If a student's financial aid package, including grants and loans, amounts to more than his billable expenses, including tuition and fees, he receives a refund from the school to cover living expenses, according to U.S. News and World Report. Some students who live off campus qualify for larger loans than those who live in dorms.Know More
The first step in qualifying for financial aid is the completion of the Free Application for Federal Student Aid. The FAFSA is the application for government grants that the student does not have to pay back and loans that the government expects the student to pay after graduation.
Federal Stafford loans are available to both undergraduate and graduate students. They have fixed interest rates and are the most common student loans. Acceptable use includes tuition and other school expenses. Subsidized Stafford loans are only available to undergraduates as of 2015, but graduate, professional and undergraduate students can qualify for unsubsidized Stafford loans.
For students whose needs go beyond the Stafford loan, options include the Parent Loan for Undergraduate Students and the Perkins loan. The PLUS loan is not need-based, but the parent's credit rating may affect its availability. The Perkins loan is need-based.
Students who choose to use loans for their living expenses while in college should realize the master promissory note they sign requires that they repay the loans. Other options such as on-campus jobs help to reduce the cost of the student's education.Learn more about Credit & Lending
To find the lowest interest rate possible for credit cards, consumers should just simply ask their credit card issuing companies, according to U.S. News and World Report. They should also maintain good payment histories and shop around for better deals to present to their credit card companies.Full Answer >
A consumer can request an increase to his line of credit by calling his credit card company or making the request online, according to U.S. News & World Report. There is a chance that a request for an increase could result in a hard credit inquiry and a lowered credit score.Full Answer >
A good credit score when buying a house is very important but becomes less critical with a big down payment, according to U.S. News and World Report. If a credit score is too low, a home buyer may not even qualify for a conventional loan.Full Answer >
Because the interest rates and terms of its cash advance loans are so onerous, some have described Ace Cash Express as one of a group of "modern-day loan sharks," as U.S. News & World Report points out. The Consumer Federation of America considers such lenders predatory.Full Answer >