Money Resources For Students

 

1. Apply for scholarships and grants

Let me tell you a secret, most students at the most prestigious colleges in the United States do not pay the total tuition fees. The college itself covers all or part of the tuition fees. The most expensive US colleges often offer full scholarships for students with outstanding records. But even if you are not a genius and do not aspire to go to Harvard, you can still find an alternative for yourself. Today, many US colleges offer scholarships that cover a minimum of 10% of the tuition fees. However, remember that there is a lot of competition for scholarships, so if you have meager entrance exam results or a low GPA, it is not worth wasting your time.

2. Take out loans 

To begin with, there are two types of loans: federal and private, and for US citizens and international. Federal loans have a lower interest rate, so you should consider them first. In addition, it would help if you clarified several aspects of your loan:

  1. Interest rate. The higher the interest rate, the more money you have to pay back during the loan repayment. Therefore, by finding an option with a low credit rate, you can save thousands of dollars.
  2. Repayment plan. The repayment plan usually depends on your earnings and how much you can afford to pay each month for the loan. You can get a project with a low monthly repayment amount, but you end up spending longer. Accordingly, your interest rate will increase. As a result, you will return to the bank much more money than you took. You can also increase your monthly repayment amount. Of course, you will also increase your credit load, but your interest rate will be lower in the end. Moreover, this way, you will pay off the loan in full faster.
  3. Terms of delay and forgiveness of the loan. It is essential to know when you will need to start repaying the loan.  Immediately or after graduation from college.

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