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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