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Homeowners: Use Your Home Equity
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Student Financial Aid Options

Types and Sources of Financial Aid Options
1	Federal (and State) Financial Aid Programs: federal grants • work study • loans • state programs
2	Private Financial Aid Programs: (link to content below) loans • home equity • investment plans • scholarships
3	Other Financial Aid Programs: tax credits • military • loan forgiveness • other programs

Private Education Loans

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

So many students 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.
Private student loan programs may vary by lending institutions — for more information:

Private Student Loans: review eligibility requirements and funding limits

Homeowners can use the equity value in their homes to pay for education. The advantage of using your home equity include:

you are not restricted by federal loan limits
the funds can be used for any purpose — including auto transportation — as determined by the home equity owner
funds can be borrowed as they are needed — not all at once under many other programs
the home equity line can be available from year-to-year without submitting annual application and qualification forms
interest rates for home equity lines can be as low as the Prime Rate
the interest costs for borrowed funds may be deducted from your taxes if your qualify — see your tax advisor for further information

These programs are often referred to as "529 Plans"

Savings programs established and administered by States for the purpose of setting aside savings for "qualified higher education expenses".
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 at SayPlanning.com for detail information and program benefits

scholarships are available from many private and educational institutions. This type of financial aid does not have to be paid back.
the more common form of scholarships are athletic and academic. However, there are a number of scholarships awarded for achievements in music, art, communications and by affiliation with private groups and associations.
take note that many unfunded scholarships may be from your own local area — area businesses and associations.

you need to start early to find all available scholarships. Check your field of study, ethnic background, social and religious affiliations, parent's employment, family club memberships, and local businesses and clubs.
beware of potential scholarship scams. A general rule to follow is, "if they request money from you in order to get money", they are likely a scam:

detecting/reporting scholarship scams:
http://www.ftc.gov/bcp/conline/edcams/scholarship/
more information on detecting scholarship scams:
http://www.finaid.org/scholarships/scams.phtml

begin your scholarship search online

every program is different, so check early on what will be required and make sure you meet all deadlines.
the scholarship may require an essay, written exam, or some demonstration/document of your eligibility
most scholarships (including athletic) will require a minimum GPA. Failure to maintain your GPA level could forfeit your award.
most scholarship funds will be sent to the college directly on your behalf.

Scholarship essay resources:
http://www.EssayEdge.com

private organizations that offer scholarships or loans to members and their families who below to the organization
institutions include churches, community groups, professional associations, hobby groups, and others

see detail listing:
http://www.finaid.org/otheraid/
many businesses offer educational allowances to employees and their families — check with your parents' employee benefits department
many financial organizations — banks, savings and loans associations, credit unions, etc. — offer private loan programs

see Step 1:
start the financial aid process