What College Loan and Scholarship Programs are available to Veterans?

By Susan - Friday 12 Dec 4:06 pm

Veterans need not be excluded from going to college, applying for college loans or scholarships. There are options available for every individual, especially for Veterans, and these options are inclusive of college loans and scholarships.

By serving the country during your military career, it is felt that the country is indebted to your service and it is thought that the opportunity to study might not have presented itself to you before as time was spent in service of your country. For this reason, Veterans are highly eligible for college loans and scholarships, and there are benefit programs in place that Veterans and their families can take advantage of. Scholarships are more frequently offered to veterans than college loans are.

There are numerous college loan opportunities that are funded by the government, but also state funded college loan and scholarship programs. In addition to this, there are many private institutions that will offer veteran college loans and scholarships, but at a slightly higher interest rate. These rates are determined by the individual institutions and should be confirmed before an application for your college loan is made. Scholarships and benefits are also made available to the children of military Veterans.

Application forms for government funded college loans and scholarships as well as for privately funded college loans can be obtained from the colleges or schools that you are planning to study at. These forms can be handed in at the school’s reception and will then be submitted to the Department of Veteran Affairs by the registrar of the school you are applying at. You can apply for your college loan or benefit directly to the Department of Veteran Affairs by clicking here. Veterans have 10 years from the date of being released from duty to take advantage of their education benefit.

Sallie Mae has teamed up with Veterans Advantage to offer a competitive college loan available only to military veterans. Veterans Advantage is a portal that offers veterans incredible rewards in all spheres of retail, financial, health, entertainment and many other dimensions of day to day life. College loans are another dimension that offer veterans an opportunity they might not have received during their service. Sallie Mae has a few options available for veterans, and VA (Veterans Advantage) card holders can use their membership cards to log into the Sallie Mae College Answer website to find further information on college loans specifically tailored to suit their needs and financial situations.

Standard government funded college loans (FFELP) are probably the best place to start when applying as a veteran. Alternatively, college loans can be applied for with private institutions provided the applicant is willing to pay a substantial amount more in interest charges than as would be with federal college loans. By shopping around for college loans, you will become familiar with the advantages and disadvantages of all available college loans, and you will be able to make an educated (excuse the pun) decision.

Posted in: College Degrees, College Loans

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10 Steps to Being Approved for My College Loan

By Susan - Thursday 4 Dec 2:17 pm

Selecting to apply for a college loan is a responsible direction to choose and one that requires a certain degree of personal initiative. Once you have crossed that bridge and are opting to apply for your college loan, then the steps to having it approved are fairly simple. Not much effort will be required on your part, but it is important to carry out all the steps and to understand the process of college loan approval. Provided you have no drug convictions against your name, and do not presently owe any money on a college loan, then you can proceed further with your application.

These 10 steps to being approved for your college loan will help you to identify with the procedure taking place that could unite you with the future that you always dreamed of.

1. You will need to be applied to your college before you can apply for your college loan. You don’t, however need to have been admitted to the college, but will need to have admission to receive approval for your college loan.

2. Determine your dependency status by completing the Dependency Status Worksheet on the Free Application for Federal Student Aid website on www.fafsa.ed.gov.

3. Confirm or investigate the school code that is applicable to your college so that you are positive you have the correct information before applying for your college loan. Some codes change from year to year.

4. For federal loans you will need to apply for a pin on the www.pin.ed.gov website that will give you access to your college loan specifics and allow you to make binding legal obligations.

5. For federal loans you will need to fill out the Free Application for Federal Student Aid (FAFSA) eligibility form to verify whether or not you may apply for a college loan through federal means. This can be located at www.fafsa.ed.gov

6. You will need to have your social security number, high school diploma or equivalent and your parent’s tax information in your possession to submit for application. For private college loans you will need to submit all the requirements for a credit check. These may vary from one institution to the next.

7. When submitting your FAFSA form for application to your college loan ensure that you print out your confirmation report as it includes a confirmation number and the date and time that your application was received.

8. Submit your application for a college loan, no earlier than the 1^st of January and no later than the 30^th of June of the year you are applying for entrance, although some colleges may have different dates for applications so you should check this with the relevant college.

9. Try and apply early enough so that there are still funds available to supply you with a college loan.

10. Follow up by logging into the FAFSA website using your pin for federal loans to check the status of your college loan application. For private loans, each institution will have their own methods of communicating for you to be able to gauge progress on your college loan application.

Posted in: College Degrees, College Loans

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