How to Fund Your College Education
January 6, 2011
•IADT Tampa
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The cost of education is skyrocketing. The price of books, tuition, housing, food and supplies can all quickly empty a student’s wallet. The financial aid process can be very stressful for a student especially if they have never completed the process in the past. Here are some ways students can fund their education:
Grants
Grants are usually provided by federal and state governments to low-income families or individuals who can’t afford the cost of education. Colleges also provide grants to students with financial need. Grants provide students with money to be used for tuition, books and any related expenses. Unlike loans, grants do not need to be paid back. However students receiving grants can be required to meet certain enrollment policies, remain in good academic standing and follow other guidelines set up by the grantor.
Loans
Student loans are provided by the government or financial institutions to fund education. A student loan is borrowed money that must be paid back. There are many different loan options for a student to utilize. Federal loans provide money to students for their education expenses at a low interest rate. Private loans are issued through a private bank and require an application process, credit check and sometimes a co-signer. Private loans will often have a higher interest rate than federal student loans. Repayment of student loans is usually not required until six months after the student has graduated. Some private loans require students or the borrower to start making payments immediately. Making interest-only payments while enrolled in school can also be an option for the borrower. Students should always be aware of the terms of the loan.
Scholarships
Many students are rewarded for their accomplishments through scholarships. Colleges will offer different scholarships to students who show they can meet certain academic achievements. Qualifications usually require the student to meet a certain grade point average (GPA) and be enrolled in classes at least half-time. Many companies and professional organizations also offer scholarships programs, oftentimes requiring the student to complete an application and/or write an essay. There is a one-time scholarship and a renewable scholarship. The one-time scholarship is awarded to a student for one term or one year, depending on the terms. The renewable scholarship allows the student to reapply for the same scholarship. A student can also automatically receive an extension depending on if they have met the scholarship requirements.
Jobs
Many students find that having a part-time job while attending college can help ease financial burdens. A student may also want to find a position in their field of study to gain industry experience. Many colleges also allow students to work on campus and apply their paycheck to college expenses.
This article is presented by the Academy - Tampa. Contact us today if you're interested in developing marketable knowledge and career-relevant skills with an industry-current degree program from the Academy - Tampa
Academy - Tampa does not guarantee employment or salary. Financial aid is available for those who qualify.