Student Loans And Grants And Scholarships - Which Are Right For You?

Covering the cost of college appears to be becoming an ever more daunting task as expenses continue to rise in this economic recession. High school students looking forward to attending a university first have to contend with how they are going to pay for it. It was reported that the tuition and fees per year for the 2009-2010 school year amounted to $2,500 for a public two-year college, $7,000 for a public four-year college and anywhere up to $27,000 for a private four-year institution.

Potential students need to become well-versed on all the expenses they could possibly incur while attending college. Room and board, books and supplies, transportation and food expenses are a few of the major wallet busters. It is essential that high school students prepare from now as to how they intend to offset those critical expenses.

Free money is the best kind of money, so students should be investigating the best ways to get their hands on some; legally of course. Grants and scholarships are the best financial supporters for the college student and they are the first options high school students should consider before resorting to loan programs. No offense to loans, but no one really wants to pay back money with interest.

The first step high school students need to take is filling out the Free Application for Federal Student Aid, also known as FAFSA. It is a process that determines how much money a student can get from the government and it must be completed prior to each school year you are enrolled. FAFSA calculates the quantity and type of financial aid one can receive; for example, for grants and federal loans, all you have to do is decide whether to accept them or not.

In conjunction with filling out the FAFSA, students may begin researching independent scholarship and grant programs. They are the most viable options for the incoming freshman and even for those going back to school. All you have to do is fulfill that particular scholarship's requirement and apply.

Scholarships are defined as any award of financial aid for a student to further their education and they usually reflect the values and purposes of the donor of the award. They are awarded based on a variety of criteria such as merit, need, career, ethnicity and talents; the list is literally endless. Often times, they require a student to maintain a specific GPA or number of credit hours in order to qualify for and maintain the scholarship.

A grant is typically funding given by the government or a non-profit organization, usually for a specific enterprise or because the recipient met a specified criteria. Grants can be given for many purposes, including education, while scholarships apply strictly to education. Grants usually come in the form of federal, state or college-based financial aid and cater to those who are at a disadvantage. Like scholarships, grants can be awarded for a variety of reasons.

All you have to do as a student is put in the research to find the student loans and grants, as well as scholarships, that apply to you. Yes, look into loans, so you are prepared for any eventuality. Getting a traditional or online degree doesn't have to be a financial burden. There are plenty of funding opportunities you can explore in order to compensate for the money it takes to attain your career goals.

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