Available Federal Financial Aid at Princeton University
If you do pursue a Princeton education, you have to be really serious about it. You will be spending serious money on it. With books included in the total, the tuition can reach almost $50,000 a year. However, this already includes about $10,000 worth of room and board on campus. Boarding on campus can actually save you a lot of money.
One of the financial aid opportunities that you can grab is a student loan. Student loans are offered by the government, nationwide or statewide, and by private institutions. Government student loans are preferable, as they have lower interest rates.
To apply for a student loan, either private or government-funded, you have to fill out a Free Application for Federal Student Aid (FAFSA) form. You have to make sure that it is submitted at the deadline that Princeton University has set. Different universities have different deadlines.
Types of loans
Federal Subsidized Stafford Student Loan – The Federal Subsidized Stafford loan offers fixed interest rates that are quite low, flexible repayment modes, and the option to consolidate the loans.
New Jersey College Loans to Assist State Students – Also known as the NJCLASS, this loan offers low interest rates that are fixed, flexible payment options, 20-year repayment period, and 2% origination fee. If you are going for the NJCLASS, you have to have good credit or you can apply for the loan with a cosigner.
Federal Perkins Loan – The Federal Perkins Loan program is meant for eligible undergraduate, vocational, and graduate students who are in need of a low-rate government loan for studies.
Parent Loan Program – The Princeton Parent Loan Program is for eligible families who who wish to lessen their college expenses. Funds can be provided for up to four years, along with a 14-year repayment period.
Federal PLUS loan – The Federal Plus loan is meant for parents of undergraduate students who are enrolled as at least half-time college students.
Thinking about paying off your student loans after graduation can be a headache. Still, applying for a student loan, availing of it and finally paying it off is a better route than not having to go to an excellent school at all.
Photo Credits: Keith Ramsey