NBC’s Today Show – Money 911 – October 19, 2011

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Just in case you missed me on NBC’s TODAY Show – Money 911 this morning here’s the segment – so make sure to check it out. Today, I answered viewer’s questions on financial aid for college students and how to increase your credit score—fast! In my first answer,  I mentioned a few websites to look into to get money for school without a cosigner, so below is Loran’s question and the information that I gave her, that can hopefully help you too!

Question from Loran:

My daughter is in college and needs more money for school, which we don’t have. She’s been working several jobs, but with her apartment and car she often doesn’t have enough money. She’s tried getting loans but needs a co-signer which we can’t do. What should we do?

My Answer:

First look at a Federal Pell Grant, it is for undergraduate students unlike a loan, does not have to be repaid. The amount depends on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less. The maximum amount given is $5,550.

Next, I would look into a Federal Perkin’s Loan which is a low interest (5%) loan for students with “exceptional financial” need. The U.S. Department of Education provides funding to your school. In turn, your school determines which students have the greatest need. Your school combines federal funds with some of its own funds for Perkins loans for qualifying students.  Both of these can be applied for at http://www.fafsa.ed.gov/.

You can find out more information on getting money for school at http://studentaid.ed.gov/  under the tab – “Get Money for School.”  Also check out http://www.fastweb.com/. It bills itself as “the leading scholarship search provider for every student, whether you’re in high school or a mother of two returning to school” and with 34 million users, the boast is probably justified. This amazing website contains everything you need to know to find help quickly about both scholarships and college loans.

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