Finance College

You can never start too early with looking into ways to finance your college education. While being in college you will face a number of costs every year:

      
  • Tuition and fees
  • Room and board (if commuting to college)
  • Books and supplies
  • Transportation
  • Personal expenses

For many people the costs coming with certain colleges are to high and financial aid is needed. Do not be embarrassed, 70% of all college students have some kind of financial aid.

Every year you attend college you must apply for financial aid if needed.

When encountering all types of financial aid there are three major types: You have 'gift aid' this is the type of aid that you do not have to payback like it says in the name it's a gift.
The second type of aid comes in the form of loans, there are many different student loans but all share the same in common; you will have to pay the borrowed amount plus interest back.
The third and last is work-study aid, this allows you to work and attend college at the same time.

Financial aid office(rs)

Every college has a financial aid office with as goal to help you out , they are the ones that construct the aid award package, which is explained later on.

Gift aid

When looking at gift aid it comes in different types and amounts. You have the scholarships, grants and fellowships.

  • Scholarships are based upon your talent and personal skills they truly are a gift, there is nothing in return that you have to do, except attend college ;).

  • The grants are only for those people who truly need them.

  • Last but not least the fellowships this type of aid will most likely be rewarded to graduate students based on academic excellency. Though you do not need to pay it back, sometimes a requirement can be to help out a professor with a research program or help teach an undergraduate class.

Student Loans

There are many different types of student college loans:

Federal Perkins Loan

Federal Perkins loan, this is a loan that is offered by colleges, you can check with your college financial aid office if they offer this loan...

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Subsidized Stafford loan

These are low cost loans, again only need-based. The interest rate of the Stafford loan lies between 2% and 4% and while in college the government pays the yearly interest...

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Unsubsidized student loans

These are standard loans over which interest has to be paid even while in college...

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Private loans - Alternative loans

Private loans or also referred to as alternative loans are loans offered by banks, and private lending companies these loans will have...

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Work - study

This is a program offered by many colleges to help you pay for you educational expenses. The college financial aid officers will help you find a job at which you can work. All the income from this job will go straight to paying your college education.

Studies have proven that a college student which works moderate hours instead of full hours at a job, performs better academically in college.