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Types of Aid: Dollars for College

Types of Aid: Dollars for College

Kay Peterson, Ph.D., FastWeb

Federal government loan programs include:

• Student Loans:

1. Stafford Loan: administered either by the Federal Direct Student Loan Program (FDSLP) (in which funds are provided directly by the federal government) or by the Federal Family Education Loan Program (FFELP) (in which funds are provided by private lenders, such as banks, credit unions and savings & loan associations).

2. Perkins Loan: for undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.

3. Parent Loans: the federal Parent Loan for Undergraduate Students (PLUS) lets parents borrow money to cover any costs not already covered by the student’s financial aid package.

To learn more about federal loans, read the federal government’s Student Guide for federal aid at

• Private Loans:

Private loans supplement aid provided by the federal government. Since they are offered by private lenders, there are no federal forms to complete.

Alternate Financial Aid Programs

• National Service: Volunteering not only helps the disadvantaged, it can provide money for your college education. The Corporation for National Service offers a number of opportunities for funding in exchange for community service.

• Tuition Payment Plans: Many schools offer short-term installment plans that split your tuition into equal monthly payments. Many such plans are essentially interest free, but some have fees or finance charges. Learn more about these plans on

• Employer Support: Many companies recognize the value of investing in an employee’s educational development. Ask your employer about tuition reimbursement programs.

• Benefits for Military Service: The military offers a number of tuition assistance programs, including ROTC, Army/Navy/Marine Corps College Funds and U.S. Service Academies.

• Tax Credit: The HOPE Scholarship Credit and The Lifetime Learning Credit establish a tax credit for higher education.

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    about 6 years ago


    i hope i find a loop whole somewhere im need all the help i can get

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    over 6 years ago


    well cedrica, i did a private nurses aid course tht wasnt recongised in my country, and that is why i am looking for financial help overseas. my family cannot afford my tutition as i am 27, and this has been my dream for a longtime.

    i need advice as to where to apply i have family i could stay at but to get thepaper work going for my migration isthe problem.

    I am from trinidad and as so many other immigrants are making it hard for some of us that really want to work and study. sigh

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    over 6 years ago


    renee I am a 35 yr old cna and my dream is to become a nurse as well, 1989 was a long time ago seem to me your student loan should have been paid off by now, with income tax they seem to take their money. First off try to resolve the defaulted loan don't let it linger over your head and stop you from pursuing your dream because if we don't dream we have nothing. Some nursing homes have programs that will help you pursue your nursing career as long as you work for them as well as some hospitals. I'm on the web now looking for grants you have to encourage yourself and don't give up. Angie

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    over 6 years ago


    I am 53 and been doing cna, forever, my dream is to be a nurse, student loan made their mistake and defaulyed me in 1989 I still cannot pursue a lifelong dream, any adveice, I amnow unemployed & broke! any help out there? renee

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