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The Importance of FAFSA for Applying for College Grants
The Free Application for Federal Student Aid (FAFSA) is the best way to apply for a college grant or a scholarship that could help pay for college. This online application form is a real time-saver, as you dont have to waste any more time doing research on the Internet about scholarships and grants you are eligible for and you can also increase your chances at getting an advantageous grant by submitting your application on the FAFSA website.
You only have to access their website to learn about the eligibility criteria and other useful information you need to consider while applying for a college grant. Understanding the instructions correctly is the first step of making sure you dont miss out on the opportunity to obtain a good scholarship. Check out their FAQ section and try to get clear answers to all the issues that may arise because any mistakes or misunderstandings will lead to your elimination.
It is imperious to fill out the application form correctly and in strict accordance with reality. Usually, many student applications are rejected even from the beginning due to mistakes or inadvertences in their application forms. Collect all the documents you might need before you fill out and submit the application, to make sure you are eligible for such grant.
The main documents you’ll need at hand are bank statements, driver’s license, Social Security Number and tax returns. Having all these documents at hand before you start completing the application form will definitely help you win time and enter correct information. Also, this is a good way to make sure you do have all the necessary documents in case you must submit them.
A more efficient way of signing the FAFSA application is by means of FAFSA pin, which is a unique and personal identification number you can obtain on the FAFSA website. This number will allow you to sign electronically your application form and to grant you access on the status of your applications. You can use the FAFSA pin to apply for other financial products in the future, but students are limited to using this number in order to verify the status of their application.
The best way to maximize your chances of obtaining a great scholarship would be to sign up for it in time. Check the FAFSA deadline to see when it’s best to fill out the application form. If you are organized and responsible, you are very likely to receive positive outcomes.
The 411 on Secured Loans: What you need to know
Any time someone borrows money from a bank, the funds lent are referred to as a loan. Any time when the bank asks for collateral (a security that the bank takes charge of if you are unable to pay, like your home or property), thats called a secure loan. A first secured loan on property is considered to be first charge, while a second loan (perhaps a home equity or second mortgage) is second charge. Secured loans are easier to obtain than an unsecured loan, as the bank has a means of repayment in the event that you are unable to.
There are many types of secured loan programs available, offering different benefits and such to the borrower. But no matter which one you choose, there are some things you need to know before you agree to or sign anything.
First, secured loans come in a variety of amounts (typically averaging between £3,000 to £50,000, but have been seen as high as £250,000 with some lenders). They are repaid on a monthly basis for a predetermined amount of time (usually between 3 and 25 years). Some loan programs may have a prepayment penalty (a fee attached to the loan if it is paid off earlier than expected), so be sure to ask your lender if this applies to your loan.
Second, the APR (Annual Percentage Rate) is the interest youll be charged for borrowing the money. Your APR will depend on several factors, including your credit history and equity available in the property. Its a wise idea to compare interest rates from different lenders to be sure that youre getting the best one possible.
Next, you need to know how to apply for a secured loan. The Internet revolution has changed the lending industry for the better, as its no longer necessary for you to leave your home to apply for a secure loan. Although you can visit your local branch of your favorite lending institution, its much easier to login online and enter your information, or to pick up the telephone.
Finally, you need to know how governing laws are protecting you. All secured homeowner loans are subject to the Consumer Credit Act of 1974. This act contains strict guidelines as to how money is lent out, covering loans up to £25,000. (Loans for greater amounts are unregulated). Before such a secured loan is granted, you will have to sign a legally binding credit agreement for the terms of your particular program. A consideration period of 7 days is to be granted to you by the lender. Lenders are to offer you insurance options to cover your monthly loan payments in the event that you are unable to pay under specific circumstances, such as illness, unemployment, an accident or death. All coverage options will vary between lenders, and so will the cost, so be sure to check with your lender for any details, specifically as to what is covered and what is not.