A federal Stafford Loan does not require a co-signor and does not require a credit check. It's great that you are able to pay for your two years at a community college!
When you get ready to transfer to the university you will need to complete a FAFSA (Free Application for Federal Student Aid - www.fafsa.ed.gov). This is available beginning January 1st of each year (so the 0708 FAFSA was available January 1, 2007, the 0809 FAFSA will be available January 1, 2008, etc.).
You will also want to check to see if the university has an in-house application that needs to be completed as well. We do at our school, and that is usually available end of October/begining of November (for the 0809 school year it will be available October/November 2007).
Check to see what the deadline is at the university for applying for financial aid and make sure you have the FAFSA (and in-house application, if needed) completed and sent to them well before the deadline. This will ensure that you are considered for any available aid for which you may be eligible.
If you do have to take out a Stafford loan, you can find information regarding loan limits and such at www.finaid.org/loans. You won't have to start repaying or accruing interest on a Subsidized Stafford loan until six months after you graduate/withdraw from school. On an Unsubsidized your interest accrrues as soon as you receive the disbursement; you can defer the loan and make no payments, or defer the loan and make interest only payments, or just start making repayments right away.
When you get ready to transfer, definitely start getting in touch with a financial aid officer at the school for more information/guidance. Good luck!
Don't worry, everyone in college is in the same position you are. You are very smart to attend community college first, and then transfer. That's what I did and it helped me so much.
You will be able to get student loans and if you are a dependent of your parents, they can take out loans too. This is all through financial aid. Once you apply for the FAFSA, you might need to fill out another financial aid application that the school provides. Also, most college loans don't need to be repaid until you graduate, or even beginning 3-6 months after you graduate. For example, I have a 10 year loan, and once I graduate, the 10 years to pay it off will begin.
If you have more questions, talk to the financial aid office at your community college and then at any colleges you are thinking of transferring to, it's their job to help you out!
I hope that helps!
if you go through the college to get your loan you will not be turned down. I know I have one now and I dont have any credit at all. Just apply. Good luck with you education.
I would definitely suggest applying for FAFSA when the time comes. This is essentially free money towards your education. Meanwhile, start building you credit so in the case that you need to get a loan you can get a better interest rate.
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