There are several different types of financial aid for college students. Right now a lot of students are looking for Obama back to school grants or any other type of grant because they don’t have to be repaid. A student loan, on the other hand does have to be repaid and so they are not as desirable as a grant. Scholarships also don’t have to be repaid but they are very difficult to get.
The most common type of college grant is the Pell grant. A Pell grant can be awarded on income levels and family contribution. If you are a student still living at home, your parent’s income will be considered and be a large factor of whether you can get this type of grant. If you are single and live on your own, then only your income will matter and your family contribution will be nothing.
A student loan is what most students get but it is something that will have to be paid back over time. The interest on a student loan can either be paid while attending school or you can allow it to build up and begin paying it after you graduate. Jobs for college students are in high demand because so many students have loans to pay off and other bills to pay as well.
A Scholarship is more difficult to get but there are plenty of ways to get them. The most common scholarships are awarded for high academic achievement or athletic achievement. In order to obtain a scholarship you will need to begin applying during your senior year in high school. Many require applications to be in shortly before the end of the school year. This allows plenty of time for processing before school should resume.
These are the three options most students have to get funding for their college years. There is a fourth way, and that is know as the Mom and Dad scholarship but not too many have that option!
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