<p>Hey, I applied for financial aid and was denied the pell grant. I really need some source of money to get me through college. I was wondering if anyone knew any info on loans. I looked some up and I found that I need a federal loan. I also learned that the loan is given by different lenders. Does anyone have any suggestions to which ones are the best? I am late for getting this in and my college needs the one I choose now if I am going to get one. Also what can the money be used for? Is it only for tuition or can some be used for books and other supplies? Any and all help is appreciated.</p>
<p>Talk to your Financial Aid Office. Some schools participate with the lender based Stafford (Federal) loan while others participate with the Direct (non-lender) Stafford loan. If they are a Direct Lending School, then you do not need (and cannot choose) a lender. If they only have lender-based loans, they can steer you in the right direction, towards lenders that they have electronic agreements with. The lending agencies are in such chaos right now, its best to discuss this with the school, as some lenders REFUSE to offer loans to students enrolled in certain schools. For example, we used to have Bank Of America as a recomended lender. Due to research we conducted, we removed them from our list. We still allowed students to choose B of A, as we are required by law. However, this year, B of A told us that they would no longer disburse ANY funds to our students, even if the student demanded to use B of A as their lender.</p>
<p>Student loans are specifically designed to assist students in paying for educational expenses ONLY. Educational expenses are vaguely defined as anything needed to ensure successful completion of your degree program.</p>