Note: This is a guest post from Matthew Zehr, Content Marketing Manager for the company LendEDU. He has some helpful tips on how to navigate college financial aid. Enjoy!
Navigating College Financial Aid
As the month of May is coming closer, some families and their young high school graduates looking ahead for college acceptance envelopes. To some, these fat envelopes are not the end of the road. Where will they start? How much college education will cost? Graduating their students from good college is what every family desires, but the college’s fees can be truly daunting. Figuring out all real cost, bottom lines and of course, financial aid, are a big challenge to most.
Therefore, what most families and high school graduates start with is figuring out sources: sources from where they can get assistance to figure out their college cost. The most two obvious sources they come across are, either it comes in the form of gifts or they should go for self-help.
Most of the bright students are recommended for educational scholarships from universities, government, and committees. Based on financial condition and needs, financial aids are offered by state and federal government. Few colleges also assist some amount as a grant money for some selected students. Depending on financial status, financial aid offices will consider students for the state institutional grants.
Many colleges and universities, based on applicant’s academics and sports talent, provide scholarships. The amount might vary, that is they might partially solve financial problem (such as for books, tuition, and fees). Getting a scholarship is itself a big challenge in many deemed universities, because of the high competition to select students for scholarships, it may include essay writing, personal interviews or might be some sport tournaments or interview. Finding scholarships can be tough for some, however many sites offer scholarship search tools that enable users to search from a large directory of scholarships based on specified criteria. The bottom line is that grants and gifts are most desirable aids hence it does not require any repayment.
Most of the students prefer to go for a self-help. They do work simultaneously with their graduation to fulfil their dreams of graduating from a good college. Many universities allow work-study program in their campus. Therefore, students are allowed to work in campus or somewhere else, for which government provides them payment to clear their college fee. Most foreign applicants prefer this program. Many colleges and universities have certain departments where they place additional student workers.
* Student Loans
Loans to some families sounds good idea, for in-hand immediate access of funds for college expenses; while the absolute mystery behind Loans is these must be repaid. The loans might immediately cover your financial problem but it is necessary to figure out the repayment, with interest and over a definite period of time.
Most state government banks provide student loans, the interest charge over student loans are subsidized by government. Best part of these subsidized loans (student loans) is that you need not to begin repayment immediately as you pass out your college or university.
The best way to find financial aid for college is to contact your state financial aid officers. After speaking to these officers; they will direct you to the best available options and resources that fits best in your case. In addition, it is recommended to contact your college or university financial aid office for better options available within your campus to resolve your problem.
Matthew Zehr is a Content Marketing Manager at LendEDU.com! LendEDU is a marketplace for student loans and student loan refinance. LendEDU helps borrowers find the best terms and rates available with one application.