<p>Unless you check the financial aid box, some colleges will not send you much information on those government loans for which you and your family may be eligible. Also, you get so much stuff, that a page or brochure on those loans may go unnoticed unless you are looking for that information. So, it is possible that your friends did not notice any information about loan availability.</p>
<p>That said, a student HAS to fill out FAFSA to be eligible and does have to meet some eligibility requirement, such as citizenship, not be in certain default statuses with previous such loans, be registered for the draft if a male, and possibly some other vetting points. That qualifies a freshman for $5500 in Stafford loans regardless of need. Under certain need scenarios, the interest on that loan can be subsidized until after graduation. </p>
<p>The PLUS or Parent Direct Loan is a whole other situation. It’s for parents, but they do have to apply for it after FAFSA is filed and they do have to qualify credit wise. It’s not an automatic go, and the interest rate for that loan, plus the origination fee makes that pricey option. A better deal than many of the private school loans being advertised in terms of flexibility and other terms, but still not a real give away. And again, the credit report has to be good enough to qualify. </p>
<p>But do be aware, that one hears a lot of fish stories about financial aid and scholarships. I had a very good athlete in one son, and until I actually entered the world of college recruitment and what was available, I did not get a true picture of how things were and a lot of people told me some outright lies. They were bragging about getting sports scholarship offers at schools that did not, could not give them. </p>
<p>But all that is guaranteed to be out there in the form of pure money hand outs towards college costs is the PELL. If your family is very low income and gets a low EFC from FAFSA, the federal government will give you PELL money if you meet the qualifications. Anything else is up to the school and/or state. Even other federal money, such as SEOG is dependent on whether a school participates in the program and the funds are not guaranteed even if your EFC is zero. The same with the PERKINS loan. Unlike Staffords, it is not guaranteed. Nor is work study. A school gets so much in those funds and that’s it, and it’s rarely enough.</p>