Q: I am a student attending the University of West Georgia and I was recently informed that I was ineligible for financial aid and would like to know if you could give advice on obtaining a loan because I don't have a cosigner and I also don't have credit history. I've heard of the Perkins and Stafford loans but am not sure whether or not I qualify.
A: The first place I went to learn more about your choice of school was the Internet, where I found www.westga.edu as the web site for the University of West Georgia in Carrolton. They offer the standard panoply of financial aid programs, and I'm sure you can be fitted out with help.
I don't know WHO informed you that you were ineligible for financial aid, but hopefully you won't give up too easily. I can only guess that you had not indicated a desire to attend at least half-time, since financial aid programs are geared to those pursuing at least six hours of credit at the undergraduate level.
Student loans come in several types, and you obviously have done some research as you named the Perkins and Stafford programs correctly. Perkins is awarded by the Financial Aid Office.
The Stafford loan also is processed by the university based on the same FAFSAA, however, the Stafford can either be subsidized (government pays the interest for you while you're in school - determined by your income and current resources), or unsubsidized.
People who do NOT qualify for "need based aid" can still get an unsubsidized Stafford loan, and simply allow the interest from the in-school period accrue and be repaid along with the original principal amount at repayment.
As to the matter of co-signers, you'll find that applies only to private or alternative student loans, which are not guaranteed by the government but are based on your individual credit history. Private loans are the biggest growth area in student lending, but all of us recommend you start first with government programs.
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