If you're on your way to college, one of your biggest concerns is probably "how am I going to pay for all of this?" Debt is a huge problem for college students these days, especially those who are attending private institutions, where person debt can easily reach over $100,000. College financial aid is a tricky business, since over the course of the usual four years of someone's college career a lot of money is going out but very little is coming back in. College financial aid offices can sometimes help students along, but if you're already in college when you start thinking about how you're going to pay for it you're already behind.
Realistically as part of your investment plan you must ask yourself how many scholarships can you gain? Scholarships are the best kind of money in that they are FREE! No repayments means you would be crazy not to put lots of effort into gaining all the scholarships you can. Colleges tend to provide money on two bases. Firstly money according to your needs which is directly related to your parents income and how many of your brothers and sisters will need investment money too. Your investment plan needs to answer two questions here. Will your parents contribute financially (all colleges assume they will)? Will you repay them or is it free money?
The second grant type is that which is awarded on what you may have achieved previously in your education and is given for academic, sporting or other excellence. It is more likely that you will be able to try for this type of scholarships if you plan to go to a private school as these types of establishments are more likely to have wealthy connections, old scholars and similar who set up these grants and which bear their name. The sums involved can be significant and may help you considerably with your yearly fees
Grant can be found in other places so keep your eyes open and be aware. Charities and local societies may have some funds set aside for people going to college and you may qualify for their help. These type of funding sources may be hard to find and may only give out small sums but even small sums mount up and if they are given without you having to pay back that makes them even more valuable.
Finally, if scholarships and your savings aren't enough to cover your college expenses you'll probably have to apply for a student loan. First, finish the Federal Application for Student Aid (FAFSA) to see which federal loans you qualify for. Someone at your college financial aid office can then advise you what loans would suit you best and even when to start paying them off. Though paying for college can be scary, it's still one of the most worthwhile investments you can make. - 16928
Realistically as part of your investment plan you must ask yourself how many scholarships can you gain? Scholarships are the best kind of money in that they are FREE! No repayments means you would be crazy not to put lots of effort into gaining all the scholarships you can. Colleges tend to provide money on two bases. Firstly money according to your needs which is directly related to your parents income and how many of your brothers and sisters will need investment money too. Your investment plan needs to answer two questions here. Will your parents contribute financially (all colleges assume they will)? Will you repay them or is it free money?
The second grant type is that which is awarded on what you may have achieved previously in your education and is given for academic, sporting or other excellence. It is more likely that you will be able to try for this type of scholarships if you plan to go to a private school as these types of establishments are more likely to have wealthy connections, old scholars and similar who set up these grants and which bear their name. The sums involved can be significant and may help you considerably with your yearly fees
Grant can be found in other places so keep your eyes open and be aware. Charities and local societies may have some funds set aside for people going to college and you may qualify for their help. These type of funding sources may be hard to find and may only give out small sums but even small sums mount up and if they are given without you having to pay back that makes them even more valuable.
Finally, if scholarships and your savings aren't enough to cover your college expenses you'll probably have to apply for a student loan. First, finish the Federal Application for Student Aid (FAFSA) to see which federal loans you qualify for. Someone at your college financial aid office can then advise you what loans would suit you best and even when to start paying them off. Though paying for college can be scary, it's still one of the most worthwhile investments you can make. - 16928
About the Author:
Jimmy Johnson is an accomplished author. To learn more about Loan Calculators visit Money Talks for current articles and discussions.
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