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Art School Loans

The two types of loans available to college students are federal loans and private loans. Both have their strengths and weaknesses, and many students decide to utilize a mix of the two to pad their college funds. Since you're not limited to only one, it's a good idea to do some research and understand both kinds before signing the papers.

FEDERAL LOANS

Federal loans are so named because they are guaranteed by the U.S. Department of Education, either directly or through affiliated agencies. This allows for some student-friendly terms: the governments sets a bar for interest rates, the loans are available to almost every student regardless of credit score or financial history, and there is a six month grace period, which means that no payments are required until six months after graduation. There are also forms of assistance for those struggling to pay even after this grace period, including deferment and forbearance. However, the downfall of federal loans is their relatively low limit. As of June 1, 2007, freshman undergraduates are eligible for no more than $3,500, sophomore for $4,500, and juniors and seniors for $5,500. For graduate students, the limit is increased to up to $12,000, depending on the type of federal loan and the area of study.

Federal loans fall under two broad categories. Subsidized loans are granted based on the financial need of the student in question, and for as long as you remain enrolled in college either full-time or half-time, no interest accrues while you study! Or rather, the federal government pays the interest for you. It's an amazing deal, because if you go start off borrowing $3000 to enter college, you owe $3000 and not a penny more by the time you graduate.

In other cases where the student fails to qualify, loans are unsubsidized. Interest does accumulate during your years in college; you are, however, still eligible for the six month grace period.

Federal loans come in many guises: Stafford loans, Perkins loans, Federal Family Education Loans, Ford Direct Student Loans. Each one is a bit different and targeted towards a different type of student, so it's a good idea to do some research and find out which one is the most beneficial to you.

PRIVATE LOANS

Private students address the weakness of federal loans by offering higher limits, but also higher interest rates rates. While more significant than the interest rates charged by federal loans, they are nonetheless still lower than a nonspecific loan. Unlike federal loans, credit history does matter, and many private loans will require the student to fill out a FAFSA or some other application that provides the lender with financial information. Because of this reliance on the borrower's financial situation, many students who choose to take out a private loan will cosign with their parents in order to reap the benefits of their credit score and the subsequent lower interest rate. Depending on your family's situation, this could be a good option to consider!

Following in the footsteps of federal student loans, many private loans also offer a similar grace period, which can extend to up to twelve months in some cases (though six is far more common).

Because they don't carry the federal government's guarantee, there are far more private student loans out there than federal ones. Each lender will have their own qualifications, rates, terms, and schedules. If you plan on applying for private loans, watch out for hidden fees and terms that can trip you. Choose carefully, and the best private loans will provide you with a significant monetary boost so that you can study in your dream art school without worrying about funds.

LOAN RESOURCE SITES

http://www.fafsa.ed.gov/

http://federalstudentaid.ed.gov/

http://www.finaid.org/loans/

Loans are a great, solid source of educational funding. They are available to almost everyone and are a time-proven asset to any student who won't allow financial difficulties become an obstacle to attaining a good education in the arts. Though we've listed pros and cons to both federal and private loans here, we reiterate again that a mix of both types can create a strong, balanced aid plan.





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West Valley College Advertising | Animation | Architecture | Fashion Design, Marketing, Merchandising | Film, Video, TV | Game Design | Graphic Design | Interior Design | Landscape Architecture | Performing Arts | Photography | Visual Effects | Web Design & New Media Two-year school Saratoga, CA 12893 Suburb Public
Sanford - Brown College - Farmington Fashion Design, Marketing, Merchandising | Film, Video, TV | Graphic Design | Web Design & New Media Two-year school Farmington, CT 93 Suburb Private
The Art Institute of Michigan Advertising | Fashion Design, Marketing, Merchandising | Graphic Design | Interior Design | Photography | Web Design & New Media Four-year school Novi, MI 690 Town/Rural Private
The Art Institute of New York City Fashion Design, Marketing, Merchandising | Film, Video, TV | Graphic Design | Interior Design | Web Design & New Media Two-year school New York, NY 1329 City Private
Bryant and Stratton College - Amherst Advertising | Graphic Design Four-year school Amherst, NY 517 Suburb Private
Hanover College Performing Arts Four-year school Hanover, IN 938 Town/Rural Private
Keiser University - Ft Lauderdale Animation | CAD, Drafting | Fashion Design, Marketing, Merchandising | Visual Effects Four-year school Fort Lauderdale, FL 16882 City Private
The College of New Rochelle Fine Art, Drawing, Painting | Performing Arts Four-year school New Rochelle, NY 4859 Suburb Private
Florida Atlantic University Architecture | Arts Management | Performing Arts | Web Design & New Media Four-year school Boca Raton, FL 27637 City Public
William Paterson University of New Jersey Performing Arts Four-year school Wayne, NJ 10820 Suburb Public
Wittenberg University Performing Arts Four-year school Springfield, OH 1934 City Private
San Diego State University Audio Production | Film, Video, TV | Performing Arts Four-year school San Diego, CA 32817 City Public
Red Rocks Community College Animation | Film, Video, TV | Game Design | Interior Design | Performing Arts | Photography | Visual Effects | Web Design & New Media Two-year school Lakewood, CO 9143 Suburb Public
Bluefield State College Architecture Four-year school Bluefield, WV 1989 Town/Rural Public
Florida State College at Jacksonville Advertising | Architecture | Film, Video, TV | Interior Design | Performing Arts Four-year school Jacksonville, FL 28877 City Public
Wheelock College Performing Arts Four-year school Boston, MA 1055 City Private
Missouri State University - Springfield Advertising | Audio Production | Fashion Design, Marketing, Merchandising | Film, Video, TV | Graphic Design | Performing Arts | Web Design & New Media Four-year school Springfield, MO 20371 City Public
Cornell College Performing Arts Four-year school Mount Vernon, IA 1133 Town/Rural Private
South Mountain Community College Arts Management | Performing Arts | Web Design & New Media Two-year school Phoenix, AZ 5444 City Public
Vatterott College - Berkeley Web Design & New Media Four-year school Berkeley, MO 1707 Suburb Private
Madison Media Institute Animation | Audio Production | Film, Video, TV | Game Design | Photography | Visual Effects | Web Design & New Media Four-year school Madison, WI 420 Town/Rural Private
Thomas Nelson Community College CAD, Drafting | Graphic Design | Performing Arts | Photography Two-year school Hampton, VA 10606 City Public
ITT Technical Institute - Charlotte South CAD, Drafting | Web Design & New Media Four-year school Charlotte, NC 815 Town/Rural Private
Washington & Jefferson College Performing Arts Four-year school Washington, PA 1514 Suburb Private
University of Phoenix - Nashville Campus Web Design & New Media Four-year school Nashville, TN 1239 City Private
Bradford School Graphic Design Two-year school Columbus, OH 657 Suburb Private
University of North Carolina at Chapel Hill Performing Arts | Web Design & New Media Four-year school Chapel Hill, NC 28916 City Public
Berks Technical Institute Advertising Two-year school Wyomissing, PA 872 Suburb Private
New Mexico Highlands University Film, Video, TV | Graphic Design Four-year school Las Vegas, NM 3739 Town/Rural Public
Laramie County Community College Web Design & New Media Two-year school Cheyenne, WY 4905 Town/Rural Public
Gemological Institute of America - New York Fine Art, Drawing, Painting Less than two years New York, NY 104 City Private
Friends University Arts Management | Performing Arts Four-year school Wichita, KS 2853 City Private
Adams State College Performing Arts Four-year school Alamosa, CO 3121 Town/Rural Public
Paradise Valley Community College Arts Management | Audio Production | Fine Art, Drawing, Painting | Performing Arts | Web Design & New Media Two-year school Phoenix, AZ 9951 City Public
Westwood College - Arlington Ballston Animation | Architecture | CAD, Drafting | Game Design | Graphic Design | Interior Design | Visual Effects Four-year school Arlington, VA 473 City Private
Saint Martin's University Performing Arts Four-year school Lacey, WA 1672 Suburb Private
Thomas More College Performing Arts | Web Design & New Media Four-year school Crestview Hills, KY 1858 Suburb Private
Brewster Technical Center Web Design & New Media Two-year school Tampa, FL 413 City Public
Stevenson University Fashion Design, Marketing, Merchandising | Film, Video, TV | Graphic Design Four-year school Stevenson, MD 3432 Suburb Private
Fulton - Montgomery Community College Advertising | Performing Arts Two-year school Johnstown, NY 2732 Town/Rural Public
Emerson College Animation | Audio Production | Film, Video, TV | Game Design | Performing Arts | Visual Effects | Web Design & New Media Four-year school Boston, MA 4556 City Private
West Virginia University at Parkersburg Animation | Game Design | Visual Effects Four-year school Parkersburg, WV 4223 Suburb Public
Davenport University Animation | Game Design | Visual Effects | Web Design & New Media Four-year school Grand Rapids, MI 11507 Town/Rural Private
Indiana County Technology Center Advertising | Web Design & New Media Less than two years Indiana, PA 70 Town/Rural Public
Vermont Technical College Architecture | Web Design & New Media Four-year school Randolph Center, VT 1662 Town/Rural Public
Loyola University - New Orleans Advertising | Arts Management | Fine Art, Drawing, Painting | Performing Arts Four-year school New Orleans, LA 4714 City Private
San Juan College Advertising | Performing Arts Two-year school Farmington, NM 8990 Town/Rural Public
Cazenovia College Fashion Design, Marketing, Merchandising | Graphic Design | Interior Design Four-year school Cazenovia, NY 1119 Town/Rural Private
Westminster College Arts Management Four-year school Salt Lake City, UT 3037 City Private
The Baptist College of Florida Performing Arts Four-year school Graceville, FL 589 Town/Rural Private



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