subject: Other Forms Of Financial Aid For Students [print this page] Student loans often come in handy for college students in need of tuition money. However, there are other options available. We shall look at other alternatives to student loans in this article.
You can never tell how long your education would take, and those who sign up for student loans as freshmen break the bank once they find themselves overstaying at school or aiming for higher education.
Different colleges and universities have different tuition costs, but on an average, a student taking up a PhD can pay around a hundred grand once time comes to settle the final student loan bill. Breaking things down to monthly costs, that's at least a thousand per month. Many students find themselves regretting this decision, as they could have spent the $100,000 elsewhere.
However, there are two main options that you can choose instead of going for a student loan. These two main options are grants and scholarships.
The main advantage of grants - or lump sums going to your college - is that they don't have to be settled. As far as financial aid goes, this is a much more worthwhile alternative.
Large companies and organizations sponsor college grants, and would pay for most, if not all of the student's tuition fees. You have the choice of asking help from your school's financial office and taking their grant-related advice, or doing an online search for the best available grants.
However, you will need to be specific when requesting for a grant, as most of these grants would only allow you to use it towards a certain expertise. Basically, all you need to do is hope you get approved for the grant, get the money, and use it to pay for your education.
Next, we shall discuss scholarships as an alternative. Scholarships are usually awarded to students for their academic or athletic performance.
Studying hard can pay off - an excellent grade point average could make you eligible for a college scholarship by the time you're a high school junior. Like grants, you can go online or ask your counselor for advice.
Keep your options open and apply to as many scholarships as possible, even if the requirements aren't fully met. You just might make the cut if the scholarship committee can't find students who meet every requirement. Students whose requirements are closest to the optimum would then make the cut.
That said, student loans are still very popular among cash-strapped students. But before you choose a student loan as your option, see first if you can qualify for a grant or a scholarship.
by: Louis Rosenthal.
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