 |
Learn College-Funding Options That Can Save You Money
In addition to free money [grants and scholarships],
Visit Scholarship Experts today to start your scholarship search!
Find Great Ways Students Can Save Money.
A. Free Money
C. Alternative Funding Sources
A. Free Money Free college money is available from a variety of sources and offered as scholarships, grants and financial aid. All three are attractive ways to obtain funds because you do not need to repay the money. They are available from a variety of college-funding sources, including federal and state governments and private sources, such as employers, educational institutions, and professional associations. Many scholarships and grants are based on financial need, others are awarded based on achievement, ethnicity, religious affiliation, membership to clubs or organizations, hobbies, or special interests. Scholarships & Grants Scholarship and grant awards range from a few dollars to covering the entire full tuition. The following factors determine eligibility: • Academic performance • Athletic achievement • Financial need • Religious affiliation • Minority status or community affiliations • Heritage • Special requirement of the organization providing the funds.
• Become familiar with various requirements. • Pick up application tips. • Be aware of scams. • Consult school counselors on meeting requirements B. Borrowed Money Student Financial Aid Student financial aid is available from a variety of sources and to everyone who applies regardless of your family income status.The Federal Stafford Loan, for example, is an unsubsidized loan program offering below-market rates and deferred repayment to virtually anyone who applies. All you have to do is request information. • Review eligibility for financial aid. • Know your dependency status. • Submit a Free Application for Federal Student Aid (FAFSA). • Learn and determine your Expected Family Contribution (EFC). • Understand the procedures when the Student Aid Report (SAR) arrives. College Loan Options Federal Loans Federal loans are the largest source of student loans. They are available through private financial institutions. These loans have more favorable terms than private loans.
Personal Loans/Student Credit Cards Private loans are an adjunct to federal loan programs. You can get these from your school or from private financial institutions. Loan terms can vary depending on the lender and your credit history. Other loan options include home equity loans, lines of credit, life insurance, and retirement plans. Consolidation Loans Consolidation of prior loans can save you money. Loan consolidation refinances multiple loans into one new loan with a new repayment term, interest rate, and monthly payments. C. Alternative Funding Sources Alternative college funding sources can not only reduce the financial burden of college education but can also provide valuable training and experience. • Military Service – GI Bill • Work Study • Community Service
More college-funding alternatives are available.
|
