| Type
Program |
Program
Information |
Annual Limits |
Requirements |
|
see
Private Loans
|
Private student loans are the best financing options for students who are enrolled in an accredited program or enrolled in a certificate or technical training program.
Private student loans are used to make up the
difference between total cost of school and any
financial aid received.
These loans are not guaranteed by the government
so the interest rate and origination fees may
be higher.
Most private loan programs have higher borrowing
limits than federal loan programs.
The student will submit the application
as the borrower. The parent or other creditworthy adult can become
the co-borrower to the application
if the student is unable to meet the
credit guidelines.
The loan can be used for education-related
expenses, including the purchase of
a personal computer.
|
From
$3,000 to $45,000 annually depending on the lender
the aggregate program
maximum is $150,000 or more. |
You
must have at least 21 months credit experience and a satisfactory credit history.
Learn
about building and maintaining a good
credit history
You must meet the credit guidelines for employment
and residency.
If you can't meet these guidelines, you may request
your parent or another creditworthy adult to co-sign for the loan.
Continuing education students must be enrolled
at least half-time in a degree or certificate or technical training program at an approved school.
Funds are certified through the school. |
|
see
Home Equity
|
Private
loan program where the lender opens
a credit line on your behalf, which
credit line is secured by the equity
value of your home.
You will use equity line checks or
online transfer capabilities to pay
for education or other expenses.
The line of credit can be used at
any time and for any expense up to
your approved credit line balance. |
No
annual limits.
Your amount is subject to your approved
equity line balance. |
You
must have equity value in your home.
Calculate
your equity value
You must meet the lenders credit
criteria and credit check.
There is no limitation or restrictions
on the use of the funds. |
|
see
BLOC program
|
Same as the home equity product above except that you use your BLOC as your primary money account.
Best for applicants who have working income:
- use BLOC to pay for education expenses
- deposit your income into the BLOC
- pay living expenses using the BLOC
- income left over reduces BLOC account
view illustration of program
|
No
annual limits.
Your amount is subject to your approved
equity line balance. |
You
must have equity value in your home.
Calculate
your equity value
You must meet the lenders credit
criteria and credit check.
There is no limitation or restrictions
on the use of the funds.
You must have discretionary income to benefit from the BLOC program. |
|
link
to your individual state for information |
Individual
states offer financial aid programs
for state residents and in some cases
out-of-state residents attending in-state
schools.
Financial aid may include grants,
scholarships, financial aid assistance,
and some loan programs. |
Financial
assistance may vary by state. |
Financial
aid qualifications can vary by individual
state.
link
for state information |
|
see
Alternative Aid |
State529
Plans
Qualified investment plans established and managed by individual states that can
be used to pay education expenses.
Contributions are after-tax, but earnings
in the fund are tax exempt.
Funds are available to any named
beneficiary. The beneficiary can be
the contributor.
Two types of plans:
- Prepaid College Tuition Plans
- College Savings Plan
Education
IRAs
IRA plans that can be setup for education.
Contributions are after-tax, but earnings
in the fund are tax exempt.
The IRA can be used to pay for higher
education and K-12 education expenses. |
Limitations
subject to the available amount in the
plan. |
Plan
must be setup in the name of the beneficiary.
Withdrawals are tax-exempt if the
funds are used to pay for education-related
expenses.
Penalties may apply for payment of
non-education expenses.
|
|
More information from the IRS:
http://www.irs.gov |
You
can make withdrawals from your IRAs
for qualified higher education expenses
without having to pay the 10% penalty
tax. |
Limitations
subject to the available amount in the
plan. |
You
will owe income tax on at the amount
withdrawn from the plan. |
|
|
Scholarships
are available from many private and
educational institutions. This type
of financial aid does not have to
be paid back.
The more common form of scholarships
are athletic and academic. However,
there are a number of scholarships
awarded for other achievements. |
Limits
subject to scholarship award and program. |
Scholarships
may require an essay, written exam,
or some demonstration /document of
your eligibility.
get
some help
Most scholarships (including athletic)
will require a minimum GPA.
Scholarship funds will be sent to
the college directly on your behalf. |
|
see
Alternative Aid |
Federal-merit
scholarship program that will pay
for college and provide a monthly
allowance.
You must meet specific academic
or physical fitness requirements
to join.
|
Limitations
subject to the cost of college attendance. |
You will be required to complete
a period of military service after
you graduate. |
|
More information from the IRS:
http://www.irs.gov |
The IRS allows students and parents
who file and owe taxes to claim
one of two educational credits. Tax credits reduce your overall
taxes paid dollar-for-dollar. |
Hope Tax Credit:
up to a maximum $1,800 per year
Lifetime Learning Tax Credit:
up to a maximum $2,000 per year per family |
Credit
can only be taken for expenses covering
tuition, fees, and and books (if the book expense was paid to
the institution on condition of
enrollment) minus any scholarships
and grants received.
Room and board,
personal expenses and transportation
are non-eligible expenses. |
|
See
Aid Note:
other types
of financial aid available
 |
Includes loan forgiveness programs, VA benefits, Americorps, U.S. public health, and job training programs.
|
Provides help for limited circumstances.
|
View program for limitations.
|
