A Stafford Loan is a student loan that is offered to eligible students in order to facilitate financing for their education. The loan itself is described in detail in Title IV of the Higher Education Act of 1965 that guarantees full payment to a lender if the student does not satisfy the terms. The loan offers rates that are much better than private loans since the US Government guarantees them in full.
With that said, these loans do have a very strict eligibility requirement that needs to be met before any money is given out. Students applying for these types of loans must first fill out a FAFSA. The Stafford Loan is available directly through the FDSLP (Federal Direct Student Loan Program) or from a private lender through the Federal Family Education Loan Program. (FFELP).
Students receiving these types of loans are not required to pay off the loan until they stop being a full or half time student in college. After the student leaves school, either by graduation or by not fulfilling the minimum credit requirements, a 6 month grace period kicks in. After that 6-month period, the loan repayment process begins.
Stafford Loans are available both as subsidized and unsubsidized loans. The difference being that subsidized loans are technically interest free for the time you are in college and for the 6 month grace period as the federal government will pay those recurring interest rates for the student. On the other hand, unsubsidized loans have interest added to the total amount even while you are still in college.
The Federal Pell Grant is a post-secondary educational federal grant program sponsored by the U.S. Department of Education. These types of grants are awarded based on a “financial need” formula that is determined by the U.S. Congress via the FAFSA application.
One of the great benefits of a Federal Pell Grant is that it does not need to be repaid like a loan. They are usually awarded to undergrad students who have not earned a bachelor’s or any other type of professional degree. In this sense, a Pell Grant is considered as federal financial aid and more aid from other sources, either federal or nonfederal, might be added on top.
The maximum award for the 2008-2009 award year is $4,741. The amount available usually changes every year depending on the funds that the program has available. The maximum that an individual can get depends solely on the individual’s financial need, their cost to attend school, and their status as full-time or part-time students.
Federal Pell Grants are usually applied toward tuition costs but arrangements can be made to pay a student directly (most likely via check). During limited occasions, a combination of these methods might be used. As far as regulations for the school, they must tell you in writing how much your award will be and the method that you will receive payment. Additionally, schools must disburse funds at least once per term. Schools who do not uses semesters will have to disburse funds at least two times per academic year.
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TuitionBids allows students to apply for student loans, and have up to six lenders bid on the loan. This process gives students the chance to receive the best, most affordable loan available. Additionally, the site offers resources for students to learn about the college entry process, research colleges around the country and find out information on further loan needs. It is a valuable resource for any current or future college student.
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More than half of all college students receive some form of financial aid, whether it is loans, grants, or even work-study. These funds are essential for most students as it is the only way for them to complete their college education. However in order to obtain these funds, every student must fill out a FAFSA, Free Application for Federal Student Aid. This form must be filled out for every year that the student attends college. This form can be overwhelming at first, however it does not have to be. Follow some of these tips and advice and you will soon be able to complete this application with your eyes closed.
DEADLINES
Even if you want to apply for grants or loans from your school, you still need to fill out the FAFSA. There are deadlines in place to make sure that your application gets reviewed in time for certain funds. If you miss this deadline, you can still submit your application, just be sure to work with your school’s financial aid office to ensure that your request is reviewed for any remaining funds. You should also check with your state AND your school to verify their specific FAFSA deadlines.
PIN NUMBER
The FAFSA has come a long way in the past ten years. You can now file your application online and electronically sign your form with a pin number issued by the U.S. Department of Education. Filing electronically will speed up the submission of your application as it is then sent electronically from the Department of Education, directly to your school. If you do not have a pin number, then you can apply for one by visiting the FAFSA website.
DOCUMENTS NEEDED
In order to fill out the FAFSA you will need specific documents to ensure that you complete your application accurately. Use the checklist below to determine if you have all of the necessary materials to proceed with your application:
W2 and/or Tax Forms- If you are a dependant student, you will need copies of this information from your parents. If you are an independent student, you can use your own tax information. If you are married, be prepared to enter your spouse’s information. It is best to complete your tax return BEFORE filing your FAFSA; this will ensure you receive the correct amount of funds for the current year.
Other Income- If you receive other income besides your employment, such as unemployment, Social Security, child support, etc., then be prepared to enter these amounts.
Bank Statements- One of the questions on the FAFSA will ask you what the current account balance is in your bank account, so you should be prepared by having your most current bank statement or contacting your bank for your balance.
SSN and Drivers License Number- If you do not have your social security number and driver’s license number memorized, then have these documents ready as well.
Assets- If you have any other assets or investments, you will need to know the current value of them so have these documents ready for reference.
Non US Citizens- If you are not a U.S. Citizen, you will need to make sure you have your permanent resident ID Card.
Finally, check with your school for additional financial aid forms that they may specifically require. Some schools will require a separate packet of forms and may also require additional financial information to determine if you are eligible for any kind of state aid or maybe even specific funds from the school.
Any college student can assure you that you need to take good notes during class, in order to capture the main ideas of the lecture and succeed on the exams. For some students this can be a difficult task for a variety of reasons, however with a few tips and some guidance you can take notes in your classes that will be helpful to your success in college and beyond.
Use your Text
While your professor is giving the lecture, have your textbook open to the chapter that is being discussed. This way you can refer to any important ideas quickly and efficiently. If your professor tells you that you need to know the definition of a certain word, you can jot the word and the chapter page numbers in your notes. Later when you are studying, this will make for easy reference.
Read Ahead
Most professors will distribute a syllabus at the beginning of the semester so that you know exactly what will be discussed in class and on which days that will be done. If you read ahead of time, then you will be more than prepared for the lecture, which in turn will make for easier note taking.
Don't Write Everything
Professors talk a lot and there is no way that you will be able to write down every single thing that is mentioned during class. Try to keep alert for important ideas or items that you may think are on upcoming tests. By doing this you will actually be alert during class, and still write down important subjects presented during class.
Compare Notes
Make friends with a few of the other students in your class and see if you can set up study sessions with them. This way you can compare your notes with your peers because chances are you may have missed an important note that the student next to you may have caught. This also helps reinforce the material for upcoming exams. If you cannot meet in person, then see if you can email or instant message someone for comparisons.
Take your Laptop
Take advantage of the technology in today’s society and take your laptop to class. Of course you should double check with your professor ahead of time to be sure that this is alright with them. Most people type faster than they write; therefore you can probably take more notes via your laptop than you would with pen and paper.
Digital Recorders
Again, check with your professor to see if you would be allowed to use a digital audio recorder in class so that you can record the lecture. This way you can be 100% focused on the professor and you can listen to the lecture again later and take notes while studying. This will also help because you will have the ability to pause the lecture while you write down important terms and ideas.
Don’t be intimidated by the whole note taking process. Every student learns differently so just because the girl next to you can sit and listen to the lecture without writing a thing down does not mean you will be able to do so as well. Try a few different techniques and use the one that works the best for you.
Procrastination gets the best of almost every college student. With so many other responsibilities such as work, social life and other classes, some things, such as studying for that all-important exam, are bound to hit the back burner. It can be a daunting task to sit down and study tons of material for an exam you have the next day, however it can be done. Although I would not use these study tips as your primary study techniques, you can use them for last minute cramming.
Notes
This is where your class notes will come in handy. Usually, some professors will casually mention what will be on the exam during their lecture and if you took note of these points, then you should be able to determine exactly what to study. This is a good time to check with your peers as well and see if they have notes that you can look over or even compare to yours.
Study Groups
Surely, you are probably not the only student in the class cramming for the exam. Check with other students in the class and see if anyone wants to cram with you via a group session. Usually when you bounce information off of another person, you tend to memorize the facts better.
Do more than just Read
Do not just read the textbook word for word and expect to memorize the information because most likely it will not happen. Go through your text and highlight important ideas such as terms and their definitions. If you are studying a subject that would have case studies, such as Business Law or even Education, then study them! Professors like to throw in real life situations that may have been mentioned in your text.
Flash Cards
These are an excellent way to learn material and learn it quickly. It works two ways because you are learning while you write the information down on the flash cards and then when you test yourself later, the information is reinforced. Run through these cards as much as possible to help the information stick in your mind.
Be Creative
A proven way of memorizing information is by attaching a song to the material. Think of your favorite song and try to incorporate the material into the beat. You can also relate the information that you are studying to real life events to help make it easier to memorize.
Other Tips
Do not stress. If you stress and get nervous about this upcoming exam, then chances are you are doing more harm than good.
Get some rest. Staying up all night will not help because the next morning you will be too tired to concentrate. Make sure you obtain a sufficient amount of rest.
Lay off of the caffeine. While studying the night before, keep the caffeine to a minimum. Yes it will keep you awake enough to study, but when you come down off of that caffeine high, you will be tired, and your body will be too run down to properly concentrate.
After the Test
Usually, after you took a test, you can determine how well you did based on the answers you provided. If you feel you did not do your best or that your grade may be in danger, then talk to your professor. Most will not allow a retake of the exam, however you can ask if there is any type of extra credit you can do to help boost your grade.
As a college student, you know that the meals in the campus cafeterias are not always healthy and great tasting. Some schools think they are doing you a favor by providing fast food franchises however, the same food over and over gets old after awhile. Believe it or not, you can provide yourself with healthy meals that are simple to make and even affordable for the budget conscious college student.
Small Appliances
If you live in a dorm, be sure to check with your school regarding rules for such appliances as some of them are considered fire hazards in small areas. If you are allowed to have electrical appliances, then there are a few that are necessary for convenience cooking in college.
Microwave: Some colleges will provide microwaves to each student in an on-campus dormitory. Microwaves are the ultimate in convenience as you can cook practically anything in these appliances.
Toaster Oven: These appliances are perfect as you can do everything from making toast to baking a small pizza.
George Foreman Grill: You can purchase a small indoor grill for less than $20 and use it for everything from grilling hamburgers to chicken; and the best thing is that it helps you to grill food in a more healthy manner.
Skillet or Griddle: A small skillet will allow you to whip up tasty stir fry dishes and a griddle will give you the freedom to cook pancakes and other breakfast foods.
What can you Cook?
So you are probably thinking that you do not have the money for steak and lobster, yet you will want to fix your own meals that actually taste good.
Hot Cereals: You can purchase instant hot cereals such as oatmeal and cream of wheat. All you need to do is boil water and within minutes you have a healthy breakfast.
Grilled Cheese: Bread and cheese is cheap and if you put it together you can fix yourself a grilled cheese sandwich.
Eggs: You can scramble eggs on a griddle and add a side of toast.
Pasta: If you have your own apartment then go ahead and boil up some pasta and top it with your favorite sauce. You will have a perfectly healthy meal balanced with vegetables and protein, yet it only took you minutes to make. Pasta is also very cheap so a quick pasta meal can cost you less than $10.
Burgers: Purchase the pre-made hamburger or turkey patties. You can throw them on your foreman grill and in a few minutes you can have great tasting burgers.
Other Needs
Don’t forget to purchase paper plates, bowls, cups and flatware. If you are cooking in a dorm, be sure to keep your dirty dishes to a minimum. The next time you are in the library, look for college oriented cookbooks. These types of books have tons of healthy recipes for the college student on a budget. Be creative. Chances are, you can have a restaurant style meal for half of the cost and effort.
Selling back textbooks can be a great way to recoup some of the costs of the outrageous prices of textbooks. Unfortunately school bookstores usually...
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