Washington D.C. Student Loans
Loans for District of Columbia College Students
The Office of Post-Secondary Education and Research Assistance (OPERA) serves as the guaranty agency for the District of Columbia as well as a general clearinghouse to state-sanctioned college assistance programs, like the DC College Access Program (DC-CAP). A guarantor, such as OPERA, ensures that your Federal Family Education Loan Program loans are repaid to your lender; they “guarantee” them.
The DC-CAP program is designed as the gateway to post-secondary information for DC parents and students interested in college. So use this source first for financial aid information.
DC-CAP does not provide direct student loans, but outlines the various financial aid programs available. Federal loans are a first step for DC students and you’ll find a link to the FAFSA as well as assistance programs for completing this crucial step in the aid process.
When Federal Loans Fall Short
Once your federal loans like the Stafford Loan are disbursed then you could really see the gap that exists between what you have and what you need. College tuition costs have been skyrocketing steadily over the last couple of decades. In the meantime all kinds of student savings programs, grants and scholarships and alternative loans through a wide variety of lenders have necessarily been spawned.
You can pretty much take your pick of student loan providers when it comes to alternative student loans, but DC-CAP does offer a direct link to Sallie Mae, one of the biggest names in college financial aid.
Alternative loans are private, credit-based financial products that typically offer lower interest rates to attract students. These are also long-term--between 10 and 20 years. When you apply for an alternative loan you must submit to a credit check. Have no credit or have bad credit? Find a credit-worthy co-borrower.
Find Alternative Funds—You Have Choices
Remember if you are only using federal loans then you’re missing the boat. Through DC-CAP students have immediate access to some very valuable state-funded grant programs, such as the DC-Last Dollar Award and the Tuition Assistance Grant program, both free money grants for District of Columbia college students.
Bookmark DC-College Access Program website for complete student loan and financial aid information.
