School Grants vs Student Loans

School grants can and do help many people. However, if you are a student currently considering which college you want to attend and are beginning to look towards financing your own education, consider taking advantage of the Federal Student Loan Program.  More and more college bound students are finding out the hard way, how difficult it can be in tough economic times to pay for college tuition.

Some states have provided “pre-paid” college funds enabling forward-thinking parents to purchase college tuition, room and board, labs, fees, books and other associated costs lumped into a payment plan manageable over a period of time and locking into college tuition at yesterday’s prices.  However, if you are a college bound student and have found yourself looking into every option possible to get yourself into college financially, consider the Federal Student Loan Program.

While school grants do not have to be repaid , these loans are guaranteed by the Federal Government and typically do not have to be repaid until after you graduate.  Any Federal Student Loan will start first with filling out a Free Application for Federal Student Aid (FAFSA).  You must fill out this application to be considered for any federal program, which includes grants, work-study programs, and federal student loans.  Federal loans include the Federal Stafford and Federal Parent PLUS Loans.  And not matter what your family’s income level may be, you will almost always qualify for some assistance.

It is important to understand all your options and the first place to start preparing for student aid and assistance, is in filling out the FAFSA.  Once you have submitted your completed FAFSA, your will receive a Student Aid Report outlining your specific eligibility and the various options available to you.

Once you know what is available to you through the Federal Government, you will be armed to do a little more research.  There are also various loan options available privately such as unsecured, credit based loans.  There are even instances where you can get a loan without have a co-signer, however, these options are fewer and fewer, especially in today’s current economy. whether you choose to finance your education with grants or student loans or a combination of the two, the money and health is there for the asking. At times it does require some bureaucracy and red tape to navigate through however do not make the mistake of thinking a college education isn’t worth the expense.

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