Wednesday, December 28, 2011

An Overview Of The Different College Financing Options Available

Depending on which college you go to, you can spend $9,000 to $36,000 on average in yearly tuition and fees. Those, unfortunately, are not the total price since you still have to factor in expenses for lodging, food, laundry, books and supplies. With the price of attending college increasing each and every year, and student aid from the government showing little or no growth, it comes as no wonder why a number of our high school graduates are discouraged to get into college.

What some people fail to see is that in our world, a college diploma affords one a higher earning potential. Grants and scholarships are some of them and they come from federal and state governments, non-government organizations, private companies, or from individual colleges. The best thing about these gift aids is that they require no repayment. They can either be need-based, like the Pell Grant, or merit-based, like the Robert Byrd Honors Scholarship Program.

Those who wish to pursue a degree can also pay for college through unusual scholarships. What makes them unusual is that they have very peculiar eligibility requirements. One of the most frequently mentioned unusual scholarship is the one awarded by Juniata College for their left-handed students. One more example of an odd scholarship is the one awarded to winners of the Stuck at Prom challenge where graduating high school students can participate by going to their proms dressed in gowns or suits made entirely out of duct tape. Unusual scholarships are aplenty and it is highly likely that you will qualify in a number of them. The easiest way to find these rare and wacky scholarships is using your web browser.

Some financial aids come in the form of loans, and unlike grants they need be repaid. You can borrow money from federal or state loan programs, as well as private lending establishments. If you do have to take out a loan, only do so after you have exhausted all other federal aid options. You can also consider applying for the work-study aid program. This is another financial aid option offered by the federal government which gives you part-time work to help pay for your college education. Not only are you reducing out of the pocket expenses, you are also gaining valuable work experience which can help you find jobs faster after your graduation.

In spite of the ever increasing cost of attending college, it is still possible to earn a degree without being overburdened financially. You just have to be more resourceful, and tenacious in finding student aid programs and qualifying in them.

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