College Education Loan

College Education Loan So, you are considering going to school

. Bravo, excellent decision. Where to begin: usually the first concern is money when entering college; how will I possibly pay for it? Obviously, the best college loans are the ones you don"t have to pay back. One option is a Bursary loan: These are loans given in which you may only have to pay back some of the loan providing you fulfill some conditions laid out by the grantor of the loan, perhaps your company employer, or a state organization trying to better their community. The other options are scholarships or grants. These are given without the obligation to pay them back. What is the difference between a scholarship and a grant? The difference between scholarships and grants is that scholarships usually have requirements for selection, and they are specifically geared towards those who are entering college. If you are a younger first time student, minimum GPA requirements may have to be met as well as a certain number of credit hours within the first 12 months of schooling. This wouldn"t apply to non-traditional students although remedial classes may have to be taken depending on the results of the entrance exam. Sometimes, recommendation forms need to be filled out and Essys written about why you think you deserve the said scholarship. A grant, on the other hand, may be given to someone who is not necessarily going into college. It could be a person who is starting a non-profit, or a new business. When someone is awarded a grant, they will generally not be expected to maintain requirements, and the money is essentially theirs. However, the student must complete a proposal that is related to the project for the grant. The government will frequently give out grants as a result of fiscal imbalances generally occurring between taxation and spending, and the government will simply give away the money as grants to create balance. The government also provides grants to college students. What about College Education Loans? Student loans require college students to pay the money back at a low interest rate upon finishing school. When entering the application process you will be asked to apply at fafsa.com. Fafsa stands for Free Application for Federal Student Loan. The Higher Education Amendments of 1992 mandated the use of Fafsa to apply for federal student assistance programs, and all colleges require this form to be filled out. The deadline for applying for Fafsa for a calendar year for example: would be by midnight Central Daylight time, June 30, 2010 for the school year of July 1, 2009 to June 30, 2010. They will ask for your social security number, drivers license, W-2, or 1040 for the previous year (W-2 for your parents if you still live at home), bank statements, financial statements, and alien registration if you are not a citizen. This is pretty easy to fill out and there are step by step instructions online. There you have it. Keep in mind that every college is allotted a certain amount of aid for the given fiscal year and they need to give it out in order to get funding the following calendar year. Once you are enrolled and on campus there will be loads of information available to you through the financial aid department on grants and scholarships available for you depending on your situation. Keep in mind that colleges are awarded a certain amount of funding per year for students, depending on their student enrollments and performance. They work for you and are there for your success. Their success depends on yours. So, there you have it. Go for it, and get all the funding that you can comfortably shoot for, and the world will be your oyster. Would you like to know more?

by: Kim Duncan

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