College financial aid encompasses a variety of funding options intended to help students pay college educational expenses (at a college, university or private school) which include: tuition and fees, room and board, books and supplies, etc… College financial aid can include federal student loans, private student loans, scholarships and grants.
Scholarships and Grants for College
Any “free money” option to fund your college education is your best option! Unlike student loans for college, scholarships and grants provide you with money for college which does not have to be paid back (hence the whole “free money” thing). Every year many college students fail to apply for scholarships and grants simply because they do not think they are eligible. The truth is, there are a wide variety of college scholarships and grants for all types of students and for all types of studies. Seeking out scholarships and grants that apply to you and your specific area of study is a move that could save you big time!
More on Scholarships and Grants:
Federal Student Loans for College
After free money options for college (scholarships, grants and other student loan alternatives), Federal Student Loans are the first type of student loans you should seek. Never obtain a private student loan for college before exausting ALL of your free money for college options and federal financial aid options.
Your gateway to obtaining Federal Student Loans is FAFSA (Free Application for Federal Student Aid). Even if you do not think you will qualify for federal financial aid for college, you should ALWAYS file a FAFSA.
More on Federal Student Loans for College:
- All About Federal Student Loans
- Why are Private Student Loans More Expensive Than Federal?
- Figuring Out FAFSA and Federal Student Loan Tips
Private Student Loans for College
Private student loans for college should only be considered once you have exhausted all of your other financial aid options for college. Since the government does not set the interest rates, loan limits, terms, and/or conditions of private student loans, private student loans typically carry higher, variable interest rates, and do not offer as many repayment options compared to federal student loans. Private student loans are also based on your credit, so if you have poor or little credit history, you may be fighting an uphill battle to secure a private student loan without the help of a cosigner.
More on Private Student Loans for College:
- Private Student Loan Without Cosigner
- Do I Need Good Credit to Borrow a Student Loan?
- When Choosing a Private Student Loan for College
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CH
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