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Author:
Bev Dodd
Web Site: http://www.family-refinance-consolidation-loans.com
Direct
loan: apply early, avoid disappointments
Take
advantage of early tuition discounts when you get your direct
loan early. Make sure you are aware of all your costs and needs
when you apply for a direct loan. We'll discuss this more below.
The
first thing you should do before applying for a direct loan is
work out your financial need. Financial need equals the
difference between the costs of attending the campus, less the
resources available to the student. Stated costs include tuition
and fees, books, supplies, room and board, personal expenses,
transportation and related expenses of the students' dependents,
if any. When possible, applicants are expected to provide a
reasonable monthly payment from savings or earnings toward
meeting the cost of their education.
Take
advantage of tuition prepayment discounts after you get your
direct loan. Some colleges offer up to a 10% discount for early
payment. Apply for aid as soon as possible after January 1st.
Submit a FAFSA, even if you don't think you qualify for aid.
Being rejected for federal aid is sometimes a prerequisite for
private awards. Learn all you can about the college financial
aid process. Be sure to meet your aid administrator and
establish a relationship.
You
could incorporate your direct loan into a consolidation loan.
Loan consolidation is another way for borrowers to handle large
educational debts or combine multiple loans with multiple
lenders to a single lender. A loan consolidation is a new loan
that actually pays off the borrower's qualifying outstanding
student loans, leaving the borrower with one loan and payment.
Consolidation also offers an extended repayment period that can
range from 10 to 30 years depending on the total amount of the
educational loans.
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