Financing College

There are various ways to finance one's education - grants, scholarships, loans, and work-study programs are just to name a few.  Please read this informative article from Kentucky Living magazine concerning various ways to pay for college. 

Here are some key ideas...
*FAFSA - Free Application for Federal Student Aid - should be completed by everyone and submitted as quickly as possible after January 1.  This is a "first-come, first-served" federal and/or state aid application.  Check out
www.gohigherky.org to find out what information is needed.  Submit by March 15 to have the best chance of getting all of the aid for which you are eligible.
*Stafford Loans - These are backed by the federal government and typically have a higher interest rate than a Perkins loan.  Wages can be garnished if the loan is defaulted.
*Perkins Loans - These have lower interest rates and are backed by the university.  These will not result in garnished wages if defaulted.
*Subsidized Loans - These are based upon financial need with the interest not beginning until the repayment of the loan begins.
*Unsubsidized Loans - These loans begin charging interest from the time they money is issued until it is paid in full.


http://www.kentuckyliving.com/article.asp?articleid=1879&issue=283


Here are some other excellent web resources concerning financial aid.
www.fafsa.ed.gov
www.gohigherky.org
www.cpe.ky.gov (click on "For Students")
www.kheaa.com
www.studentloanpeople.com