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Can a non-traditional student who has a family get student loans to pay for college and living expenses at the same time and will federal loans cover the amount of living expenses?

Ashley Howard

in Student Loans

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Mindee Nelson on November 9, 2018

Response . There is No doubt that students should seek scholarships, grants and Federal aid first. To do this, visit fafsa.ed.gov fill out a Free Application for Financiall Student Aid (FAFSA). Federal loans are awarded on what your school percieves will be your total expense based on your answers to the questions on the FAFSA application and what their duties are. Once awarded a Federal loan and you decide to use, the school will apply the sum towards the costs of tuition and fees and then cut you a check for whatever is left over. The money that is left over (could be minimal, as the school cost estimates prior to the award of the loan amount, try to be as accurate as possible) could be used for their books and living expenses.. However, if you are attending an eligible school at least half-time or on a continuing education basis, Private student loans are the more versatile of the college loans to cover all the costs for the university (including living expenses, books, tuition, computers/internet, travel expenses and any other expenses associated with the university). Private student loans also tend to have a greater borrowing limits for Federal student loans and once approved for a loan, the funds can be received in as little as a couple of days.. Private student loans are offered through banks and private lenders, such as OneSimpleLoan ( www.onesimpleloan.com ). It is important to keep in mind that private student loans are based on credit, so that if you are going to apply for one, but don't have a good or good credit history, then you may want to consider applying with a co-signer. Most private loans also feature a grace period, while a student is in school and during a given period of time after graduation. However, you should also know that, in most cases, the interest generated by the private loans until you get paid.. Most private loan lenders offer no pre-payment penalties, that may help, as well as a small interest rate discount for automatic direct-debit of loan payments.. All in all, if you need the extra money to cover your college or university, as well as their living expenses, private student loans can be the way to go.. Good luck!


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