For some odd reason, our Government thinks that everyone should have a four year degree or more and only attend four year colleges. Well, at least the way they treat those people who want to attend Community Colleges and Vo-Tech schools you’d think so. For these people, getting financial aid has been made much harder. There was a time, if you wanted to take credits at a community college before heading to a four year college, it was no big deal to get a student loan to cover it. Or, believe it or not, some people just wanted to learn a trade at a Vo-Tech school. The money was there and usually within two years they were out in the workplace earning a living and repaying any loans they took out to pay for their schooling. Such is not the case any longer thanks to Uncle Sam. In the past, it was pretty simple and straight forward finding student loans for Community college. But those days are gone.
One thing you need to do if you plan on attending a two year College or Vo-Tech school is to fill out your FAFSA. This is why many students don’t get the financial aid they need and it will not get any easier under the new laws being attached to nearly every bill that goes through Congress. Your FAFSA application is the cornerstone to you getting financial help from the Government if you want it. And you’d better make sure it’s filled out correctly and truthfully! These applications have been known to come back and bite people who were not honest in answering the questions on them.
There are programs that help people seeking an education or training at 2 year Colleges. Two of the most popular ones are Stafford Loans and Perkins Loans. One good thing to come out of many of these new bills is that by 2012 the interests rate on Stafford loans will be fixed at 3.4 percent. This alone makes these types of loans very desirable for students heading off to college.
Many students and even some school councilors do not understand that the Perkins student loans can be used by two year college students. The Perkins loans are usually more of a campus based loan, but are certainly available to two year colleges. The limits on many of these loans have been increased for people seeking out an education at a four year college but as of now it’s only speculation on whether or not this will help those attending a Community college or Vo-Tech school.
If you’d like to be one of the ones receiving financial aid through the Perkins loan program, it’s vitally important that you submit your FAFSA to the school of your choice at the earliest time possible. The old saying ‘The early bird gets the worm’ is not truer than in this circumstance!
Finally, my last piece of advice to those wishing to go to a Vo-Tech or Community college and are having a tough time getting a federally back student loan would be this. Don’t give up. You can work your way through these colleges and improve your credit along the way. Also, don’t overlook applying for a Private student loans for Community college or Vo-Tech schools. Depending on how much money you need, you may find a lender willing to write you a note if you have a good credit history or a good cosigner.
