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Learn How to Pay for College

February 29, 2012 | Comments: 0 | Views: 153

Getting a college education can be expensive, and trying to figure out how to pay for college can be difficult and frustrating. Most students worry about having high bills to pay, and being caught up in an endless cycle of high repayments and a large debt. These factors make the idea of loans very stressful for the average student. The cost of tertiary education also affects the choices that students make concerning where and what they would like to study. Many have set aside their dreams because of finances.

One of the best ways to get financing for it is through scholarships and grants. Application for scholarships should begin as soon as the search is complete. There are many organizations and even individuals, offering scholarships around the country. It is important to apply to as many sources as possible in order to improve your chances. It is never too early to start saving, and anyone with the dream of going to tertiary school should start saving before they get to high school.

The benefit of getting scholarships or grants is that the money goes directly towards the tuition costs. The student will not have to pay back the money. This means that the student will not have to apply for a huge amount in student loans. There are different online sites that offer students information about where to get the scholarship opportunities. In some cases, the student may be required to write essays in order to win a scholarship. You can also visit your school guidance office to find information on local scholarships. National and regional scholarships and grants can be accessed online. There are different scholarships that target students with different interests including arts, sports, athletics, music and many more.

Another source of financing is Federal student loans. These are the most common types of student loans. The federal financial aid is available to all students, and it offers the lowest interest rates and best benefits for students. One of the best and most popular loans is the Stafford loan. This is the first loan that every student should apply for. Undergraduate Stafford loans have interest rates that are as low as 3.4% and the loans come with no application fee. The student also gets a six month reprieve after graduation, during which time they do not have to make payments. To be eligible for this loan, the student has to file a Free Application for Federal Student Aid (FAFSA).

The PLUS loan is another option worth considering. This is a loan that is taken out by the parent or guardian on behalf of the student. The loan has many benefits, including allowing the parent to borrow the whole amount of the fees at very low interest rates. Another option that students should consider is the private student loans. These loans are often necessary if the grants, scholarships, or federal loans, do not offer the full amount. The private student loans can range from $500 to the full cost of the education. The repayments are only made after graduation. The FAFSA is not required for this kind of loan.

These are various sources of how to pay for college. Diverse as they are, students in college end up learning from such financial aides.

Source: EzineArticles
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