Whether you’re thinking about going to school, or you’re already a student, a higher education loan program can be a good option. There are several types of loans available, including federal grants and loans, PLUS loans, and federal loan programs. If you’re interested in learning more about the different options available to you, keep reading.
Texas Armed Services Scholarship Program (TASSP)
Unlike other scholarship programs, the Texas Armed Services Scholarship Program (TASSP) provides a higher education loan program to students who are committed to serving in the armed services after graduation. This program offers annual scholarships of up to $10,000.
In order to qualify for the TASSP, applicants must be a Texas resident and have a minimum GPA of 2.25 on the 4.0 scale. Moreover, they must be enrolled in an approved academic program and be registered with Selective Service.
Students may also apply for a non-resident fee waiver. For this, they must have a minimum ACT score of 21 or a GPA of 2.25 on the 4.0 standard.
Michigan Alternative Student Loan (MI-LOAN) Program
Whether you are a student or parent, the Michigan Alternative Student Loan (MI-LOAN) Program can provide financial assistance to help you meet your education goals. The program, which is offered by the State of Michigan, helps to bridge the gap between the cost of college and traditional federal financial aid resources.
Students can qualify for a loan under the program if they are enrolled in a degree-granting institution in Michigan. Eligible borrowers can also apply for the Public Service Loan Forgiveness program. There are a number of repayment options available, including the option to make only interest-only payments. The repayment process begins after graduation.
New York Higher Education Loan Program (NYHELPs)
Founded in 2009, the New York Higher Education Loan Program (NYHELPs) is a student loan program that provides low-cost, fixed-rate education loans to eligible college students and their parents. NYHELPs has its flaws, however. Some of the program’s shortcomings include low maximum loan amounts, poor safeguards for borrowers and a lack of transparency.
While it’s true that the New York State Tuition Assistance Program (TAP) provides some help, the state also offers several private student loan programs that can be used by eligible students. In addition, the New York State Department of Education offers a host of financial aid programs, many of which are free. These include the Student Aid Program, which provides grant money for New York residents enrolled in college.
Australia’s Higher Education Loan Program (HELP)
HELP is an Australian Government scheme designed to help students to pay their tuition fees. The scheme is regulated by the Higher Education Support Act 2003. The Government has introduced measures to make the HELP scheme fairer. This includes a mandatory repayment threshold.
The Australian Taxation Office (ATO) is responsible for collecting HELP debt information. The ATO manages debts and repays them through the taxation system. The Australian National Audit Office (ANAO) has recently completed an audit of the HELP program. It found that the average time taken to repay HELP debt was 8.8 years.
In addition, the ANAO recommended that Education and the ATO improve transparency of external HELP reporting. The ANAO suggested that the information provided by the ATO should include more detail on the sustainability of the HELP program. The Department of Education and Training has committed to improving the administration of the HELP program.
HECS-HELP loans are designed to help eligible commonwealth supported students pay their tuition fees. They are also available to Australian citizens and New Zealand citizens, as well as permanent humanitarian visa holders. In order to use HECS-HELP, a student must provide a Tax File Number (TFN) to their higher education provider.
The government will then pay the loan amount directly to the higher education provider. The amount you receive is subject to a maximum loan limit, which is indexed to the Consumer Price Index (CPI). This limit varies depending on the type of course you are undertaking.
The HECS-HELP loan scheme is administered by the Australian Taxation Office. If you wish to apply for a HECS-HELP loan, you must complete a Request for HECS-HELP Assistance Form. This can be completed online or by contacting Student Central. You will be issued with an electronic Commonwealth Assistance Notice (eCAN), which details your fee amounts and your loan repayments.
Unlike other student loans, PLUS loans for higher education are available for both parents and students. These loans offer several major benefits, from flexibility to the ability to defer repayment until you leave school. There are no borrowing limits, as well as relatively low fixed interest rates.
The interest rate for Federal PLUS Loans is based on the last 10-year Treasury Note Auction. For 2020-2021 academic terms, the fixed interest rate is 5.30%.
The Direct PLUS Loan is available to graduate and professional students, as well as to parents of dependent undergraduate students. To qualify, students must be enrolled at least part-time and meet certain requirements. Those requirements include being a U.S. citizen and having a good credit score.