Thousands of Dollars to Pay for College Could be Just a Few Clicks Away

If the cost of college and graduate school seems tofinancing option. Federal Stafford Loans for
be rising as quickly as summer temperatures, it mayundergraduate and graduate students, Grad PLUS
be time to look into the funding sources that could helploans for graduate students, and PLUS loans for
you finance your postsecondary education. To helpparents all feature low, fixed interest rates, flexible
families sort through the financial aid maze,repayment options, no prepayment penalties and no
NextStudent, a leading Phoenix-based educationapplication fees. Stafford loans don’t require a
funding company, offers students and parents thiscredit check or a co-signer. PLUS and Grad PLUS
quick guide to the types of financial aid options that areloans allow the borrower to take out up to 100% of
out there.the cost of attendance, less other financial aid
It starts with financial need.received.
Financial aid can be classified into two main categories:These federal student loans are also all eligible for
need-based and non–need-based. Need-basedstudent loan consolidation. By consolidating your federal
aid is awarded on the basis of financial need, a federalstudent loans, you could cut your monthly student loan
determination of a student’s financial situation,payments almost in half. A Federal Student Loan
using the financial information you provide each yearConsolidation could also give you up to 20 more years
on the FAFSA (Free Application for Federal Studentto repay, with the added convenience of replacing
Aid). Non–need-based aid is awarded withoutmultiple student loans and monthly bills with one
consideration given to a student’s financialeasy-to-manage loan and a single monthly payment.
situation. If you meet program eligibility requirements,�
you can qualify for non–need-based aid,NextStudent Private Student Loans can cover what
regardless of your or your parents’ assets orother financial aid doesn’t.
income.NextStudent’s Private Student Loans are
There is such a thing as free money.unsecured, credit-based student loans. These private
Scholarships and grants are a great way to helpstudent loans are non–need-based, so as long
finance your college education because they provideas you meet the eligibility requirements, you
money for school that you won’t have to paywon’t be disqualified for you or your parents
back—it’s basically free money.making too much money.
Scholarships and grants can be either need-based orA Private Student Loan can cover the difference
non–need-based.between your cost of attendance (which includes
Federal Pell Grants are an example of need-basededucation-related expenses like textbooks and an
grants. Non–need-based scholarships and grantsallowance for transportation to and from school) and
include merit-based awards. Some merit-basedthe amount of other financial aid you received.
scholarships may be awarded automatically with yourNextStudent Private Student Loans are available not
admission; others require you to complete anonly to undergraduate and graduate students, but also
application process and compete against otherto continuing education students and the parents of
applicants.K–12 students.
There are millions of dollars in college scholarshipsKeep in mind that federal student loans usually have
available every year. You can start looking by raidingmore attractive terms than private student loans, so
the NextStudent Scholarship Search Engine, ayou should always look into your federal financing
database of over 5.9 million scholarships worth overoptions first.
$16 billion.NextStudent believes that getting an education is the
Federal student loans offer low-cost financial help.best investment you can make, and we are dedicated
After grants and scholarships, federal student loansto helping you pursue your education dreams by
provide students and parents with a smart, economicalmaking college funding simple.