In today's world there is some type of financial assistance available for everyone. It must be completed after January 1 each year for the school year that begins after July 1 of that year. It is relatively simple to complete and there is no processing fee. Need in this context is simply defined as the difference between a school's published cost of attendance for one year and the expected family contribution. Cost of attendance includes tuition charges, room and board expenses, estimated costs for books, materials, supplies, transportation, and reasonable personal expenses for the school year.
Principal payments begin after one is no longer enrolled at least half-time.
Parents are currently able to borrow up to the total cost of attendance advertised by the school, whether public or private, profit or non-profit, minus other financial assistance for which the student might be eligible. However, parents must begin making both principal and interest payments immediately, with the payments scheduled over a ten year period. But a few final comments are also in order. First, plan ahead by saving as much as possible. Saving money for later school expenses, contrary to what some people believe, is to a student's advantage.