Alternative Student Loans Filling an Ever-Widening Gap
With costs vastly outpacing federal aid, more and more families are turning towards alternative or private student loans. According to Christopher S. Penn, director of AlternativeStudentLoan.com, private loans offer a number of advantages over federal student loans. "One of the biggest benefits of the Alternative Student Loan is that it sidesteps the federal FAFSA/Financial Aid maze. Students and families who, after waiting months to hear from the government, are told they don't qualify for aid can apply solely based on their credit rating and receive more than 11 times the amount of aid in a loan than the government is giving for freshmen."
Quincy, MA (PRWEB) July 27, 2004 -- The 2004/2005 school year is just around the corner, and students, parents, and families are facing one certainty: bills for college are higher than ever, and government aid is not. According to the College Board, tuition costs rose in 2003 - 2004 by 6%-14%, with public state schools hiking tuition the most. Many analysts predict that the upward trend will continue, with a recent CNN survey predicting increases between 4.5% and 11%.[1[2
One thing that has not changed since last year is the amount of federal aid available to students. The Subsidized Federal Stafford Loan has granted incoming college freshmen the same $2,625 since 1998, while the cost of freshman year at most private colleges is more than ten times that.[3
With costs vastly outpacing federal aid, more and more families are turning towards alternative or private student loans. According to Christopher S. Penn, director of AlternativeStudentLoan.com, private loans offer a number of advantages over federal student loans. "One of the biggest benefits of the Alternative Student Loan is that it sidesteps the federal FAFSA/Financial Aid maze. Students and families who, after waiting months to hear from the government, are told they don't qualify for aid can apply solely based on their credit rating and receive more than 11 times the amount of aid in a loan than the government is giving for freshmen."
Mr. Penn points out that private student loans also help pay for the total cost of education, which includes equally spiraling costs for fees, books, and technology. Private student loan firms send loan proceeds directly to the borrowers in many cases, allowing qualified borrowers to receive funding in as little as five business days after submitting a completed application. "Clearly, with competitive rates and no deadlines, private student loans can help you bridge the gap between what the government thinks you need and what your school really asks for," says Penn.
Sudents, including graduate students, can apply for a private student loan at any time by applying online at http://www.AlternativeStudentLoan.com or by calling toll-free (866) 301-3637; undergraduate students have the best chance of being approved with a qualified co-signer such as a parent. Private student loans are available to parents of K-12 students as well.
Contact Christopher S. Penn at the Edvisors Network at cspenn@AlternativeStudentLoan.com for more information; students and parents can apply for a private student loan at any time by applying online at http://www.AlternativeStudentLoan.com.
AlternativeStudentLoan.com is a division of the Edvisors Network, a multi-national education services company offering students options for managing the entire education lifecycle, from getting into their college of choice to financing their education and beyond. The Edvisors Network is based in Quincy, Massachusetts, with offices in Quincy and London, England. Visit them on the web at http://www.EdvisorsNetwork.com for more information.
[1 http://www.collegeboard.com/ Viewed June 24, 2004
[2 http://money.cnn.com/ Viewed June 24, 2004
[3 http://www.collegeboard.com/ Viewed June 24, 2004
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