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Louisiana Student Loans

In years past, it has been difficult for Louisiana high school graduates to look forward to college with the sheer expense of the experience holding them back. Since the hurricane disasters that wiped out New Orleans, even fewer individuals can afford to cover their own college tuition fees, making the need for Louisiana student loans even greater. As the state-sanctioned agency for offering students, the Louisiana Education Loan Authority, or LELA, provides the best rates and greatest savings on FFELP loans for students and partners with EdFinancial Services (a division of EdSouth), which offers low cost alternative loans for students who need more than a little federal money to cover the cost of tuition.

While federal funding is important, this portion of your funding will equal only a fraction of your costs, making alternative Louisiana student loans much more important in actually achieving the capability of funding the school. Because LELA itself does not lend money directly, the work with EdFinancial Services, so you'll want to read up on the options available through this program, including:

The EdFinancial Private Loan for Undergraduates. Offers a low cost alternative loan that covers remaining tuition costs after federal loans are applied. Applicants must be enrolled in school at least half time.

The EdFinancial Private Loan for Graduate Students. Much the same terms as the undergrad loan.

The EdFinancial Private Loan for Continuing Education Students. For students who may be considered non-traditional and may be attending school only part time. Maximum payout is $15,000 each year.

In order to apply for these Louisiana student loans, you'll need to agree to a credit check, and should you have inadequate credit, you'll need a cosigner (preferably a trustworthy relative or close friend) with good credit and low debt-to-income ratio. Upon approval, you have until the end of a six-month grace period beyond graduation before repayment much begin, and you'll have the option of consolidating all of your loans to get down to a single payment if you wish. The key is to make sure that you don't ruin your credit by defaulting on the loan. Always talk with your lending agent if you feel overwhelmed to see what you can do to remedy the situation.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.