| Stafford student loans are the most popular used aid | | | | You may require multiple financial aid sources to help |
| package for financing college. It is available to all | | | | pay for school. So start by getting all of the stafford |
| students who attend accredited schools. The | | | | student loan amounts that you can get. It may not be |
| advantage of stafford student loans is rate and terms: | | | | much, depending on your status and grade level. But |
| - stafford student loans rates are fixed and lower than | | | | every dollar counts. |
| other college aid packages | | | | 3. Look for Other FREE Financial Aid Options |
| - stafford student loans do not require a credit check | | | | There are FREE financial aid options that can help pay |
| or collateral | | | | the cost of education. The most popular FREE option |
| - stafford student loans have repayment terms of 10 | | | | is scholarships. Another is work-study and other |
| years; under consolidation, terms can be extended to | | | | college aid. Another is community service. So complete |
| 20 and 30 years depending on the amount being | | | | a thorough search of ALL available aid options. |
| consolidated | | | | 4. Keep Tally of Your Financial Aid Sources |
| The disadvantage of stafford student loans is the loan | | | | You may be using scholarships, college aid, stafford |
| amounts available. The total amount available for | | | | student loans, work-study, and other aid sources to |
| undergraduate students in the 1st and 2nd year does | | | | pay the full cost of education. Keep track of that |
| not cover the cost of education. The loan amounts are | | | | information regarding aid amounts, sources of aid, aid |
| also subject to the student's dependency and | | | | provider name and address, aid terms, etc. It will come |
| independency status. Dependent undergrad students | | | | in handy for successive years when you need new |
| get even less when they apply for stafford student | | | | aid and when you need to consolidate loan amounts |
| loans: | | | | upon graduation. |
| Aggregate Annual Loan Amounts for Dependent | | | | 5. Use Private Student Loans to Close the Gap |
| Undergraduate Students | | | | If you need additional money to make up the |
| - First Year: $3,500 | | | | difference between the costs and aid received, |
| - Second Year: $4,500 | | | | consider using private student loans to close the gap. |
| - Third Year and Beyond: $5,500 | | | | With most private student loan programs, you can |
| Aggregate Annual Loan Amounts for Independent | | | | borrow up to the cost of education (within limits) to |
| Undergraduate Students | | | | pay tuition, housing, computer, and other related college |
| - First Year: $7,500 | | | | expenses not covered by college aid and parent |
| - Second Year: $8,500 | | | | contributions. You generally don't have to make |
| - Third Year and Beyond: $10,500 | | | | payments until after graduation. Private student loans |
| The annual loan amounts will barely cover the cost of | | | | are a great resource when you need extra money. |
| tuition, not to mention housing, food, transportation, | | | | Sometimes your college and personal aid will not cover |
| recreation and other related college expenses. With | | | | the full cost of education after your run your budgeting |
| the average costs for college ranging from $16,000 to | | | | analysis. That is when you turn to private student loans |
| $35,000 per year (depending on which university you | | | | to make up the difference from the cost of education |
| attend), you can see why Stafford student loans pay | | | | and the amount of student financial aid that you have. |
| for only a part of the total academic cost. So What | | | | 6. Use Pre-Paid Credit to Manage Your Money |
| Should You Do: | | | | Pre-paid credit is one of the best money management |
| | | | tools for students on tight budgets. Pre-paid credit |
| 1. First Step: Start with a Budget Plan | | | | works exactly like credit cards except for one thing -- |
| All students should have a budget plan for school. The | | | | the amount you can spend with the card is dependent |
| plan lists the financial aid options you have for the | | | | on the amount you load to the card. That is a key |
| academic period and the month-by-month spending | | | | advantage. You can budget what you want to spend |
| plan. | | | | by week or by month and load that amount from your |
| Budget plans help students understand where they | | | | student funds to the card. You can then use the card |
| need to save and reduce daily spends in order to stay | | | | to buy food, supplies, recreation, etc., and limit your |
| within limits. | | | | spend to the amount loaded. |
| You can estimate and budget these expenses by | | | | Stafford student loans may not cover your full |
| month using budgeting worksheets and other online | | | | education costs. But they are a great source of aid to |
| budgeting forms. | | | | have in your pocket when considering the aid options |
| 2. Get All of the Stafford Student Loan Money You | | | | you need to attend school. |
| Can Get | | | | |