Financial Aid authorities are predicting that even though the state of the nations economy looks grim, it’s still to soon to throw in the towel for students looking to get financial aid for fall.
With the deadlines for tuition approaching soon, and the wait for lenders to make payouts on loans stretching into weeks if not months, it’s not feasible for students to change their classes from full to part time.
Jerry Alan Donna, the Director at Salem College – Winston-Salem, N.C. said “it’s a federal rule that you don’t disburse federal funds prior to 10 days before the start of classes,”
Some of the private lenders have had to increase their standards on credit for private student loans, and distancing many whom would have previously been able to qualify.
This will probably cause many of the now ineligible loan recipients to shift to the PLUS Parent Loan Program since the loans in this program are guaranteed by the federal government. For more information on which student loans are available through SchoolLoans.com, visit our School Loans resource page.