Understanding the financial aid process

Navigating the financial aid process can be daunting for first generation and low income college students  Check out this handy infographic from our friends at Debt.org for some guidance to make the process less intimidating.

While I think this is a great representation of the financial aid process, one thing you should be aware of is that private loans should be an ABSOLUTE LAST RESORT.

Private loans are much riskier than government-backed federal loans. In fact, private loans have a history of predatory lending practices that "take advantage of a borrower’s lack of understanding about loans, terms or finances in general," according to our friends at Debt.org. With that in mind, it's no wonder that private loans have negatively impacted first generation and low income college students.

For most first generation and low income college students, you'll get enough financial aid between grants and federal loans. But for students where this is not the case, definitely apply for scholarships and talk to your financial aid office before you even consider private loans.

Got questions? Please feel free to ask The Advisor about it.