Federal Student Loans and Financial Aid Not Enough for Fall Tuition
As the fall college semester begins, more and more students are receiving less and less federal financial aid in proportion to rising college costs. Such rapid increases are leaving bewildered students and parents wondering how to cover these costs.
Quincy, MA (PRWEB) August 23, 2004 -- As the fall college semester begins, more and more students are receiving less and less federal financial aid in proportion to rising college costs. At Northeastern University in the heart of Boston, tuition, room & board, and fees are expected to equal $36,946 per student, while federal financial aid in the form of student loans is expected to remain level, at approximately $3,242 per student. Northeastern students are expected to pick up a tab of approximately $17,750 for the year after scholarships and loans - an increase of more than $4,000 from two years ago. Such rapid increases are leaving bewildered students and parents wondering how to cover these costs.
Katie Dexter, a senior at Northeastern University, said, "The rate increases don't really surprise me. A lot of my friends at other schools are seeing the same kinds of increases. It's really sad to think that someone might not be able to go to school because of rising costs."
Other resources exist to help families and students bridge the gap between existing aid provided by the government and the real cost of education. Among them is the private student loan. Christopher Penn, director of AlternativeStudentLoan.com, commented, "Federal and state student aid does an admirable job of making college more affordable, and families everywhere are grateful for what the government can provide. However, with the double digit increases in college expenses over the past few years, it's just not enough anymore. Private student loans offer competitive rates, flexible repayment plans, speed and convenience for families who need extra education funding. Additionally, for families and students facing an immediate bill they didn't expect, private student loans can be funded in as little as five business days."
Mr. Penn noted that the Federal Subsidized Stafford Loan remains capped at $2,625 per year for freshmen undergraduates, while private student loans for freshmen, with approved cosigners, can provide up to $30,000 in additional funds for the year. "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, and can be a lifeline for that unexpected expense," says Penn.
Students, 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 need 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 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, or by calling toll-free (866) 301-3637.
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.
Source: Universities.com, NEU.edu (viewed August 16, 2004)
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