Do You Need Student Loans?

Those who desire higher education are often concerned about high costs. Although student loans are widely available and easy to obtain, students are right to have serious reservations to want to go in debt. After all, who wants to begin a bright future weighted own by 20 years of student loan payments??

Don’t panic or put aside your admirable aspirations. Instead, put your mind – and pocketbook – at ease, you have options:

Federal Grants

Uncle Sam is such a huge supporter of higher education that he gives students money for the taking. Grants are outright gifts that require no repayment.

Pell grants

Based on need, eligible undergraduate students can get up to $5550 per academic year.

Supplemental Educational Opportunity Grant

With sufficient need, you may claim up to $4,000 each year.

Academic Competitiveness Grant

If qualified, you may receive $750 to $1300 each year, depending upon your year of study./

State educational grants

Many states offer grants for residents enrolled at schools within their borders.

Institutional grants

Check with the Registrar or Financial Aid Office for more information.

Scholarships

• Scholarships are financial gifts that fall into a few basic categories:
• Merit-based
• Outstanding community service, academic or athletic performance, or extracurricular civic activities are common qualifying criteria.
• Need-based
• Economic need and proper documentation of sufficient destitution are all you need.

Student-specific

Personal characteristics are determining factors in some of these scholarships. Minority racial or ethnic background, gender, age, and other such demographic criteria carry the day.

Career-specific

These packages are meant to promote studies in specific disciplines. As both have high need for competent practitioners, medicine and Education are especially popular fields for such award packages.

A search engine query quickly uncovers a vast quantity of scholarship sites. Application deadlines, eligibility guidelines, and other such data are conspicuously displayed.

Federal Work Study

Your school’s Financial Aid Office arranges part-time employment around your class schedule. Part of your pay goes directly to your academic expense account.

Reducing cash outlay is just as crucial as maximizing monetary resources.

Consider community college

Many students pursue two-year associate’s degrees in lieu of high-priced higher degrees. Much more manageable tuition tops the list of local junior college attendance. Avoiding expensive relocation and job loss also add up to substantial savings.

Later on, transfer these lower-level credits to your heart’s content. Two years down the line, your new degree duly displays only the designations of your most recent and more desired alma mater. No one will ever be the wiser – except you, of course.

The online option

Like your community college colleagues, you may maintain employment and earn a degree in record time. Thanks to the concentrated nature of virtual coursework, you’ll be out and earning – other students still in school will be yearning to be in your shoes.

Second-Hand FTW

If the thought of settling for “second-best” stifles your sensibilities, think again. Pre-owned textbooks, handed-down hardware, and gently-used study materials make your budget much better off.

If you want a career in public service that is emotionally rewarding by pays paupers’ wages, take heart. If you have been hesitating and procrastinating because you find educational costs intimidating — fear no more.

Whether you want to become a doctor, lawyer, or tribal chief, there’s no need to let a mundane money matters make major waves.

Taking full advantage of all available alternatives to student loans turns your future dreams into reality – without mortgaging your future or foreclosing occupational options.