Will outstanding loans be accounted for college financial aid?
My dad took out an equity loan for 0,000 two years ago and still has only been paying the monthly interest. Last year the interest alone amounted to ,000 annually. My dad makes close to 0,000 a year but has lost a lot of money in stocks, and his savings are nearly empty. I was wondering if I could receive financial aid because of the outstanding loans or will I be denied financial aid right away because of his high income.
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Anyone can get fin aid regardless of income. Just remember, financial aid is a very broad term and includes student loans, you will be able to take out a student loan and he will be able to take out a parent PLUS loan for you if he wants. (Your limit will be 5500 a year as a dependent freshman.
You will not be able to get any free grants because you Dad does have a high income. The government doesn’t reward people who have high debt. There are no questions on the application about debt…. only income.
Student loans are meant to help students who are unable to bear their educational expenses. Student loans are different in different countries in the way they are devised, but then the common types of student loans available are the undergraduate loans, college student loans, private student loans and federal family educational loans.
http://www.worldbestloans.com/student-loans.htm
Student loan repayments are not made until the student completes his graduation. This facility helps him to concentrate on his studies and earn some little amount of money while he is studying, but repayment has to start once he finishes his education.
When it comes to scholarship or financial aid questions, I point my friends to visit http://www.FinancialAidQuick.com and take a look around.Its good mini directory with a few good sources of aid.
universities.atwebpages.com – it has detailed info how to apply for financial aid and scholarships to get more cash.