Description
Choosing a financial aid program is an important aspect of your academic program. Federal and private loan programs offer a variety of financial aid options. As the cost of higher education increases, many students are relying on student loans to meet expenses. The US Department of Education estimates that for the academic year 2008-2009, it will provide more than $83 billion in financial aid. The Department will provide 60 percent of all student loan funding this year, with the balance funded by private lenders. Your school's financial aid office can help you with the financial aid application process. FAFSA: The Gateway to Financial Aid Programs The Free Application for Federal Student Aid (FAFSA), which is available online , allows you to apply for all federal student loan programs. In addition, your school can also use the information submitted by you on the FAFSA to qualify you for private, community, and state loans, grants and scholarship opportunities. The FAFSA is the master application for financial aid programs. It's important to know that funding for all forms of financial aid is limited so it's important to file your FAFSA as soon as possible after January 1 of the year you plan to start college, and each year thereafter. Even if you think you may not be eligible for all forms of federal financial aid, you should file the FAFSA so that your financial aid office can better counsel you about your financing options. Federal and private student loans are available for a wide range of educational programs, including technical and vocational training, undergraduate degree programs and graduate and advanced professional degree programs. Here are some pros and cons to consider