Don't Get Spooked by Financial Aid!

Don't Get Spooked By Financial Aid

If the FAFSA and federal financial aid seems daunting to you, don't worry. The Student Loan Network is committed to making financial aid more transparent and easy to understand for you and your family. Let's do a little overview of federal financial aid: Much like the delicious colors of Halloween's candy corn, there are 3 main federal aid products that are available to students attending accredited, Title IV* schools. These include Stafford loans, Pell Grants and PLUS loans. There also is something called a Perkins loan, but it is up to a school to award it to students with exceptional financial need. Stafford loans are by far the most common financial aid given to students. Depending on your eligibility status, grade level and EFC figure, you can borrow anywhere between $5,500 and $20,500 per academic year alone. To learn more about Stafford loans, visit theStudent Loan Network. The Pell Grant is an award for students with very high financial need. Generally speaking, your family needs an EFC of 5000 or lower to qualify for the full amount of this grant. Your mileage may vary. PLUS loans are credit-based, supplemental loans meant to bridge the gap between other financial aid and your total cost of attendance. Presently, the two types of PLUS loans are Parent PLUS and Graduate PLUS. As the names imply, Parent PLUS loans must be borrowed by an undergraduate student's parent and Graduate PLUS loans are available exclusively to graduate students. * Title IV is a certification