A student’s eligibility depends on a large number of factors such as savings, earnings, trust funds, parental income and assets (for dependent students), spouse’s income and assets (if married), Social Security benefits, and Veteran’s benefits. A lot of students are reluctant to apply for college loans because they think they will never be considered for a loan when in reality, more than 50% students are considered eligible for loans. This is so because college student loans are considered after considering all the resources available to the student. Other eligibility criteria include age of parent, number of family members, family members enrolled in college, enrollment status, costs of attendance and out of the way expenses.
While filing for financial aid, make sure your application is sent as soon as possible and not when the deadline date is approaching. Try to send in your application anytime soon post Jan 1. All schools and colleges have a limited pool of funds which are given to students usually on a first-come, first-served basis. So even if you do qualify for a college loan but due to lack of funds, you will be turned down.
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Contrary to popular belief, a student’s income is a bigger determining factor than the parent’s income. 35% of the student’s assets as compared with 5.65% of a parent’s assets and 50% of a student’s income as compared with 47% of the parent’s income are some considerations to determine a student’s need for a financial aid. Most of the times, students who feel their parent’s income is very high, don’t apply when in reality, there are very good chances of the college loan being sanctioned. In any case, such students are eligible for alternative schemes such as a Plus loan in which the loan is written in the parent’s name. The criterion for eligibility is the parent’s credit rating and not the student’s need. The interest rates are of course higher than the regular college loan.
