08 January 2015

School,college Grants Money-finding The Best No Credit Student Loans

One of the oldest sources of funding and one which is principally available on the basis of economic need is the College grant. A school grant, sometimes called a college grants is a sum of money awarded or issued to someone for the purpose of attending a college, a university or continuing education. As a general rule these College grants do not need to be paid back.Provided the student and his family are classed as a low-income family a Pell grant is more or less automatic and a grant is made on the basis of the submission of an application and supporting documents.

There are exceptions to the rule so be sure to clarify the requirements with whoever issues the grant:-

1.The student has to submit proof of the cost of his intended course (inclusive of not only tuition fees but also other qualifying costs) and will also have to provide evidence of the family's income from which an EFC (Expected Family or parents Contribution) number will be calculated. Against this number a decision will be reached and a grant made or refused.

2.There are presently two different types of Stafford loan and the first is a subsidized Stafford loan on which the government covers interest loan payments as long as you are studying full-time and for a period of up to six months following graduation. The other form of Stafford loan is an unsubsidized Stafford loan on which you are expected to make all of the interest payments.

3. As the name suggests, a Pell grant is a gift rather than a loan and it does not need to be repaid. College grants are currently for a maximum of $5,200 annually (based on an assessment of financial need) and, though this will not usually meet the full cost of attending college, it could help considerably. Nevertheless, the majority of College students will have to look for loan funding in addition to a College grant and probably the best form of loan funding here is a Stafford loan.

4.Not surprisingly, the majority of College students prefer to have an unsubsidized Stafford loan but loans are made depending upon the money available and on the basis of need so that only a small number of students qualify for subsidized loans. However, the good news is that the majority of College students qualify for unsubsidized loans and, despite the disadvantages, they nevertheless represent one of the very best types of college grants funding available now.