Fed Financial
Student loan/financial aid question?
My relative is a single mother and 25 years old. Would she be able to possibly qualify for financial aid and get enough student loans to live off of for two years? She'd get a two year degree and needs money for rent, food, etc during that time. She also has some money from a GI bill after recently being honorably discharged from the Army, after three years of service. I appreciate any advice for her. Thanks!
Public Comments
- As long as she is earning a decent income and has some property in her name, she will be able to get loan. In fact, as far as I know, she may even get preference from government banks as she has been an govt ex-servant and there are special quotas for them. But may be she requires some or the other property in her name, mostly residential type since that will be used as a collateral for the loan security.
- There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most<!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs. http://best-loans.awardspace.com/student-loans.htm Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan-->you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan.
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