| If the cost of college and graduate school | | | | Federal Stafford Loans for undergraduate and |
| seems to be rising as quickly as summer | | | | graduate students, Grad PLUS loans for |
| temperatures, it may be time to look into the | | | | graduate students, and PLUS loans for parents |
| funding sources that could help you finance | | | | all feature low, fixed interest rates, |
| your postsecondary education. To help | | | | flexible repayment options, no prepayment |
| families sort through the financial aid maze, | | | | penalties and no application fees. Stafford |
| NextStudent, a leading Phoenix-based | | | | loans don’t require a credit check or a |
| education funding company, offers students | | | | co-signer. PLUS and Grad PLUS loans allow |
| and parents this quick guide to the types of | | | | the borrower to take out up to 100% of the |
| financial aid options that are out there. | | | | cost of attendance, less other financial aid |
| | | | received. |
| It starts with financial need. | | | | |
| | | | These federal student loans are also all |
| Financial aid can be classified into two main | | | | eligible for student loan consolidation. By |
| categories: need-based and | | | | consolidating your federal student loans, |
| non–need-based. Need-based aid is | | | | you could cut your monthly student loan |
| awarded on the basis of financial need, a | | | | payments almost in half. A Federal Student |
| federal determination of a student’s | | | | Loan Consolidation could also give you up to |
| financial situation, using the financial | | | | 20 more years to repay, with the added |
| information you provide each year on the | | | | convenience of replacing multiple student |
| FAFSA (Free Application for Federal Student | | | | loans and monthly bills with one |
| Aid). Non–need-based aid is awarded | | | | easy-to-manage loan and a single monthly |
| without consideration given to a | | | | payment. |
| student’s financial situation. If you | | | | |
| meet program eligibility requirements, you | | | | � |
| can qualify for non–need-based aid, | | | | |
| regardless of your or your parents’ | | | | NextStudent Private Student Loans can cover |
| assets or income. | | | | what other financial aid doesn’t. |
| | | | |
| There is such a thing as free money. | | | | NextStudent’s Private Student Loans |
| | | | are unsecured, credit-based student loans. |
| Scholarships and grants are a great way to | | | | These private student loans are |
| help finance your college education because | | | | non–need-based, so as long as you meet |
| they provide money for school that you | | | | the eligibility requirements, you |
| won’t have to pay back—it’s | | | | won’t be disqualified for you or your |
| basically free money. Scholarships and | | | | parents making too much money. |
| grants can be either need-based or | | | | |
| non–need-based. | | | | A Private Student Loan can cover the |
| | | | difference between your cost of attendance |
| Federal Pell Grants are an example of | | | | (which includes education-related expenses |
| need-based grants. Non–need-based | | | | like textbooks and an allowance for |
| scholarships and grants include merit-based | | | | transportation to and from school) and the |
| awards. Some merit-based scholarships may be | | | | amount of other financial aid you received. |
| awarded automatically with your admission; | | | | |
| others require you to complete an | | | | NextStudent Private Student Loans are |
| application process and compete against other | | | | available not only to undergraduate and |
| applicants. | | | | graduate students, but also to continuing |
| | | | education students and the parents of |
| There are millions of dollars in college | | | | K–12 students. |
| scholarships available every year. You can | | | | |
| start looking by raiding the NextStudent | | | | Keep in mind that federal student loans |
| Scholarship Search Engine, a database of | | | | usually have more attractive terms than |
| over 5.9 million scholarships worth over $16 | | | | private student loans, so you should always |
| billion. | | | | look into your federal financing options |
| | | | first. |
| Federal student loans offer low-cost | | | | |
| financial help. | | | | NextStudent believes that getting an |
| | | | education is the best investment you can |
| After grants and scholarships, federal | | | | make, and we are dedicated to helping you |
| student loans provide students and parents | | | | pursue your education dreams by making |
| with a smart, economical financing option. | | | | college funding simple. |