Morning everyone…I just wanted to write a quick note about a common question I hear a lot on a daily basis…”How is a loan considered Financial Aid?”…Well the way in which the U.S. Government determines it is as follows…Stafford and Perkins loans are low interest loans guaranteed by the Federal government…what does this mean for you? Well, it means that you have rights with these loans that you do not necessarily have with a private/alternative student loan. These rights include deferment if you become unemployed, forbearance if you want to put your payments on hold, and loan forgiveness if you become disabled. These benefits are really good; therefore you must fill out a FAFSA in order to get these loans. The government wants to make sure you NEED this loan before they give it to you. Hope this clears some things up.
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