If a student's financial aid package, including grants and loans, amounts to more than his billable expenses, including tuition and fees, he receives a refund from the school to cover living expenses, according to U.S. News and World Report. Some students who live off campus qualify for larger loans than those who live in dorms.Continue Reading
The first step in qualifying for financial aid is the completion of the Free Application for Federal Student Aid. The FAFSA is the application for government grants that the student does not have to pay back and loans that the government expects the student to pay after graduation.
Federal Stafford loans are available to both undergraduate and graduate students. They have fixed interest rates and are the most common student loans. Acceptable use includes tuition and other school expenses. Subsidized Stafford loans are only available to undergraduates as of 2015, but graduate, professional and undergraduate students can qualify for unsubsidized Stafford loans.
For students whose needs go beyond the Stafford loan, options include the Parent Loan for Undergraduate Students and the Perkins loan. The PLUS loan is not need-based, but the parent's credit rating may affect its availability. The Perkins loan is need-based.
Students who choose to use loans for their living expenses while in college should realize the master promissory note they sign requires that they repay the loans. Other options such as on-campus jobs help to reduce the cost of the student's education.Learn more about Credit & Lending
Scholarships available to immigrants include the Western Union Foundation's Family Scholarship Program, the Paul and Daisy Soros Fellowship for New Americans and the New Immigrant Scholarship, according to U.S. News & World Report. Each has different criteria that applicants must meet to qualify.Full Answer >
A credit report is the detailed history of a consumer's borrowing history, and a credit score is a value assigned to the consumer based on credit history details, according to U.S. News & World Report. In a FICO scoring model, payment history and debt amounts are primary scoring factors.Full Answer >
A soft credit check or inquiry occurs when a company checks a person's credit without affecting his or her credit score, according to U.S. News & World Report. A soft credit check occurs as a background check rather than a check of a person's credit report.Full Answer >
Ways to protect a person's credit include securing mobile devices and online accounts with strong passwords and trusted anti-malware applications or programs, taking extra caution when shopping online, and using a shredder to get rid of documents containing personal information, reports U.S. News & World Report. Consumers should avoid sharing sensitive information or bringing credit cards and identity cards while traveling unless necessary. Monitoring financial accounts periodically helps detect identity theft.Full Answer >