You have been preparing for it ever since you started school. You had worked yourself off to obtain the highest grades that you can. Your parents did their part by saving for it. But college is just too expensive. Fortunately, there are several financial aid and scholarship programs available in each college and university to help in fulfilling your dream.(1) However, the financial aid system of the country varies from district to
district or even school to school. So, the question now is how can you be able to get the best financial aid deal that will really suit you?
It should suit your current financial status
Just like looking for a pair of jeans that suits your current size, a financial aid program should meet your current financial status. If you or your parents have savings to provide for your tertiary education, then you do not necessarily need a full scholarship with other benefits. On the other hand, if you are in dire need of money and are sure that you can’t pursue your studies without financial aid, then go for full scholarships instead of the partial ones.
It should be flexible in terms of payment
Like a pair of jeans that can be worn comfortably anywhere, a financial aid program, particularly for student loans, should have flexible payment terms. You wouldn’t want a student loan which would practically hold you on your neck immediately after graduation. Stick to study grants and student loans from the government that can be deductable from your salary after graduation without totally compromising your income.(2)
It should be from a trusted agency or organization
Just like a pair of jeans from a trusted brand or retailer, your scholarship should be from a trusted agency or institution. After all, it’s money that you are dealing with. There are different kinds of reliable financial aids and scholarships available, such as grants and bursaries from the government, federal student loans, financial assistance programs from provincial aid organizations, and scholarships from private
institutions.(3)
To be able to get that scholarship, make sure that you come up with an excellent scholarship essay. Just like an admissions “essay on myself,” the scholarship essay should convince the readers that you deserve a slot. To help you write that scholarship essay on myself, try to read a sample essay about myself online. A well-written scholarship “myself essay” is clear, engaging, direct to the point, and is a reflection of your personality.
(1) http://www.news.harvard.edu/gazette/2007/12.13/99-finaid.html
(2) http://www.yale.edu/admit/freshmen/financial_aid/index.html
(3) http://www.college.gov/wps/portal/!ut/p/c1/04_SB8K8xLLM9MSSzPy8xBz9CP0os_jgoGDnQG8nY0MDFws3AyPz0BB_Q2cfQwMDM_3g1Dz9cJAuPKoMIPIGOICjgb6fR35uqn6kfpQ5whSLEHdTA0-D0BBXd0M3A5BdkTmp6YnJlfoF2V4e5fmOigATc04e/dl2/d1/L0lJSklna2shL0lCakFBQ3lBQkVSQ0lBISEvWUZOQTFOSTUwLXchLzdfU1JTQ1FLQjMxOFRHNTBJMFVURUcxRjAwMDY!/?WCM_PORTLET=PC_7_SRSCQKB318TG50I0UTEG1F0006_WCM&WCM_GLOBAL_CONTEXT=/wps/wcm/connect/college/college/howtopay/learnwhatsavailable
Yes, student loans are a godsend to those who would not have been able to stay in school if they had not been accommodated with these loans. But after graduating, it is not impossible to face a herculean task: paying a very hefty cost for all loans one received. There are things that could be done to avoid this scenario.
Plan carefully
In other words, use foresight. In the process of applying for a loan, compute how much all the costs would be at the end, factoring in the interests. To those who have applied and in the middle of their schooling, there is still time to do planning. If one is already in a job, then he or she could compute how much from his or her salary would go to the payments. Put up realistic goals. It is not a good thing to keep on paying the loans while depriving oneself of eating healthy meals. On the other hand, it is also a bad idea to have one’s meals in expensive restaurants every day and fall behind on payments.
Consider your options
Many schools and establishments offer student loans with repayment schemes that are flexible. There is the standard payment method, which means that you shell out a fixed sum for a set period, like a decade. The extended repayment methods give more leeway in terms of time, usually between 12 to 30 years to finish paying off all the loans. However, this has a downside to getting this kind of loan – the interests would be bigger on the extended repayment schemes. Then, there is the income-dependent repayment, which is anchored on costs computed on certain things. These considerations include family size, tax returns and one’s salary. Get a plan that would fit the kind of financial help you need, and repay the loans conscientiously.
Seek inputs
Do not be shy about asking for help. It is not a sin to ask your loan-holder about lowering of repayment charges (if it is at all possible). There are even firms willing to give better deals on loans.
Photo Credit : Jake The Linux
Attending to bills and matriculation fees is a very hard thing to do in graduate school or college for students who do not belong to very affluent clans. It is precisely the reason why firms, educational institutions, and the government give financial help to the students.
Federal loans
There are three kinds of student loans proffered by the government. The first is the Stafford loan. It could be acquired from a credit union or a bank, or straight from the government. Depending on how much the person needs it, it could be subsidized or not. If you want an unsubsidized Stafford loan, then be aware that you could defer payments; You could do it until after graduating. This is done by capitalization of the interests involved.
The second kind is the Federal Perkin, which is directed to students in dire need. As expected, It offers low-interest rates. The last: the Federal Plus kind of loan. It is given based on credit histories of parents of the students.
Read up on the details
Whatever kind of loan you are after, check out the details in the Terms of Agreement. Check the figures too. Check out the limits and the interest profiles. Get contact numbers of people who can be of service if a dispute later on comes up.
Still other kinds of student loans
Private entities offer financial help too, and their offerings usually give smaller lower interest rates compared to other variants. The downside is that you should expect the interest rates to be bigger than the federal side loans. Assuming you are employed, it would be good to ask your firm if financial aid programs exist. There are firms that offer to take care of a fraction of the tuition for workers who wish to enhance their training in their line of work.
Photo Credit : Sami Keinanen
