Apply For Financial Aid To Get A Degree

2007-03-08 10:33:40

( Financial )



College education has become so expensive that the only option you may have to earning a degree is to apply for financial aid. Financial aid programs vary from school to school but mostly they fall into two categories: grants and scholarships; and self-help financial aid.

Grants and Scholarships

Normally, when your application for either a grant or scholarship is approved, you're not under any obligation to repay this type of financial aid. But if you fail to maintain the eligibility requirements, or you decide to withdraw from the course, you may be obliged to pay all or part of the financial aid.

When you apply for financial aid via grants and scholarships, your financial need (this amount is computed based on the cost to attend a school minus the money that you are expected to pay as a counterpart toward your education) may be assessed. There may be some qualifications that are based on your academic excellence, or on your personal qualities.

Self-Help Financial Aid

Work-study programs and student loans comprise self-help financial aid. If you apply for loans designed for students, you will have to pay this type of assistance after you graduate, or if, for whatever reason, you stop attending school. You will find that some student loans allow you to pay the interest after you complete your degree, and that typically they have low interest rates.

In work-study programs, the school will assist you in getting a job within or near the campus so you can pay the expenses that are related to your college education. However, if you enroll in a distance learning program, you'll not qualify to apply for financial aid of this type.

If you don't get the chance to apply for financial aid, your parents could apply for mortgage against their home equity. That'll be risky, but they'll hope you'll prove worthy.


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