| You have no job. You want to get ahead. College | | | | PLUS Loan, looking at the tradeoffs of borrowing |
| loans looms and the bill is steep. What do you do? | | | | money through an unsubsidized Stafford Loan versus |
| Don't panic. Here are some practical tips and ideas for | | | | going with a PLUS Loan. Whatever you do, apply. |
| getting the most out of the fact that you have no | | | | Sallie Mae offers loans for working students, full time |
| money, and you want to continue in college. That's | | | | students and parents. They offer flexible repayment |
| right. Being broke can be an asset if you no how to | | | | plans, an online process that takes less than five |
| work it. The Federal government parted with a cool | | | | minutes to fill out online, and between $1,500 to |
| $82 billion in scholarships, loans and grants. The | | | | $40,000 in loans direct to you for your college-related |
| difference between those who received money and | | | | expenses.. After going through the Federal FASFA |
| those who didn't is in motivation, research and the | | | | application, think about getting more money through |
| ability to fill out forms. | | | | a Sallie Mae application process. There are no Federal |
| First, you want to know what you are worth. Do an | | | | forms and it is tax-deductible. |
| asset check to find your current financial level. Take | | | | Dependent students are expected to put 35 percent |
| into account everything you haven't spent since you | | | | of all of their income through savings and trust fund |
| started school, including stocks, bonds, savings and | | | | cash toward college. Parents, on the other hand, |
| donations from family and friends. This will give you a | | | | need only contribute 5.6 percent of their assets. This |
| baseline from which you can start. | | | | means that any extra money you come across |
| FASFA: This is where you start applying for loans and | | | | during your college years should be banked with Dad |
| grants. To skip this step is to shoot yourself in the | | | | or stuck into a 529 plan and not into your personal |
| foot financially. All dependent students qualify for | | | | savings account. It just makes sense. |
| $23,000 in Stafford loans and qualify for Pell grants | | | | Chuck your debt early. Don't wait until you graduate |
| which you can only receive by filling out the FASFA | | | | to think about getting student loan consolidations |
| forms. The Pell grant is free cash from the | | | | advice so that when you are ready, you will know |
| government to go to school. If you have pursued | | | | where to go and how-to apply. You family should |
| this option and are still in school, now is the time. Be | | | | reduce the debt as well, because it will increase your |
| sure to meet the deadlines. Turning in a form late can | | | | access to larger, lower-interest loans and increase |
| significantly reduce your chance of getting the | | | | your eligibility. |
| money you need, so keep in mind your state's | | | | All in all, finding money to continue college is all about |
| deadline and file early if possible. Missed deadlines are | | | | doing research, persevering and exhausting all options |
| the No. 1 mistake students make when applying for | | | | before tossing in the towel on registering for next |
| federal aid. | | | | semester. |
| Think about more loans and compare Stafford vs. | | | | |