Student Loans without Cosigner and FWS
Many students realize at some point in the process of obtaining funding for college that they can get student loans without a cosigner. Even after exhausting other options for college funding that do not need to be paid back, such as grants and scholarships, you may still need other sources to help you pay for college.
Obtaining a traditional loan can oftentimes be difficult for many college students because they have bad credit or no credit standing and cannot obtain a student loan without a cosigner. For students who cannot get someone to cosign on a student loan for them or who prefer to handle their college financing on their own, there are other options available. One greatoption to consider is the College Federal Work Study or FWS Program.
This program can be a great alternative to no cosigner student loans. Although you are working for the money you receive, this program does fall into the category of federal student aid due to the fact that the money earned can be used for paying college expenses. If you are determined to be eligible for this program you may not need to apply for student loans without a cosigner at all. This option is actually better than many other options due to the fact that you do not have to worry about graduating with debt that must be repaid.
The Work Study Program is available to undergraduate as well as graduate students. You can also attend school part-time as well as full-time and still qualify for this program, provided that you demonstrate a financial need. You will generally qualify for the FWS program if you qualify for other federal loans and grants.
If you are approved for the FWS program you will be able to work on a part-time basis at a job that is provided in the community or at your school. You are not allowed to work full-time. Ideally, the type of work you perform should be related to the degree program in which you are enrolled. Your work could also be community serviced related. Jobs may occur on or off-campus. Your school must also participate in the program.
There is no need to search for a job if you are approved to work through the FWS program. Your job will instead be assigned to you through the financial aid office. One of the benefits of the work study program is that your job schedule will be customized to fit your class schedule to ensure you do not have to miss any classes.
You will be paid the minimum wage for your state. In some cases you might be paid a higher wage. It should be understood that students who demonstrate the greatest financial need will be awarded jobs through the work study program first. Schools typically only have a limited amount of money available for this program and jobs are awarded on a needs-level basis first. Money for the work study program is provided by the government.
While undergrad students are typically paid by the hour, graduate students may be paid an established salary or by the hour. In most instances, schools pay once per month. It should also be understood that if your grades begin to slip, your award amount and work hours may be reduced until your grades improve. This is one of the differences between student loans with no cosigner and the work study program. Your grades do not affect the status of your no cosigner student loan.
The benefit of the work study program is that you can be assured that your school has already received the funding to cover the cost of your job if you are approved for the program. Provided there is funding available, your school will be able to create or find work for you either within the community or in the school.
If you land a FWS program then you can forget about any student loans without cosigner needed program – at least for the time being.
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