Research has shown that students are graduating with larger and larger student loans. In fact, it is not at all uncommon for students to graduate with six-digit student loans that are as big as a mortgage! You don’t want to graduate with that type of debt budget. Huge student loans will need to be repaid – and paying them back can take years. Plus, if your student loans are too large, your credit rating may suffer and you may have a hard time getting credit once you graduate.
Luckily, you don’t have to choose between huge debt and a great education. There are many, many financial aid options out there that can make a super college education very affordable. The most exciting thing of all is that virtually everyone qualifies for some form of student financial aid and many forms of aid do not even need to be repaid. This means you could get free money just to attend school and get a degree! The problem is that many students do not learn all about the financial aid options available to them. For this reason, many students have debts and billions of dollars in student aid goes unclaimed each year. Luckily, school.net has the resources to help you help yourself to some of this cash.
When considering financial aid, the first thing you need to know is that there are two general types of financial aid: need-based and merit-based. Need-based financial aid is based on financial need. If you can show that you (or your parents) earn less than a
specific amount, you will qualify for the financial aid. Merit-based financial aid is based on your skills or academic performance. You can win this type of aid because of a talent or for your grades. School.net helps you find both need-based and merit-based aid, so that you can apply for both.
Beyond need-based and merit-based financial aid, there are many specific types of student financial aid options available. For example, tuition assistance programs are usually need-based programs that help you pay for tuition. Bursaries are need-based forms of aid which do not need to be repaid. Grants and scholarships can be need-based or merit-based and can range from a few hundred dollars to tens of thousands of dollars. This form of aid also does not need to be repaid. There are also student work-study programs which allow you to work and earn experience in your chosen career while you earn money for school. Finally, there are student loans which have to be repaid. However, some student loans come with very flexible terms and low interest rates which make them far easier to repay. School.net can help you research and apply for all these types of aid, so that you can pay for the education you really want without huge debts at graduation.