How Else Can I Pay For School?

How Else Can I Pay For School?

By: Araceli Ortiz

     As summer is slowly coming to an end I am sure you are starting to look at your closely at your college costs. Most students end up realizing after they get their tuition bill that they do not have enough financial resources to cover the costs. Therefore, in many cases, students choose to take out students loans. A student loan is money you borrow for your education which you must pay back with interest. 

     There are two types of federal loans students can potentially qualify for:  Federal Subsidized and Federal Unsubsidized.  Both types of loans offer fixed interest rates and allow up to 10 years to be paid back, but the Subsidized Loan has the best perks because the government pays your interest accrued while you are in school.  Below is a chart that will allow you to clearly see the difference between both loans:

     You should always try to cover your educational expenses with scholarships, grants, or savings first before considering taking out student loans. Taking out student loans is a great way to invest in your education; however, it is a serious financial and legal obligation. Make sure you talk to your financial aid counselors to learn more about your payment options.