Students have a number of choices when it comes to financing their college education. The hard part is picking one. Here is a list that, I hope, will help you decide which option is perfect for you.
1. Scholarships– I chose to start with scholarships just because they’re the best way to pay for college. You never have to pay a scholarship back and you can find them everywhere. Every group, club, business, church, and organization in your area is a likely source for scholarships. You can also find countless scholarships on the internet. Simply search for scholarships on Google.
If you are still in high school speak with your counselor. Try checking to see if your employer has a scholarship fund. You can also search your local newspaper. One more thing to remember is that the majority of colleges give out scholarships to hard working students. Scholarships like these are generally awarded for high GPA’s and SAT or ACT scores. So see if the university you’re applying to has scholarships like these.
2. Grants – Grants are great because, just like scholarships, they are free- no paying anyone back. You can receive grants from many different sources. Some of these sources include (but are not limited to) private organizations, educational institutions, and federal and state governments. Grants may be awarded based on financial need, ethnicity, record of achievement, or special interests. One popular way is through the Free Application for Federal Student Aid, or FAFSA.
3. Loans – There are two types of loans: federal and private. Federal student loans you can apply for are the Stafford student loan, Parent PLUS, Graduate PLUS, and the Perkins loan. The most popular are Stafford loans.
4. Private Loans (AKA student loan alternatives) have comparable advantages to college students as federal loans, such as deferred payment until graduation, different loan repayment terms, and borrower benefits. The private loan interest rates vary depending on the company.
Whenever you’re looking for a loan you should find a loan that has a low-interest rate. To be eligible for a low-rate loan, there are a few requirements. Below is a list of things that’ll help you get a low-rate loan:
- Provide Collateral (either yours or your parents)
- Keep your credit score high.
- Keep your bank statement clean.
- Have some source of income.
- Have proof of successfully closing any loan previously
- You should not be a defaulter previously.
- Get two references.
Get a Job- Another method of paying for college is to get a job. Some students find a way to get by just getting a summer job but others have to work year-round to pay for school. Work opportunities are all over the place. Weigh the skills and talents you have and search for a job where you would use those skills. Universities often have jobs for people with financial problems.
I hope this information helps! Good luck with everything!!
About the Author
A college student herself, Elise Fisher enjoys writing articles that help college students understand how to pay for their college expenses. She has also built a website that helps college students understand everything they need to know About Student Loans. Make sure you visit the Student Finance Options page. Elise Fisher enjoys publishing articles for her clients. She also loves creating informational websites for public use such as About Student Loans.
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