Posts Tagged ‘grants vs loans’


College Loans vs College Grants

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Education is really important and that is the only thing that they cannot take away from you and that is a fact. For some people, going to college is only a dream because of financial problems, another fact is that college is expensive. If you are one of those who are struggling or do not have money to pay for college do not lose hope. Today, there are different ways to pay for education. You can choose to apply for a college loans and college grants. But first you must know the different of college loans vs college grants.

College grants are financial aid that is provided by the government to qualified students who wants to go to college. For the government to consider you for it is that you must be able to state how you can change the society with the career path that you chose. College grants is not paid back to the government unlike loans, the student is able to re-pay theĀ the financial aid by doing good for the society in the future.

Though, not all expenses are paid by the government when it comes to college grants especially when you plan on attending a prestigious school. But in the case of community college where tuition fees tend to be lower, then there is a chance that everything well be covered. If in case the college grant provided is not able to cover everything then you can perhaps get a part time job.

Now, we will cover the other side of the college loans vs college grants battle. College loans are the ones that you can get either thru bank, financial aid from universities and private company. You do not have to pay for this until you graduated from college, the downside with college loans is that it earns interest, so by the time you finished college, the amount you are going to pay may have already doubled. Though, there are also different repayment plans especially when your financial status is not great, you can repay the loan in a span of three years.

Between college loans vs college grants, it is up to you to decide which to choose. When you apply for college grants make sure that you already have a plan of what you are going to do in the future. If you go for college loans, you must make sure that you only borrow what you need. You can also apply for both so that it can cover all educational expenses.