Make Sure Your TEACH Grant Doesn't Become a Loan

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Education loans
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Make Sure Your TEACH Grant Doesn't Become a Loan
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• The Student Loan Ranger can be a bit of a broken
  record when it comes to reminding readers of the
  importance of reading and understanding the terms
  and conditions of student loans.
• This mantra isn't unique to student loans. In
  fact, any financial advisor will tell you how
  important it is to read and understand the terms
  for any type of debt you take on.
• But did you know that it can be just as important
  to understand the terms of any grants and
  scholarships you are awarded? At face value, that
  doesn't seem to make a lot of sense.
• After all, a grant is "free money," and free
  money doesn't have to be repaid unless it does.

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• The student must also sign an "agreement to
  serve," which states that he or she will complete
  certain obligations within the first eight years
  after completing their credential or otherwise
  ceasing enrollment in the TEACH-eligible program.
• These requirements include that the student will
  work as a full-time teacher for at least four
  years at a low-income school in a high-need
  field. They must also provide the U.S. Department
  of Education with proper documentation of this
  service.

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• The good news is that, being a federal
  unsubsidized Stafford loan, it will be eligible
  for all the lower payment, deferment and other
  benefits and protections available for other
  unsubsidized Stafford loans.
• That also means that if you choose not to repay
  it as agreed, all the same consequences will
  occur.

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• What these students may not realize is that Pell
  Grants, like most federal financial aid, are
  earned over time, and if they don't complete the
  time, they are required to return the funds.
• Unlike the TEACH grant, these funds must be
  returned right away.
• In fact, the student for Education loans won't be
  able to receive any more aid until they do so.
• The bottom line is, when they say "nothing in
  life is free," they could be talking about your
  grant money. Make sure you know before you owe.
• Source (http//bit.ly/1k67VcY)

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