Student Loan Alternatives
If you’re looking for no cosigner student loans, or any college loans for that matter, there are other alternatives you can look into first before you take out student loans. These student loan alternatives should be done by all college bound students regardless if they need a no cosigner student loan or not. If you’ve exhausted all of your options for federal student aid, whether you received aid or not, and you find that you still need funds to pay for your education, or your child’s education, there are other alternative student loans financial aid sources that you can check. Here is some information that will greatly help you. Student loans are an option, but they should always be the last option, since they eventually have to be repaid. You want grants if you can get them, since they do not have to be repaid.
After looking into all potential federal aid, take a step down to your state government. Many states have financial aid grants for education, which is only available to the residents of that state. The Leveraging Educational Assistance Partnership (LEAP) Program, is funded jointly by all the states and the US Department of Education which can offer attractive student aid programs. Each state differs in this area, and in the requirements for financial aid eligibility. This is definitely, however, one of the first financial aid sources you should check after you’ve explored federal aid. You may find that you do not need a no cosigner student loan if you receive aid from your state government.
Call AmeriCorps, located in Washington, D.C. The AmeriCorps program will award you with funds for college in exchange for community service that you perform. Few people actually know about this, but it is definitely a funding source for your education. By doing community service, you will not only be helping your community, but you will also help to pay for your education, and the community service can be performed before you start college, while you are in college, or after you finish college. If you do enough community service in college through AmeriCorps and you needed student loans with no cosigner; you may not need them anymore.
Federal Work Study is a great alternative student loan program. Attend college and work around your classes. There is great flexibility with Federal Work Study programs. You can get on the job experience in the field you major in and pay for your tuition at the same time.
Check with your high school counselor and the financial aid officer at your college of choice to find out about alternative financial need scholarships that you may be eligible for. Also remember to ask about local scholarships, as these scholarships are often overlooked. Local businesses often set up scholarship funds for students in the community. These financial aid sources aren’t even considered by many students and the money are left unused.
If you, your parents, or your grandparents belong to any union, check to see if there are union scholarships or educational funds available for your use to pay for your education. This is often unadvertised information. You also need to check with your employer or your parent’s employer to find out if they have a program in place to help pay for your education. If you land a few of these you won’t need any no cosigner student loans.
Don’t overlook any type of organization or association that you or your parents are a member of, as they often have funds for education available as well. Explore all of the possibilities. Don’t forget about high school ‘clubs’ that you may be a member of either, such as the FFA, FHA, or 4H Club.
If you are a member of the armed forces, or one of your parents is a member of the armed forces – even if they are retired – there may be funds to help you pay for your education through a military scholarship. Many people join the military for the sole purpose of getting their education paid for. Check out the: VFW, AMVETS, NSDAR, American Legion, The US Department of Veterans Affairs, Veterans Benefits Administration, Disabled American Veterans, and The Recovery Act provide the Department of Veterans Affairs (VA). The armed forces in particular, will cover all of your college tuition and you will not need any more student loans with no cosigner anymore.
Grants do not have to be paid back and are a great alternative to student loans no cosigner included. The five types of federal grants available to college students are Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Academic Competitiveness Grant (ACG), National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) and the Teacher Education Assistance for College and Higher Education (TEACH) Grant. All federal grants are based on financial need. To apply for all grants students must fill out the FAFSA form and this will indicate if you qualify or not.
The IRS offers financial aid to certain taxpayers which helps to pay higher education expenses through the Hope Tax Credit & the The Lifetime Learning Tax Credit. You can go directly to www.irs.gov. IRS Publication 970, which is the ‘Tax Benefits for Higher Education’ and it explains all the credits and other tax benefits available to college students seeking financial aid. You may also call them at 800-829-1040 and TTY callers call 800-829-4059 for person to person question & answer student aid options.
To accurately access how much it will cost to attend college you can read about the FAFSA4caster which every student should use in determining exactly what your total college cost will be. This is an amazing tool with pin point financial accuracy so students know how much they must have to go to college. It also will tell you what financial aid programs you qualify for too.
If you have exhausted all other forms of alternative grants and scholarships, start at the top of the list and start again. Leave no stone unturned, and even if you do eventually need no cosigner student loans, you won’t need a very big one because you will have so much other financial aid from other sources. All of the above are great alternative student loan options and every student should attempt to try and get all of the above regardless of the student’s situation.
No Cosigner Student Loan first Steps
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