REMINDER/Students and Parents Learn the ABC`s of Financial Aid
KnowledgeFirst Provides Users With Strong Foundation to Begin Financial Aid Process
REMINDER--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--Oct. 3, 2000--
WHAT: Over the past two decades, education costs have increased faster than the overall cost of living. As millions of students across the country embark upon their fall semester, many American parents have the ever-increasing cost of college tuition on their minds. Fortunately, there are tools available to help parents meet their family`s educational needs. The experts at
KnowledgeFirst consider basic information about different financial aid options to be the most essential of these tools:
Grants: Funds awarded to students who demonstrate financial need. Grants do not have to be repaid -- they are free money. Federal and state governments, school financial aid offices, and private and professional organizations offer grants.
Loans (federal and private): Students who need financial aid to pay for school usually qualify for Federal student loans. Federal loans have low interest rates and special student repayment schedules. Some federal loans require repayment to begin immediately, while others require repayment to begin six to nine months after graduation. Some government loans, like the Perkins and Subsidized Stafford loans, are especially great deals, as they do not begin to accrue interest and payments are not due until after the student graduates. Alternative or private loans are provided directly to students and parents by banks, credit unions and other financial institutions. For the most part, students who either do not qualify for financial aid, or who find that they still need money after they`ve received the full amount of aid they are eligible for borrow these loans. Incidentally, most lenders now require that student borrowers have a co-signor (usually the parents) before lending large amounts.
Scholarships: Scholarships may be awarded based on a unique set of criteria that will vary from one scholarship to the next. Some scholarships consider the academic achievement or financial need of the student. Still others consider athletic ability, specialized skills or interests, or heritage. There are scholarships for avid bowlers, aspiring farmers and excellent writers.
Alternative Aid: Federal grants and loans are not the only sources of financial aid available to most students. Other forms of aid exist -- from military scholarships to state-sponsored savings plans.
Military Aid -- The U.S. Armed Forces offers a number of scholarship and ROTC programs for students who are willing to exchange military service for financial aid.
Federal Income Tax Breaks -- The federal government offers tax relief to families with members in school. Chances are, you qualify for at least one of these tax breaks.
State Savings Plans -- Most states now offer special college savings plans. Many of these plans offer excellent terms, and you can enroll in any state`s plan, no matter where you live.
Loan Forgiveness Programs -- Students who agree to offer their services as teachers or volunteers in specialized fields or designated areas may be eligible for substantial federal loan forgiveness.
WHO: KnowledgeFirst
(www.knowledgefirst.com), the Internet`s education related marketplace for financial aid products and services, is available to help parents and students in preparation and financing of a college education.
KnowledgeFirst provides a streamlined approach to the antiquated paper-based loan process, details scholarship offerings and offers a range of assistance and tips to
support students and parents in the pursuit of higher education.
CONTACT: Media can contact Jennifer Cosgrove at 415/217-7500 to arrange an interview with Lindsay Lee, CEO, or another financing expert at KnowledgeFirst to discuss financial aid options.
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