The ability to pay for college is something that many people are struggling with as the economy has made the pursuit of daily life and its assorted activities quite complicated within the last few years. Being able to afford the expense of college tuition is more than some families can bear, but there are several options for the citizens of North Carolina to consider.
Federally funded programs that encourage young students to do better in school and think about their educational future are an important part of North Carolina's initiative to increase significantly the number of students who can enter and succeed in college. Programs such as these help students and their families in making intelligent choices in planning for college and the financial options associated with college. In order to find if the student qualifies for federally funded programs, the student must compete the FASFA form which can be found through the school that they are attending, as well as online through the FASFA website.
The College Foundation of North Carolina is another program that is authorized by the state to make federal student loans as well as private loans for residents of the state. This foundation provides tips and tools for college preparation and other financing options that are available to not only students, but parents of these students as well.
Students who want to go to college and need a loan to help them pay for tuition and related expenses apply through the North Carolina Federal Loan Program. By filling out the FASFA form, students will get to see if they qualify for a Stafford Loan if they are undergraduate or graduate students, or a Grad PLUS Loan if they are graduates or professional students who have reached the borrowing limit of Stafford Loans. When there is not enough money from those loans to pay the total cost, parents of the student can apply for Parent PLUS Loans to meet the balance.
There are alternative options for financing a student loan for residents of North Carolina. The College Foundation of North Carolina offers an alternative student loan that is affordable and in many ways similar to a Federal Stafford Loan. There are very low fees and a grace period of six months after graduation before the student has to begin repaying these loans.
There are a few conditions to this loan, as the student must be attending a college or university within the state of North Carolina and the school must participate in the North Carolina Extra Loan scheme. In addition, the student must have applied for student loans on the Federal level, have good credit or a co-signor, and a qualifying GPA, which is usually a 'C' average for most schools, however, the student should check with their school for further information.
For North Carolina students, there are considerations about debt repayment that should be kept in mind. For instance, there is an option to repay your Federal student loans back in a consolidation format as long as that is offered at the time. It can save as significant amount of money and is worth a look.