Copyright (c) 2012 Alex Yew
If you're a senior in high school, have dreamt of going to a great college or are an adult who's looking to go back to school to get a raise or a better position in your current field of work then you've probably considered student loans in order to make this possible. College is a great way to give yourself a brighter future and bigger possibilities but it certainly doesn't come without its advantages and disadvantages.
Many of us already know what student loans but for those who don't already it's essentially a loan that helps "soon to be" students pay for the tuition and fees that are associated with college classes, labs and even boarding. These loans typically don't need to be paid back until you've officially graduated from college but they do accrue over your course of study and are required to be paid back when you've finished.
Depending on the type of loan that you get, the amount you take out and how long you've actually spent in college, you could be paying thousands upon thousands of dollars back to the government when it's all said and done. Some of us have a hard time understanding why it would be worth it but in order to have the best possible education sometimes you need to take that leap!
When it comes to getting a student loan many of us are probably a bit clueless, including myself. The first step is to find a college that you feel you'd like to attend and start looking online, locally or calling around to find out information on in-state and out-of-state tuition fees and things similar as well as living expenses either on campus. Once you've determined where you'd like to attend college the process becomes a bit easier. You'll need to speak with a financial aid advisor. These individuals are skilled in the area of student loans and they can help you determine what type of loan you qualify for, if you can get any types of grants or funding that will pay for you to attend college and some type of payment plan.
Financial aid advisors are located at every college campus and usually you'll need an appointment to speak with someone. If you're still living under your parents household and just finishing high school then you'll need to be assessed based on your parents income. They will be required to submit paperwork proving their income yearly and their expenses. If you're an adult looking to go to college and you have a job and live on your own then your income will need to be proved through tax returns, etc.
The financial aid advisor will sit down with you and help you determine what type of grants or loans you're eligible for. You are not required to sign anything if you're not comfortable with the terms of the loan it's just a great way to determine how much you could be paying. There are some advantages and disadvantages to student loans.
One advantage would be that you're going to be able to pursue a college career and hopefully get the job you've always desired after graduation even if you don't currently have thousands of dollars stashed away in a college fund. You will be able to pay back the loan after you've graduated and get a job and start to earn an income for yourself.
One disadvantage is that you'll be paying back the federal government a lot of money over the years. However, many individuals in the world today have some type of debt or loan so you're definitely not alone!
If the amount of payback scares you then you should definitely consider your options. You could always pick a school that's in-state which can save you a lot of money on tuition or you could live off-campus which means that you won't be piling in your living expenses on campus with your tuition and class fees. This can help you cut down on costs some but if you take out a student loan chances are you're going to be paying several thousand dollars back over the course of your adult life.
You could also attend classes online to help save some money. In this instance you can still earn a degree but you won't have to pay for campus living or driving expense to get to and from class. You can also apply for grants to see if you are eligible to get any of your college years paid for you.
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"College Scholarships for Students" is a free online resource for students who want to have finance assistance for the college. In "College Scholarships for Students" website, you can find information about College Scholarships for Students, College Grants for Students and College Loads for Students. Visit "College Scholarships for Students" at http://collegescholarshipsforstudents.org/
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