| Type
Program |
Program
Information |
Annual
Award Limits |
Requirements |
|
see
PLUS program
apply
now
|
Federal
loan program available to parents
of dependent undergraduates only.
Loan funds will be sent to the school.
The loan will be disbursed in at least
two installments; no installment will
be greater than half the loan amount.
The funds will first be applied to
pay tuition, fees, room and board,
and other school charges. Any remaining
funds must be used for paying education-related
expenses.
|
The
annual limit is equal to the total cost
of attendance minus any financial aid
received. |
Parent
must file the FAFSA form.
see
FAFSA links
Parent must pass a credit check to
qualify or have a relative or friend
who can pass the credit check co-sign
the promissory note.
Loan restricted to education-related
expenses only.
Loan restricted for dependent undergraduate
students only.
Student must be enrolled at least
half-time in a degree or certificate
program at an approved school. |
|
link
to your individual state for information |
Individual
states offer financial aid programs
for state residents and in some cases
out-of-state residents attending in-state
schools.
Financial aid may include grants,
scholarships, financial aid assistance,
and some loan programs. |
Financial
assistance may vary by state. |
Financial
aid qualifications can vary by individual
state. |
|
see
alternative aid
apply
now |
Private
loan program where the lender opens
a credit line on your behalf, which
credit line is secured by the equity
value of your home.
You will use equity line checks or
online transfer capabilities to pay
for education or other expenses.
The line of credit can be used at
any time and for any expense up to
your approved credit line balance.
|
Your amount is subject to your approved
equity line balance. |
You
must have equity value in your home.
Calculate
your equity value.
You must meet the lenders credit
criteria and credit check.
There is no limitation or restrictions
on the use of the funds. |
|
see
alternative aid
apply
now |
Private
loan program where the lender extends
a loan amount secured by the equity
value of your home.
This is a fixed loan amount with
no draw capabilities. The loan can
be used to pay any expense up to the
available loan amount. |
Your amount is subject to your approved
equity loan balance. |
Same
as the home equity line of credit.
You must estimate your total education
costs since you will be taking out
a one-time loan. |
|
see
Private Loans
or dial
for questions on how this loan program can work for you
|
Private student loans are used to make up the
difference between total cost of school and any
financial aid received.
These loans are not guaranteed by the government
so the interest rate and origination costs may
be higher.
Most private loan programs have higher borrowing
limits than federal loan programs.
The student will submit the application
as the borrower. The parent will become
the co-borrower to the application
if the student is unable to meet the
credit guidelines.
The loan can be used for education-related
expenses, including the purchase of
a personal computer. |
Borrow
from $1,500 to $30,000 annually. |
You
must have a satisfactory credit history.
Learn
about building and maintaining a good
credit history: you will link to our credit center
You must meet the credit guidelines
of employment and residency.
Undergraduate and Graduate students must be enrolled
at least half-time in a degree or certificate
program at an approved school.
Less than half-time attendance are considered under the continuing education program. |
|
see
alternative aid
|
Qualified
investment plans that can be used
to pay education expenses. Contributions
are after-tax, but earnings in the
fund are tax exempt.
Funds are available to any named
beneficiary. The beneficiary can be
the contributor.
Two types of plans:
(view
our State529 Center)
- Prepaid College Tuition Plans
- College Savings Plan
|
Limitations
subject to the available amount in the
plan. |
Plan
must be setup in the name of the beneficiary.
Withdrawals are tax-exempt if the
funds are used to pay for education-related
expenses.
Penalties may apply for payment of
non-education expenses.
View
plans |
|
see
alternative aid |
IRA
plans that can be setup for education.
Contributions are after-tax, but earnings
in the fund are tax exempt.
The IRA can be used to pay for higher
education and K-12 education expenses.
|
Limitations
subject to the available amount in the
plan. |
Distributions
from the fund must be for education-related
expenses.
Distributions are tax-exempt unless
used for non-education related expenses.
A beneficiary must be named to the
account. |
|
More information from the IRS:
http://www.irs.gov
|
You
can make withdrawals from your IRAs
for qualified higher education expenses
without having to pay the 10% penalty
tax.
|
Limitations
subject to the available amount in the
plan.
|
You
will owe income tax on at the amount
withdrawn from the plan.
|
