College Financial Aid Opportunities

Paying for college can seem daunting at first, but once you learn a bit more about the types of college financial aid available, things can seems a lot less scary. Financial aid comes in the form of scholarships, grants, and loans. Scholarships and grants are types of aid that you do not have to pay back. You have to pay back loans.

College Scholarships

Scholarships are awards usually based on merit, and the best thing about scholarships is that you do not have to pay them back. The size of scholarships range anywhere from less than a hundred dollars to paying for your entire tuition.

A common mistake by may students is not applying for any scholarships,because they feel they are not qualified to receive such an award. Well the StudyBeans philosophy is that it doesn't hurt to try. What's the worst thing that could happen? You don't get a scholarship. What's the best thing that could happen? You don't have to pay for college. The benefits greatly outweigh the negatives, so go for it.

A good place to start looking for scholarships is FastWeb.

Grants and Loans

Like scholarships, grants don't have to be paid back, so if you are awarded a grant, accept it! Grants are awarded based on financial need and sometimes also merit, so you have to fill out a FAFSA.

Loans are also offered according to the information you provide on your FAFSA. There are many types of loans, but the main thing you need to know is the difference between subsidized and unsubsidized loans. You will have to pay interest on unsubsidized loans while no interest will have to be paid on subsidized loans while you are in school.

Final Word

Whatever you decide, don't let lack of money be the reason you don't go to college. Even if you don't get a scholarship or grant, with a college degree, you'll be able to pay off your loans in no time.