What is a Master Promissory Note?

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When you take out any loan, the lender will ask you to sign a promissory note stating that you agree to the terms and conditions of the loan, and that you promise to repay the loan with interest within the agreed time. This is no casual note. A promissory note is a legally binding contract …

Common Questions About Work Study Programs

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Work study programs are need-based student aid programs that allow students with financial need to earn an income through part-time employment while they are still in college. The work study program is funded by the federal government. The aim of the program is to give needy students the opportunity to earn money that can be …

What Is Student Loan Gap Financing?

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Student loan gap financing refers to the financial aid that you still may need to acquire to pay for your tuition. After you’ve exhausted your scholarship opportunities, grants, work studies, and federal student loans, you may still need to borrow from a private loan lender to bridge this ‘gap’ in the financing. How To Obtain …

If I Have a High EFC, Should I Bother with the FAFSA?

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Short answer: YES! Longer answer: Regardless of your Estimated Family Contribution (EFC) everyone should file the FAFSA. The FAFSA enables students to measure their financial need, and become eligible for federal grants and scholarships, work study programs, and federal student loans. Always Always Always File the FAFSA Many students and their families don’t bother filing …

Why Do Some Merit Scholarships Require the FAFSA to be Filed?

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The FAFSA is a form that determines your financial need, allowing you to be eligible for federal financial aid. However, you may come across some merit-based scholarships—awards based on talent, academics, hobbies, ethnicity, etc—still require you to file the FAFSA. Why? Limited Financial Aid Available If you’re applying for merit aid, why would you also …

What If My Family Can’t Meet Our EFC?

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A large number of families across the U.S. have trouble paying up the entire amount of their children’s tuition from their private funds—and they aren’t really expected to. Families turn to financial aid. This is usually in the form of federal student loans, scholarships, grants, and even private student loans. Estimated Family Contribution (EFC) is …