College Mentors

Today I learned that Evergreen State College in Washington is still accepting applications for their fall class. Evergreen is a unique college, offering an interdisciplinary approach to learning. Their program would be of interest to students looking for a "progressive liberal arts and sciences college." If this kind of college sounds interesting to you and you have a 3.0 or above GPA, check out their website at: http://www.evergreen.edu/admissions/apply.htm

In many cases, your financial aid package will contain grants, scholarships, and loans. As we've talked about before, grants and scholarships are free money--money that does not have to be paid back. Loans, however, do have to be paid back. What types of loans might you see on your offer letter? Let's start with the Federal Loans. The main loan types are: Perkins--based on need, these loans are provided at a fixed rate of 5% Stafford Subsidized--based on need, these loans are currently at 6%, fixed, and interest is paid by the government while the student is in school. Stafford Unsubsidized--not based on need, these loans are currently at 6%, fixed, but interest accrues while the student is in college (you can pay the interest monthly or it will be capitalized and added to the principal at graduation). Federal Direct Loans--these are the same as the Stafford, but come directly from the government instead of through a lender. PLUS loans--not based on need, parents can borrow ...