There are different types of financial assistance for full-time and half-time students who are enrolled in accredited colleges and universities. Student loans are one alternative to grants and scholarships offered by universities and foundations. Lenders usually require proof of identity, information about your household income, university, and more.

Lending Criteria       

With federal loans, borrowers must complete exit and entrance counseling. The requirements vary depending on your status, i.e. whether you are a parent or student. In the student loan application they are asked to present information such as their phone number and address, driver’s license number, and social security number, along with the address and name of their school, period of enrollment, permanent address, and so on. If you are married, you may have to submit information about your spouse. There are basic eligibility criteria, including satisfactory academic progress. Students who are incarcerated usually do not qualify for federal loans. Some students also qualify for a battered applicant status, including those who are a victim of abuse.

Scholarships, Grants, and Loans       

There are different types of financial assistance available, including federal and private loans, grants for students with disabilities, work-study grants, and others. While federal loans are offered under different programs, private loans are available from big and small banks and other financial establishments. Your credit and payment history are important factors when applying for a personal loan. The interest rate and loan amount also depend on your credit rating. Federal aid is one option to loans from private lenders, and students from low income families qualify. You also qualify if you have a general education development certificate. With subsidized loans, repayment is deferred until the student leaves school or graduates.

The loan amount varies depending on whether the applicant is a graduate student or independent or dependent undergraduate. In addition to private and government loans, students can apply for different types of grants and scholarships. There are community service, creative, athletic, and average academic performance scholarships. Average academic performance scholarships, for example, focus on different factors such as your essay, leadership skills, community service, and others. Scholarships are offered by employers, ethnicity-based organizations, professional organizations and associations, and civic groups. Other sources include local businesses, community and religious organizations, and foundations. Some scholarships cover a portion of your tuition expenses and thus lower the cost of education while others cover the full cost. There are also scholarships for high school seniors, women, and military families.