A guide to college loans in New York State

Posted by fredclark on September 21st, 2010

It's hard enough to be a single parent in today's world without the added stress of figuring out how to apply for a college loan! New York State has a reputation for building up brick walls and plastering on the red tape when it comes to applying for any type of financial assistance. Where do you start?

You can start right here! Here are some helpful hints to assist you in your search for college financial assistance:

1. Choose the school you or your child would like to attend. Ask the school's Financial Aid Department for the school's code number for your application. This seems a bit silly, but most people think that they need to secure financing before they select a school. This simply is not the case. The school that you select will play a crucial role in helping you secure the funds that you need!

2. Get your financial records and identification documents together. This simple step will make the process more streamlined for you.

3. Ask the Financial Aid Office representative for an application for Federal Student Aid. Even if you do not think you will qualify, it is worth applying, just in case. Also, a lot of loan applications will require that you have already exhausted this option.

4. Complete and submit your application. When you get the results, take them to your school's Financial Aid office. They will give you the paperwork to apply for Stafford Loans.

5. Stafford Loans are put into two categories: Subsidized and Unsubsidized. This just means that one will accrue interest while you are in school and one will not. These loans are good for many reasons.

One, you don't have to start re-payment until six months after you have completed your schooling. Two, the interest rates are competitively low. Finally, if you have financial distress, you may qualify to put your payments on hold for up to a year a time. There are certain stipulations to these loans but most are within reason.

6. If you don't qualify for those loans then your best bet is probably a private bank loan (you will need good credit) or a loan from a family member.

Just because you are a single parent in New York State does not mean you can not find help when applying for a student loan. It is not as hard as it is often made out to be. By reading these helpful hints you should be well on your way to applying for a student loan now!

Just remember, if you get lost in the process, just ask for help at the college campus! The Financial Aid Office is there for a reason! Utilize them!