With the cost of higher education rising, many families are asking: How can I afford to send my child to college? Oftentimes, folks assume the only answer to the question above is student loans. Many students do take out student loans to help them afford college; however, there are many different types of FREE financial aid (meaning, the student does not have to pay it back). These grants and scholarships come from a variety of sources including:
- Federal government
- State government
- Colleges & Universities
- Outside non-profit organizations
- Corporation
The first step to getting ANY financial is to by completing the Free Application for Federal Student Aid (FAFSA). See more information and get help completing the FAFSA. Deadlines are crucial in this process. As you research admissions deadlines, also check your financial aid deadlines. Missing a deadline by even one day could cost you thousands of dollars! So check the date!
All that being said- if a student does have to take out loans, there are a variety of different options:
Again, The first step to getting ANY financial is to by completing the Free Application for Federal Student Aid (FAFSA). After filling out the FAFSA, all students are eligible to take up to $5,500 in FEDERAL student loans. These do NOT require any cosigner, and are only in the student's name.
Parents are also able to apply for additional government student loans called Parent PLUS loans. These are for the student; however, parents must co-sign the application.
Aside from government loans, there are many, many private student options. Many of these have high interest rates, less forgiving terms than government loans and generally students need a co-signer in order to recieve a private student loans. We generally do not recommend that students take out private student loans; however, if they do choose this path, there are a few trusted sources that we point families to:
Granite Edvance-
Granite Edvance Corporation has a longstanding commitment to helping New Hampshire students find their direction and fund their future.
- Competitive rates from a NH-based nonprofit
- Expanded approval opportunities1
- Multiple repayment options and terms
- Loan support from local student loan experts
