With the school year coming to an end, the idea of college becomes more and more surreal. Aside from the excitement of meeting new people, moving to a new place, and finally starting your own lives; there is one huge fear hitting everyone. The cost of college in the US is unfortunately very high for most people. It is horrifying trying to figure out how to pay for all the deposits, classes, books, and then to have money for just plain living. Most teens are aware of scholarships and loans but unaware of how to start the application process.
Student Loans are a type of financial aid designed as a low-interest borrowing solution for students who are trying to go to college. There are two main types of student loans; those done by the federal government and those offered by banks, which are private student loans. Federal student loans are considered to be the best first borrowing option for students; they have comparatively low interest rates versus private loans. Federal student loans have relatively low borrowing limits, and generally do not cover the complete cost of education. Banks and other financial institutions offer private student loans, which have a high rate of interest compared to federal loans; they can provide you with a great way to manage your academic expenses if the federal loans aren’t enough.
Scholarships are something everyone wants and only a few people can get. Apparently, there are millions out there that go unused on an annual basis. Some high schools give away scholarships prior to attending college. Some scholarships are merit based, some need based, some interest based, and some cultural based. The best way to find scholarships is to do your research. Every college and university will have various scholarships. Several websites and books are designed purely for the existence of finding scholarships. Scholarshipamerica.org was praised by HLN news as a good website out of many to help you start your research and perhaps application process. It takes much patience and time, but you are bound to find a scholarship for you.