Federal Financial Aid
In today’s increasingly competitive job market, obtaining a college education is an absolute must. But with tuition increasing at around 8% annually, getting a college degree is easier said than done. Fortunately, there are a number of financing options available via both federal and state governments, as well as through a number of other sources. These options make it much easier for students to achieve their goals of a higher education without constantly having to worry about their financial situations.
Federal Financial Aid is an excellent option for students who are unable to turn their dreams of a higher education into reality due to various financial issues, as federal Financial Aid includes a number of options, including a variety of grants. Fortunately, grants do not have to be paid back, as they are essentially “Free Money” Awards. Namely, Government-Backed Grants include Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG). Students may also obtain loans such as Perkins and Stafford loans from the federal government. Notably, Federal Student Loans come with low interest rates and with several other advantages, including flexible repayment terms. Additionally, Federal Financial Aid includes federal work-study programs, which allow students to obtain part-time employment either on or off-campus. Students participating in these programs don’t just gain valuable experience, but they also earn enough money to cover at least a significant amount of college tuition.
Private Student Loans and Federal Financial Aid
If Federal Financial Aid does not provide enough funding to cover all your educational expenses, you can always apply for a private student loan. Private student loans usually carry higher rates of interest, especially when compared to federal loans and also have less flexible repayment conditions. Therefore, with hundreds of different private loans on the market, it is important to know which one is best for you. By using our free Student Loan Comparison Tool, you can compare different loans and read reviews written by students and parents. This free comparison tool will give you all the information you need in order to make an informed decision about which private student loan is right for you.