StudentZona - Caring For A Better Student Life And Learning

While we have spent the past few blogs exploring the world of federal loans awarded through the FAFSA, it is important to also spend some time on other monies available to students via the FAFSA; monies that do not have to be repaid upon graduation. These typically fall into two categories: work-study and grants. This post will look at the most frequently awarded and coveted grant: the Pell grant.

Unlike Stafford loans, the Pell Grant is money awarded by the government that does not have to be repaid. It is typically awarded to low-income undergraduate students pursuing their first degree, although in some cases it is awarded to students pursuing secondary degrees. This money is looked upon as a “gift”.
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Loans are a hard, cold fact for most college students. Most students today do not have the financial means to put themselves through college and many do not have families who are in a position to help them. Because of this, more and more students are relying on loans awarded based on their responses to the FAFSA (Free Application For Student Aid). Loans awarded based on these responses are known as Stafford loans and there are two types. The first is unsubsidized, which we have already explained. The second type is subsidized, which we will look at further.

Subsidized Stafford loans are monies awarded to you as a student based on your personal financial need. This need is calculated from your responses to the FAFSA and take into account your current income level, your parents’ income (if you are under 24), the cost of the college or university you are attending, and the cost of living. Because these loans are based on financial need, interest is not charged until after your deferment period is over.
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Chances are that if you are in college, you will have to take out loans at some point. While there are many financial opportunities available to assist you with your tuition, the most common form of financial aid in the United States is Stafford Loans. These loans are awarded based on your completion of the FAFSA and can be subsidized or unsubsidized. What is the difference between the two? Here, we will look at unsubsidized Stafford loans.

An unsubsidized Stafford loan is a loan that is awarded based on your responses to the FAFSA. These loans are not based on financial need and because of this, you are charged interest from the time these loans are taken. This interest is added to the overall amount you borrow and is capitalized quarterly.
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