Government Student loans – What you should know
Before you take a leap into the unknown, you need to know if you’re even eligible for these government loans. What’s all the rush? It can be a real jungle out there and the last thing you want is to sign a deal with the devil, a.k.a. scholarship scams. You’ll definitely encounter a lot of services offering you help in securing that student financial aid you need. You may get a prize for a contest you’ve never entered in the first place, an offer with a money-back guarantee, a promise of information you can’t get anywhere else, a grant given to you by some national foundation you barely ever hear of, or a credit card and bank account number in exchange of a scholarship guarantee. The list goes on.
When it comes to applying for government loans, don’t assume anything else. Billions of dollars are set aside for federal aid and you may be amazed at the amount you may receive. Here are helpful information you need to know before you apply for government loans:
What Things Should I Check For?
1. Type of program or course you want
2. Admission requirements
3. Quality of education offered
4. Federal student aid programs offered
5. School catalog or course materials
6. Insider’s opinions ( talk to students )
7. The school’s web site
8. Any complaints filed with the Better Business Bureau ( www.bbb.org )
9. School accreditation and licenses
10. Job placement rates of graduates ( also, the number of graduates and transfers each year )
11. Refund policies or return-of-aid policies
What Makes You Eligible?
1. You must have a financial need.
2. You need to have a high school diploma or a GED ( General Educational Development )
certificate.
3. If you don’t have both mentioned above, you need to pass an ATB ( Ability-to-Benefit ) test.
4. You must meet state requirements and standards set by the school you wish to attend.
5. You must be a regular student working towards a degree or certificate.
6. You must be a U.S. citizen or a legal non-citizen.
7. You need to have a valid SSN ( Social Security Number ). Visit SSA online for more info.
8. You must swear that you will use the funds for the sole reason of getting an education.
9. You must comply with the SSA’s Selective Service Registration, if you’re a male between 18 -
25.
10. You must not have a drug conviction record.
How Do You Apply for Government Loans?
Get a Federal Student Aid PIN which you can use to sign in FAFSA online. You can access your SAR ( Student Aid Report ), correct your data, sign a promissory note, or access info on various grants and government loans. You can get this PIN anytime at www.pin.ed.gov.
How Do I Make Sure My Data is Safe?
1. Protect Your FAFSA PIN at all costs. This will be used to sign documents on the web, so never give it out to anyone else.
2. If you suspect a fraud when someone tries to assist you, you may file a complaint with the FTC ( Federal Trade Commission ) by calling their toll-free number: 1-877-FTC-HELP (1-877-382-4357). For the hearing-impaired, please dial: 1-866-653-4261. You may also see their tips online.
3. Review your documents very well and keep track of which you have applied for, or those that are awarded to you.
4. If you suspect identity theft, you may contact the U.S. Department of Education, Office of the Inspector General at hotline: 1-800-MISUSED (1-800-647-8733), or you may visit them online.
When it comes to your government loans, it’s better to play safe than be sorry later. Take it Easy!
READINGS:
http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/amieligible.htm
http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/eduafterhighschool.htm
http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/getyourpin.htm
http://studentaid.ed.gov/students/publications/student_guide/2009-2010/english/becareful.htm
