Financial Aid Options -- Private

Private Financial Aid Includes:

·   private student loans ·   home equity loans ·   investment savings ·   campus aid · scholarships

Loan Information:

·	about private student loans
·	run calculation

or dial
1-866-230-4578

Many government programs and loans do not cover the full cost of education.

So many families are turning to private student loans to make up the difference between total cost of school and any financial aid you may receive.

• Private Student Loans are offered by financial institutions, educational institutions, and professional associations. They are not guaranteed by the government so the interest rate and origination costs may be higher.
  
  
• the advantage of Private Student loans is that loan amounts are not tied to any federal or college limits — you can borrow as much as you need up to the approved loan limit.
  
  In addition, the funds can be used for any education-related expenses, including a new personal computer for school use.
  
  
• rates and origination costs are tied to the applicant's credit history. The better your credit history (as a student and likely with a CO-applicant such as your parent), the lower the rate and costs.
  
  You need to consider the lending terms of private loans — borrowing money comes with fiscal responsibilities. Inability to follow repayment terms can affect your credit rating, making it more difficult to borrow in the future.
  
  
• for more information: see private student loans

Loan Information:

·	about home equity loans
·	view calculators

Select State: Alabama Alaska Arizona Arkansas N. California S. California Colorado Connecticut DC Washington Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada N. Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Parents can use the equity value in their homes to pay for education.

The advantage of using your home equity include:

1. you are not restricted by federal loan limits
   
   
2. the funds can be used for any purpose — including auto transportation — as determined by the home equity owner
   
   
3. funds can be borrowed as they are needed — not all at once under many other programs
   
   
4. the home equity line can be available from year-to-year without submitting annual application and qualification forms
   
   
5. interest rates for home equity lines can be as low as the Prime Rate
   
   
6. the interest costs for borrowed funds may be deducted from your taxes if your qualify — see your tax advisor for further information
   
   
• the home equity line of credit is the most popular type of home equity for college education. The equity line allows parents to draw upon funds each academic year as needed for tuition, books, fees, living expenses and other miscellaneous expenses.
  
  See our affilated site at YourEquity.com:
  using your home equity to finance education

Product Information:

·   about state 529 plans ·   about education IRAs

• Savings programs established and administered by States for the purpose of setting aside savings for "qualified higher education expenses".
  
  
• These programs are often referred to as "529 Plans", named after the IRS code that outlines the details of the plan.
  
  
• A family member setups and makes contributions to a fund with one of the States that sponsors 529 College Prepaid Tuition and/or Savings Plans.
  
  
• Accumulated funds can be used to pay for qualified college.
  
  see our State529 center for detail information and program benefits
  
  

Education IRAs

• The Education IRAs (EIRA) are investment instruments for higher education. The official name for education IRAs is:
  
  Coverdell Education Savings Accounts (CESA)
  
  
• EIRAs allow family members to setup an custodial account in the name of a beneficiary who will withdraw funds for the purposes of paying qualified higher education expenses.
  
  see our State529 center for detail information and program benefits
  
  

IRA Withdrawals

• you can make withdrawals from your IRAs for qualified higher education expenses without having to pay the 10% additional tax.
  
  
• You will owe income tax on at least part of the amount withdrawn, but you will not have to pay the 10% additional tax on early withdrawals.
  
  More information from the IRS: http://www.irs.gov/...

Scholarship Search

or dial
1-866-922-2582

Part of your financial aid package may include aid from the school.

The most common form of college-sponsored aid include:

1. Scholarships:
   Athletic, education, special talent, and other special need scholarship. These scholarships are awarded based on your successful participation in a school's event or program.
   
   see scholarship information
   
   
2. Grants:
   Some schools have endownment funds to give to students who have a special need or project that may benefit the school.
   
   
3. Loan Programs:
   These are school-sponsored loans that supplement federal and state aid programs to help cover the cost of attendance.
   
   
4. Work:
   Schools provide job opportunities in many departments as aid assistants, facilities assistance, and other.
   
   

• review and discuss these financing options with your financial aid office:
  
  college and university home pages:
  http://www.clas.ufl.edu/CLAS/american-universities.html