Copyright (c) 2012 Alex Yew
Whether you're just out of high school or an adult looking to get back into the college scene either to get a promotion or a better job, you've probably already know how incredibly expensive it can be to get a higher education. There are many expenses that go along with getting a college degree and it's more than just the tuition! There's fees for living expenses, if you live in a dorm, there's lab fees and textbook fees and these alone could break the bank. That's why financial aid is available for those who qualify.
Not everyone is privileged enough to have college paid for in full either through a scholarship, grant or parents who saved for years to make it possible. Many individuals have to scrimp and save in order to go semester to semester or quarter to quarter and some of them have to take time off in between just to save money for the next round of courses!
Financial aid has both pros and cons. Some of the pros to financial aid and student loans is that it enables you to attend college when you otherwise wouldn't be able to afford to. If you've felt like you've saved for a long time and still aren't putting a dent in your college fund then you may want to consider other alternatives and options. Yes, you can work hard and train hard to get a scholarship but you're also competing for a scholarship among other students who are just as qualified as you are. There are also a few other pros to getting a student loan. Oftentimes you can get a loan that's not due back until you've completed college and have a degree or a certificate! That means that your loans will be in deferment until after you graduate which could give you a few extra years to save some money to pay off the loan once you've actually applied for it.
Some of the cons to student loans probably don't really need to be discussed in detail. Taking student loans means that you owe money and for some individuals that's not something that's enjoyable. Student loans require interest to be paid back as well so that means if you go to college for four years you need to pay four years worth of interest on top of what you've borrowed! However, that may be the only way you'd be able to afford a college education so you'll need to weigh your options.
Another con to student loans is that not everyone will qualify! There are requirements that must be met including maintaining a certain grade point average in college courses or GPA and being a full-time student. There are programs that are available for individuals who only intend to attend college part time but those requirements and funding sources may differ.
Another requirement needed is that you have a high school diploma or GED. If you didn't graduate from high school and don't have a diploma you won't be able to get a college student loan unless you take the GED course and pass.
There are many methods and scholarships out there but unfortunately not everyone is going to qualify for those so it's best to have some type of plan in mind. For many it's the student loans that help them to get the college education they so desire. It does seem a bit scary to be responsible for paying back that much money but if you think about the education you'll get and the type of job you could get after you graduate then it does put things in perspective.
Just like with everything in life there are pros and cons but it's best if you put them all into perspective. If you want a great education and you can't afford to pay for it in full or if you haven't had the pleasure of having it paid for in full for you, you may not have much option. If you've planned for your future for some time then you may be able to pay cash for college but unfortunately for most individuals that's not the case. Sometimes only partial financial aid or student loans are required and sometimes all of it needs to be paid via federal funds.
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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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