Student Loans by School Type
Don’t Fence Me In
When you think of college you may imagine the traditional brick and mortar, four-year college or university. But this is the 21 st century and higher education has spilled well outside the box.
College financial aid has managed to keep pace with the changes. Once upon a time there were no loans to cover online degrees or continuing education costs, but times have certainly changed.
Limits to the FFELP and Federal Loan Programs
When it comes to types of schools you’ll find out pretty quickly what the limits are to federal loans. The rule of thumb for now is: find a school that participates in the Federal Family Education Loan Program (FFELP), enroll at least half time, and you will have access to the Stafford and PLUS Loans.
Enroll below half-time, or in a school that does not participate in the FFELP program and you lose any kind of access to the federal student loans and most state-specific loans.
Loans for Trade and Technical Schools
Technical and trade school educations have made strong comebacks. Fields of study range from nanotechnology and materials science to diesel repair and culinary arts: very viable, even trendy professions. The types of student loans for trade school or loans for technical programs that you may be able to access have more to do with type of school and type of program in which you’ll be enrolling.
- Technical schools could be four-year, two-year, or one-year. An example of a four-year school is the very well known Massachusetts Institute of Technology (MIT).
- Trade schools are rarely more than a year. The Aveda Institute is an example.
Types of loans you could be accessing for technical schools:
- Remember if you are enrolled at least half time in a FFELP school you should absolutely, no excuses, be applying for federal aid—Stafford Loan, PLUS Loan—via the FAFSA (Free Application for Federal Student Aid).
- Private or alternative student loans are available if you are enrolled in a degree program.
- Career type training loans are available if you are in a technical program that provides certificate training, and you are attending less than half-time and you are not pursuing a degree.
Types of loans you could have for trade schools:
- Loans for students in cosmetology school, flight school, and culinary school are likely to be a type of career training loan from lenders such as Sallie Mae.
Community College Students: Find Out What Loans You are Missing
Guess what? Tribes of community college students have failed to complete a Free Application for Federal Student Aid (FAFSA). This application is the cornerstone to federal aid as well as a requirement for many other types of loans.
Some 8 million students annually fail to file a FAFSA! Of those close to 2 million would be defined as low-income, and of those nearly 1 million would qualify to receive Pell Grants. Do you know that Pell Grants are free money? This is no joke: If you are in community college half-time or more and fail to file the FAFSA, you are losing out on money.
Some of the reasons students have offered for their failure to complete the FAFSA? Procrastination, and they can pay for college themselves. Eight million students can pay for college themselves? Here’s what you do:
- Go to the FAFSA website. There is also a Spanish version of the FAFSA.
- You can download the form and fill it out or complete it online.
- Follow the instructions.
- It could take you the better part of a day to complete. No, there is no shorter version.
- If you need help contact the financial aid office at the college to which you’ve applied.
- File the FAFSA by the deadline. If you are applying for state based loans, scholarships, and other aid that requires you complete a FAFSA, file by the earliest deadline.
Manage your community college student loans practically and affordably.
Loans for Military School: They Could Change Your Mind
Enroll in some of the top military academies in the U.S. and not only will you not have to worry about accessing loans for military school, but you may even be paid to attend. We have the inside look at the leading military programs and how you can make them work for you.
Loans for K-12 Schools
Loans for private elementary school and private high schools have become a topic for discussion in education. Some private schools cost parents close to the price for a four-year private college. Parents are squirreling away money, taking out loans, and refinancing their homes.
Where you can get private school loans: a growing number of private lenders are packaging special loans for K-12 education. But there is another more affordable source you may not know about. We’ve found your best bet in loans for private K-12 education.
“Missed Opportunities: Students Who Do Not Apply for Financial Aid,” ACE, October 2004, accessed October 15, 2007, http://www.cherrycommission.org/docs/Resources/Participation/Student_FinancialAidArticle.pdf.
2 “Missed Opportunities.”