You CAN Fund Your Education with Student College Loans

So you're starting college next semester. You've been accepted by your first choice college (or maybe second, third, fourth or fifth, as the case often is), but you're still not completely sure how you will pay for everything. You understand in a rather ethereal way that you will be receiving some funds from the Federal government in the form of unsubsidized loans and subsidized loans—and maybe even some state or private grants—but you still have a gap and you're not quite sure how to fund it.

This is actually a problem many students encounter. Unfortunately, rather than looking for a solution, many students are so deterred by this seemingly unsolvable financial problem that they decide not to go to college. But it actually isn't unsolvable.

If you need additional funding for your college education, you can receive it through two different channels. The first and best option is the Federal government. If you have no income or a low income and your parents simply do not have the money to contribute significantly, then you are entitled to Federal funding for your college education. When you initially fill out a FAFSA, you might be led to believe that you are not qualified to receive subsidized loans or a large enough amount in unsubsidized loans if your expected family contribution is too high. This actually isn't always the case.

If, as I mentioned before, your parents cannot realistically contribute to your college education, you can file a “special circumstances paper,” which will basically alert the Federal government to your situation. In many cases students not only receive the unsubsidized student college loans that they need, but they also receive a considerable amount in subsidized student college loans.

If this channel falls through for you for whatever reason, you can always apply for private student college loans. There are a number of private companies and non-profit organizations that will disburse student college loans almost regardless of the student's credit history.