPA: 3.3
Amount: Up to $1,500.
Number of awards: 250.
Deadline: Varies.
How to apply: Applicants must be nominated by a teacher, and instructions for nomination are online.

Study Abroad Grants 2012-2013

Honor Society of Phi Kappa Phi
P.O. Box 16000
Louisiana State University
Baton Rouge, LA 70893-6000

Phone: 800-804-9880 x13
Fax:
Email: awards@phikappaphi.org
http://www.phikappaphi.org

Purpose of award: To provide scholarships for undergraduate students who will study abroad.
Eligibility requirements: Applicants do not have to be members of Phi Kappa Phi but must attend an institution with a Phi Kappa Phi chapter, have between 56 and 90 credit hours and have at least two semesters remaining at their home institution upon return. Students must have been accepted into a study abroad program that demonstrates their academic preparation, career choice and the welfare of others.
Target applicant: College students
Adult students
Minimum GPA: 3.5
Amount: $1,000.
Number of awards: 38.
Deadline: February 15.
How to apply: Applications are available online.

Talbots Women's Scholarship Fund 2012-2013

Talbots
Scholarship Management Services, Scholarship America One Scholarship Way
P.O. Box 297
Saint Peter, MN 56082

Phone: 507-931-1682
Fax:
Email:
http://www.taIbots.com/about/ scholar/scholar. asp

Purpose of award: To provide scholarships for women returning to college.
Eligibility requirements: Applicants must be female U.S. residents who have earned their high school diploma or GED at least 10 years ago and who are now enrolled or planning to attend undergraduate study at a two- or four-year college or university or vocational-technical school. The deadline is January 2 or when the first 1,000 applications are received, whichever is earlier.
Target applicant: College students
Adult students
Minimum GPA: None
Amount: $1,000-$10,000.
Number of awards: 55.
Deadline: January 2.
How to apply: Applications are available online.

General Fund Scholarships 2012-2013

American Radio Relay League Foundation 225 Main Street
Newington, CT 06111

Phone: 860-594-0397
Fax: 860-594-0259
Email: foundation@arrl.org
http://www.arrl.org

Purpose of award: To assist ham radio operators in furthering their educations.
Eligibility requirements: Applicants must have any level of ham radio license.
Target applicant: High school students
Graduate school students
College students
Adult students
Minimum GPA: None
Amount: $1,000.
Number of awards: Varies
Deadline: February 1.
How to apply: Applications are available online. Completed applications must be submitted by mail.

General Henry H. Arnold Education Grant Program 2012-2013

Air Force Aid Society Inc. Education Assistance Department 241 18th Street S, Suite 202 Arlington, VA 22202

Phone: 800-429-9475
Fax: 703-607-3022
Email:
http://www.afas.org

Purpose of award: To help Air Force members and their families realize their academic goals.
Eligibility requirements: Applicants must be the dependent sons and daughters of Air Force members, spouses of active duty members or surviving spouses of Air Force members who died while on active duty or in retired status. They must also be high school graduates enrolled or accepted as full-time undergraduates for the following school year and maintain a minimum 2.0 GPA.
Target applicant: High school students
College students
Adult students
Minimum GPA: 2
Amount: $2,000.
Number of awards: Varies
Deadline: March 9.
How to apply: Applications are available online.