They over the top costs of typical four year colleges has pushed an ever increasing percentage of students to re-evaluate their education options at both the local and national community college level. In fact, many community colleges and vo-tech schools are now offering highly successful two to four year transfer programs as well as cutting edge technical programs for students.
Some of the most popular options for student loans for community college and vo-tech schools are as follows:
It is no secret that there is a monetary gap in what you will pay at a community college versus what you will pay at a traditional college. The difference can be found in the yearly tuition fees per student. The annual costs at a private college on average can run you well over $20,000 while with a community college, you can squeeze out a full two year program for under $5,000.00.
If you are lucky enough to live at home while attending a college in your community, your pocket book will fair even better. Not only do the costs at community colleges depend upon on the types of programs that you pursue, but the location should be a strong consideration as well. There are some really great programs being offered at many of the community colleges and they are strong contenders for a fantastic learning experience. All that being said, go local when possible!
Federal student loans don’t apply if you are attending a community college, NOT! This is a common misconception and nothing could be further from the truth. Every year, there are millions of community college students who simply fail to file the proper application for financial aid. The application is called the FAFSA (Free Application for Federal Student Aid). You must do your homework and research to find out which financial solutions will apply in your particular situation. Check into “Types of Undergraduate Student Loans” and by all means, don’t forget to file the FAFSA.
Part Time or Full Time
If you plan on attending school part time or full time, you can still apply for federal loan assistance. Again, you will need to fill out the FAFSA (which can be done online). Be sure to watch for the deadline to submit your FAFSA application.
Nearly every student in the United States will qualify for some type of financial assistance through something called the “Stafford Loan Program”. The most popular types of Stafford Loans amongst students are the subsidized and unsubsidized loans. Their accessibility and affordability to almost every college student pursuing an education make them a top contender. By 2012 the Stafford Loan interest rate will be fixed at 3.4% making it a highly desirable means of financing.
Perkins Student Loans
Another popular loan program is the Perkins Loan and it is an aid program that is typically campus based. However, you still may qualify for this loan even though you attend a community college. You should check with your college aid financial office to see whether or not they participate in this program. Basically, the program works by using federal funds which are offered to participating educational institutions, both two year and four year. These funds are then made available to students who demonstrate a much greater need for financial assistance. These are long term low interest loans and the actual lender is the school itself.
Submit your FAFSA application as early as possible to the schools financial aid office. If your family’s financial status is a qualifier for this type of loan, the secret to an approval will be by getting your application in as early as possible. Especially since they are doled out on a first come, first served basis. There is only so much money to give out each year so don’t delay, get your application in quickly.
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Tagged With community college student loans, Student Loans, undergraduate student loans, vo-tech student loans
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