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(EMAILWIRE.COM, September 07, 2010 ) Fort Lauderdale, FL
Thanks to the Congress and the credit crisis, securing finance for the higher education hunt has become really difficult. However, students can rely on FAFSA submissions to obtain grants and scholarships in addition to Federal PLUS and Stafford loans.
The recent economic crisis and congressional measure have resulted in the downfall of lending institutes. So, what options do college students have now for financial backing?
Sheila Danzig, founder of www.TheDegree.com a leading internet portal for college and university degrees and courses courses has stated that according to statistics, tuition, accommodation and board expenses for the costliest institute in the United States average at around $50,000 on an annual basis. As far as private colleges are concerned, the similar yearly bill sums up to a standard amount of $34,000 whereas for public institutions the amount is worth $14,000. Undoubtedly, these are huge sums for parents to arrange in such tough times. On the contrary, accredited online educational schemes are considerably cheaper as students can study right from the comfort of their couch without paying anything for accommodation and board.
Nowadays, many parents are arranging funds for higher education by acquiring loans against their possessions, for example, home equity. Several college funding consultants, particularly the ones dealing with well-off families have reported that the educational crisis hasnÂ’t even spared parents who once considered themselves rich enough to arrange funds for the sky-rocketing college expenditures.
Today, the only option most students can think of is “borrowing”. The congressional measure along with the credit squeeze has resulted in the lending industry’s significant inequality, during the last two years. Possibly, the greatest blow that struck the lending sector is frozen subsidies to private lending intuitions that grant government-backed loans by means of the Federal Family Education Loan Program.
As a result, forty-five creditors are no longer granting private loans and around one hundred and sixty creditors suspended (indefinitely or else temporarily) the federal loan schemes, as informed by Sheila Danzig, initiator of thedegree.com, the most reliable online educational portal Danzig further adds that the government budget's chief provision is aimed at ensuring direct borrowing opportunities from the government for students by means of their colleges thus eliminating the need of private bodies that offer these services.
Borrowers will be required to use wits in acquiring financial support for a variety of degree schemes. Filling out the FAFSA (Free Application for Federal Student Aid) is the first step toward grants and scholarships. Some people consider that filling out the long form is time-consuming and can be frustrating. However, these individuals unknowingly ignore the fact that taking some time out for form submissions today can actually help them secure their future.
Now, there is government-funded Stafford loan as well that is available for everyone, regardless of credit score or monthly income. It further accompanies a satisfactory set interest rate i.e. 6.8 percent.
Then, there are Federal PLUS loans that enable students borrow as much as the total amount of board and tuition expenses. These loans have the least credit criteria and there may be a deferral of payment until the candidate graduates, though interest would accumulate.
Nevertheless, you always have the option of home-equity (despite real-estate devaluation) as well as private loans – as tough as these may be to look for and acquire.
On the brighter side, a copy of THE BIG BOOK OF SCHOLARSHIPS AND FINANCIAL AID is now accessible for free. The offer is made available for a limited time only and the book can be downloaded by visiting http://thedegree.com/free-downlaods.htm/
TheDegree.com
Sheila Danzig
954.905.4942
sheiladanzig@gmail.com 
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