College Scholarships, Loans and Other Ways to Pay for Education
When it comes to funding your higher education, there are college scholarships, loans, grants and other ways of paying for expenses. These expenses include tuition and textbooks, of course. However they may also include things like student housing, transportation, food and clothing. For most students it is necessary to use more than one source of funding to take care of their education bills. First let's examine scholarships and grants, which are funds that do not have to be repaid.
Scholarships and grants are free money for college. Scholarships are awarded based on applicant merit. There are very few full scholarships but a wide variety of partial scholarships across the country to apply for. The application process usually involves writing an essay and obtaining letters of recommendation. The deadlines for submitting a completed scholarship application are usually quite strict. Grants, such as the federally provided Pell Grant, are sometimes awarded based on need and sometimes on merit. Obtaining as much grant and scholarship money as possible can help students dramatically offset their educational expenses.
The next step is to apply for student loans. Federal Stafford Loans are the number one type of loan obtained for college. Subsidized Stafford Loans are need-based, and the interest is waived while the student is in school or the loan is deferred. Unsubsidized Stafford Loans are based on credit worthiness and the borrower is responsible for all interest. Perkins Loans are for students with financial hardship, offering very low interest rates but not large sums of money. If federal loans do not cover the full costs, private loans may be the next best place to turn.
Private loans for college students are offered from banks, credit unions, lending companies and sometimes schools. Private loans usually have low interest rates for students. However, because they are awarded based on credit and income, it can be difficult for young college students to obtain them. A cosigner such as a parent with established credit can help the student obtain a private loan. If the student shows a history of on-time payments for at least 24 consecutive months most lenders will consider releasing the cosigner from loan repayment responsibility. As you can see, college scholarships, loans and grants can work well together when covering the costs of a college education.
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