As you embark on your college career, it is important to have your finances and savings in check. College is a large investment that can cost over six figures for attending four years. It is easy to go into debt and cause large amounts of stress. Do not panic. There are options to assist you and help to pay for your education. Completing research, applying to financial aid, and utilizing all options will help you reduce of cost of your education. Three options to help pay for college include: scholarships and grants, federal student loans, and private student loans.
Scholarships and Grants
Scholarships and grants are available in many different outlets. Money from scholarships and grants goes directly to your cost of college. You never have to pay them back and they drastically reduce the cost of your education. Scholarship opportunities are available everywhere you look. Colleges give scholarships to students who have excelled academically, athletically, or through their upbringing. Local colleges offer scholarships for those students that live and grew up in the area. Corporations and businesses offer scholarships for individuals going into particular fields. Some businesses and corporations offer scholarship to employees with students going to college. National and regional scholarships are also available to students. High school guidance offices have lists of scholarships and can be a valuable resource to finding as many scholarships as possible. Opportunities are endless for those looking for scholarship and grant money. Do your homework and research to find as many scholarships as possible.
Federal Student Loans
Federal student loans are available to almost all students. While they have to be paid back, federal student loans give the lowest interest rates. The Stafford Loan is very common among college students. With an interest rate of only 3.4%, Stafford Loans do not have an application fee and they do not require payments until six months after graduation. Once the application is completed, the student will be approved for the loan and will be told how much the loan is worth. The loan amount varies per student and how much their savings includes. Federal student loans are a beneficial way to pay for college.
Private Student Loans
Private student loans are a fine way to help pay for college. They should be considered after all federal student loans, grants and scholarships have been exhausted. Private student loans are given based on credit history and income. They can be used for tuition, books, transportation, and housing. A co-signer, such as a parent or guardian, is required on most private student loans. Private student loans typically need to be paid back starting forty- five days after graduation. This pay back period may come quickly after graduation and before finding a full-time job. Private student loans are helpful to defer college costs and help pay for expenses throughout college.
Expenses in college can add up quickly. It is important to do research and look for the best options to help you pay for your education. Scholarships and grants, federal student loans, and private student loans are all excellent ways to help with the costs and expenses of college.
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