More and more banks are ditching student loans; how to pay for college tuition

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STEVENS POINT (WOW) – College fees can be stressful, and as more banks refuse to offer student loans, it can be difficult to decide how to fund.

Wells Fargo is one of the largest lenders in the country, currently with $ 10.8 billion in student debt.

Now he is joining other private lenders without offering student loans.

But for students who need help, there are other options.

The largest of these is the Free Federal Student Aid App, also known as the FAFSA.

“Students must file a FAFSA, and by completing the FAFSA, they are considered for four types of financial aid,” said Melissa Fogler, deputy director of the UW Stevens Point Financial Aid Office.

This assistance includes grants, scholarships, work-study, and student loan options.

For those who complete the FAFSA, it is better to do so sooner rather than later.

“It’s available on October 1st next academic year, and I encourage students to apply as soon as they can,” Fogler said.

But if you still need financial assistance after the FAFSA, it’s best to talk to your family about your options.

First, decide how students or parents can contribute.

Then look for scholarships or private lenders.

“They can turn to private education loans,” said Scott Buchanan, executive director of the Student Loan Service Alliance. “They are like any other consumer loans and there are many banks and lenders.”

Looking at private lenders, he advises looking for a company with a good reputation, while not forgetting about interest rates.

However, it is better to think about financing methods in advance.

Accessibility should be a top priority when choosing a school.

“You have to make sure you go to a school that you can afford,” Buchanan said. “And being able to afford does not mean paying for it out of pocket today, it means you can afford it with a reasonable amount of loans and grants.”

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