Florida College Loans
College loans provide assistance for financially needy students who seek to obtain a higher education. The cost of college today is extremely high and continues to rise, and needless to say, paying for college has become quite difficult for many families. Across the country, financial aid is not enough to cover the cost of college for millions of families; for these families, college loans are extremely helpful as they help cover a large part of their college expenses. Lenders help borrowers with bill management by offering flexible repayment plans, and some offer borrower incentives. Lenders also offer counseling programs that help student borrowers to understand what student loan repayment means, and how to budget in order to successfully navigate the process.
Like in any other state of the U.S., there are two types of Florida college loans: federal student loans and private student loans. Stafford Loans are the most common variety of federal student loans, and are quite desirable. Stafford loans offer a very low fixed Annual Percentage Rate (APR), and depending on your financial need, you could potentially receive a subsidized Stafford loan. This common subset of Florida college loans is offered in two subdivisions:
- Subsidized Stafford Loans
- Unsubsidized Stafford Loans
Subsidized Stafford loans are awarded to those who demonstrate a degree of financial need; the interest rates on these loans are lower than on unsubsidized Stafford loans, and furthermore, the government pays the interest that accrues on the loan while the student is in school. Unsubsidized Stafford loans have a similar fixed interest rate, but the borrower is responsible for the interest that accrues.
Private Florida College Loans
In addition to federal loans, you can also apply for private student loans through private lenders. If grants, scholarships, and federally awarded Florida college loans are not enough to cover the cost of college, then turning to private Florida college loans could be a very sound financial decision. An ideal way to cover costs when all other sources are exhausted, you can research and compare a wide variety of private Florida college loans by using our Student Loan Comparison Tool.
The eligibility requirements can vary from loan to loan, but as a general requirement, you need a valid SSN and cannot have a felony on your record. Students who have defaulted on loans in the past will find it very difficult to get Florida college loans. Such students will have to apply with a credit-worthy co-signer in order to increase their chances of approval in addition to receiving a lower interest rate and more favorable repayment terms. Colleges in Florida also require that you fill in and submit the FAFSA (Free Application for Federal Student Aid) for Florida college loans in order to determine your financial need.
In order to cover the cost of their education, students can take advantage of federal financial aid. The options available via federal aid include loans, grants, and work-study programs. In addition, universities in Florida offer institutional awards that are both need-based and merit-based. Furthermore, a number of non-profit organizations offer grants and scholarship awards to help students with the cost of their attendance. And if students still find themselves short of funds, they can look to alternative loan options.
Do I need to fill out the FAFSA application in order to apply for Florida financial aid?
If students are interested in federal financial aid in the state of Florida, then they must fill out the FAFSA application. The FAFSA (Free Application for Federal Student Aid) form allows students to access loans, grants, and federal work-study. These options are particularly attractive as they are awarded to students based on demonstrated need. The federal government takes the student’s COA (Cost of Attendance) and EFC (Estimated Family Contribution) into consideration.
Can you give me some information about Florida student financial aid?
Students in Florida have access to student financial aid. You may apply for financial aid at your university’s aid office. Many universities in Florida offer a range of aid options to students who can’t afford tuition costs. Students may apply for federal aid such as loans and state grants, or else look for financing options via private lending companies. To apply for Florida student financial aid you must first submit a FAFSA application.