College...And eduacation scan?

• Americans student now owe over $875 billon dollars in college loans, that more than the credit card debts today.

• The coast of college tuition since 1982 has gone up more than 400%

• The unemployment rate for college grads under the under 25 is over 9%, there are about 2million recent college grads that are current unemployed.

• About 2/3 of college student graduate with student loan

• 317,000 waiters in the US have college degrees/24.5% of retail salepersons also have college degrees

• The estimated student debt loan in 2008 is more than $40,000 in the U.S according to The Project on Student Loan

• The starting salaries for college students in the U.S went down in 2010

www.endoftheamericandream.com

ALTERNATIVES (Scholarships and Grants)

Taking out loans are not the only way to pay for college. Scholarships and Grants are a perfect way to pay for school. They are basically free money. Meaning that you won't have to pay them back.
There are many types of schlors(not only academic)

Below are a list of website where you can go to apply:
www.fastweb.com

www.blackexcel.org

www.finaid.org/scholarships

www.brokescholar.com

http://www.college-scholarships.com/free_scholarship_searches.htm

http://www.scholarships.com/

http://www.musicscholarships.us/

http://www.nursingscholarship.us/

Federal Perkin Loan

A Federal Perkin Loan is made through a school's financial aid office meaning that your school is you lender and the loan is made with government funds.
Your school will either pay you directly or apply it to any educational expenses. It would be distrubted in at leat two sepearate payments during you academic year. Intrest is at low as 5% for both undergrad and grad.

Borrowing Limits:
-$4,000 for each year of undergraduate studies/ you can borrow up o $27,500 as an undergraduate.
-$8,000 each year for graduate or professional study/ you can borrow up $60,000 as a graduate

*You may cancel this loan anytime you want during you academic career.


How will you pay back.
example:
-Total amount: $4,000
-Number of Payments: 120
-Approximate Monthly payments: $42.43
-Intrest Charges: $1,091.01
-Total Repaid:$5,091.01

Different type of Student Loans

1.Alternative Loans: Private loans,student get based on credit

2.Federal Perkins loans: need-based loans to offset educational expenses for their dependent parents.

3.Subsizied Stafford Loans: needed-based student loans where the federal government pays intrest.

4.Unsubsizied Stafford Loans: not based on financial need and government doesnr pay intrest

Q & A about college loans

1.Can Student Loans ccover off campus housing?
Yes, you may use your loans realte to anything wiht college.

2.How do you get a student loan without a co-signer?
Federal loans (ex. Stafford loans) are not based on credit history, therefore you wont need a co-signer.

3.If student loan payments get to extreme, would filling for bankruptcy remove you student loans?
In some extreme cases yes

4. Can you apply for federal studeny loans if you already in school?
Yes you may.

5.What is a Perkin loan?
A fedearl Perkin loan is a low-interest loan for both undergrad and graduate students with exceptional financial needs.

6. When would be a good time to apply for loan?
Finacial aid will aquire you to apply for whenever you need it.

7. Whats the difference between subsidized and unsubsidized student loans?
Subsidized means it is a need -based so the government pays the intrest while your in school.

8. Are loans-by-phone companies legitimate?
Not all of them are, make sure to check if they are registered by the state.

9.Do student loans show up on your credit report?
Yes, both private and federal loans will show up.

10.How old does a co-borrower have to be?
18 or older with a credit history.

Stafford Loans

Stafford loans are federal studen loans made available for college students. Mostly every student who apply for them may recieve it. The Benefits about Staffor loans are:

1. Low fixed intrest rate: sometimes as low as 4.50%
2. Increased borrowing rate up to $20,500 a year depending on degree status
3. No payments while enrolled in school (common for most loans)
4. Appentance not based on credit

To be eligiable for a Stafford loan you must fill out a FAFSA form, and must be enrollled or plan to enroll in school for atleats 1/2 time.

For more information or to apply to Stafford loans visit:

www.staffordloan.com

Eligibility for FAFSA

Any student who meets the criteria may be eiligible for aid:

• U. S citizen, U.S national, eiligible citizen.


• valid Social Security number


• has high school diploma or GED


• is registered with the U.S Selctive Service


• completed a FAFSA form promising to use federal aid for education purposes


• doesnt owe any refund to the federal government


• is not in default on any student loans and has not been found gulity of sale/possesion of illegal drugs while federal aid has been recieved