2006 Heralds No Increase to Federal Aid, Prompting Alternative Student Loans
Despite long sessions in Congress debating the Higher Education Act Reauthorization, 2006 looms large with no significant changes in federal financial aid for students. Natural disasters and intense political debate delayed the Congressional re-authorization of the Higher Education Act, which means that students who were hoping for an increase in federal financial aid will have to wait until the next academic year for any changes by Congress. As a result, students, parents, and families who need financial aid to cover education expenses are increasingly turning to alternative student loans to bridge the gap between unchanging federal financial aid and increasing tuition bills.
Quincy, MA (PRWEB) December 20, 2005 -- Despite long sessions in Congress debating the Higher Education Act Reauthorization, 2006 looms large with no significant changes in federal financial aid for students. Natural disasters and intense political debate delayed the Congressional re-authorization of the Higher Education Act, which means that students who were hoping for an increase in federal financial aid will have to wait until the next academic year for any changes by Congress. As a result, students, parents, and families who need financial aid to cover education expenses are increasingly turning to alternative student loans to bridge the gap between unchanging federal financial aid and increasing tuition bills.
Christopher S. Penn, director of ActEducationLoans.com commented, "Federal financial aid to students, parents, and families remains unchanged for the new year despite the efforts of advocates for increased aid. As many hardworking families know, tuition bills are arriving around the holiday season when disposable income is at its tightest."
Act Education Loans from the Student Loan Network offer competitive interest rates and borrowers can receive loan proceeds in as little as five business days. ActEducationLoans.com loan proceeds are sent straight to the borrower, which helps borrowers to pay tuition bills quickly, avoiding delays and frustration at registration time. Additionally, since Act Education Loans are credit-based, more families can qualify for them, compared to need-based financial aid.
"One important fact that cannot be emphasized enough is that students generally don't have enough of a credit history - good or bad - to obtain a private student loan on their own. Students who want to apply for a private student loan should do so with a co-signer, who can be any parent, relative, employer, friend, or associate with two years of full time employment, two years of good credit history, and two years of citizenship or permanent residency in the United States. Even people on fixed incomes like retired citizens can be excellent co-signers, and help the next generation achieve their full education potential," said Mr. Penn.
Mr. Penn noted that the Federal Subsidized Stafford Loan remains capped at $2,625 per year for freshmen undergraduates, while Act Education Loans for freshmen, with approved cosigners, can provide up to the lesser of $30,000 or cost of attendance at their school in additional funds for the rest of the school year.
Undergraduate, graduate, and continuing education students can apply for alternative student loans at www.ActEducationLoans.com at any time; students are strongly encouraged to have a co-signer. Parents of K-12 students can also apply for private school loans at www.AlternativeStudentLoan.com as well. Students and families can also apply by phone by calling toll-free (866) 229-8900.
ActEducationLoans.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.
Act Education Loans are funded by PNC Bank, N.A.
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