Waiving of loan fee gives students extra cash

UA students will enjoy student loan discounts next fall as a pat on the back for faithful payments in the past.

United Student Aid Funds waived a 1 percent fee that usually ensures against defaults. This will save freshmen at least $25 and graduate students a maximum of $185.

"Our students have a good repayment history and they borrow a large volume of money," said Phyllis Bolt-Bannister, University of Arizona financial aid director. The UA will be the only school receiving the discount, she added.

Loans for the fall are still available, but borrowing scholars must be approved by Sept. 30 to receive the discount.

"Students are putting themselves at a disadvantage if they wait to apply," Bannister said. "Aid is still available, but they'd better get moving quickly."

One percent may not seem like much, but to a money-tight college student, every bit counts.

"More money is never a bad thing, even if it's only $20 or $30," undecided sophomore Jay Colins said. "When you're worried about every penny you spend, little things like this help a lot."

Students who missed the March 1 deadline to apply for fall financial aid passed up on the best types of funds like need-based scholarships, waivers, and grants, which do not need to be repaid.

But Bannister said students can still use the "Fund Finder" computer in Old Main or conduct a nationwide search on the Financial Aid Office's Web site for scholarships year round.