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A financial aid nights will take place in over 20 high schools from Stark County,Ohio.Themeeting will begin in the next few weeks with Kim Leggett speaking about a great college attending option about which few people know how is working.We are speaking about a loan given by a community group named Canton Student Loan Foundation to any local high school graduates.
This Foundation has his beginnings in 1922 and until this year has lent money to around 5000 students summing over $27 million.For example this year they have 450 students which are using their loan service help to pay their college.This is with 25 percent more than last year and they are expected this number to increase in the next years.
In recent years we find many community associations with these type of loan services because because there are also many families looking for financial aid for their children college payments.
The rates for students loans are always fixed (around 8% which is also lower than federal students loans rates) and they say that some associations have almost 0 interest for their loans.For example the loans from the Canton association have an interest on 6%.
Student loans terms are many times more strict than usual student loans terms.They have short repayment periods from 4 to 8 years after graduation but also penalties.Even if the loan help seems small compared with the cost of college (you can take up to $7000 or even more per year) this is stilla good help for any family.
At this time there is no count for the number of existing high-school loan funds and also about how much they lend.Beeing the executive director of National College Access Network, Kim Cook, represents the community associations which are providing loans for high school students with almost zero interest.He said that the number of the members increased from 199 in 2006 to 344 this year.
The money for these community associations are raise from donations and the associations are separate from the high schools even if sometimes they have some common interests.
To take a student loan you need an adult cosigner which is normal for private loans but not for federal students loan.Also there are some associations with terms involving seizeing the property for any defaults but this depends on you to decide if is good or bad to take a student loan from them.