subject: How To Finance Your Student Loan In The Right Manner? [print this page] There are many different ways in which you can finance your college degree. There is no necessity to be dependent on your parents or someone else to provide means or a way for you to get your degree.
It is feasible to be totally self dependent and finance your studies on your own. However, the interesting question would be: How would you optimally finance your student loan?
Here is the option #1:
In fact, it is possible to get a part of the federal grant for college and take advantage of it in the process. In this way, you have the time to concentrate on doing well in your studies without being worry about the financial part.
From my own experiences, it is really easy to get such a chance but you have to really work hard on getting good grades. In this manner, it would be really great if your score is among the top 5%.
What are the advantages and disadvantages for this option?
* Advantage: You get a reasonable monthly payment in the form of grant and you do not have to pay it back. In addition, the competition is not that high as not everyone can achieve it to be among the top 5%.
* Disadvantage: A lot of work is needed from your side to get excellent grades. The higher grades you have, the better chances you will get.
If it does not work out, here is option #2:
Do not give up if you are not qualified for the first option. It is feasible to be totally self dependent and finance your studies on your own. The other methods in which you can get the money is by going in for a college loan and then repaying it by yourself.
In this manner, it is possible to get a good amount of money as most meritorious students are provided loans readily by a variety of different financial institutions. Then, it is also recommended to check a loan repayment program to see what the best option would be to pay back the money.
What are the advantages and disadvantages for this option?
* Advantage: Almost everyone is qualified to apply. There are usually no constraints on your grades to apply.
* Disadvantage: You need a cosigner to guarantee that the money will be paid back. Otherwise, the financial institutions would charge you really high interest rates.
So, now here is my final advice for you!
It is also strongly recommended to learn how to defense your situation and to be good in handling your financial situation. You should be motivated to do that since nothing is better than enjoying the chance to live debt free.
In our hard times, you do not find many people who are willing to offer serious and honest finance tips for college students and that is why many of the fresh beginners loose the hope and give up the college program. Do not be in that position and get help when you need it as soon as possible.
by: Asem Eltaher
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