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Money for College - Guide for Parents on College Grant. Loan, Scholarship

If you are reading this, I suppose that you possibly have a child in high school who will be graduating soon.

Of course, you feel happy, just as any proud parent would whose child is graduating from high school. It is one of those challenges of life that you, and your child, have successfully faced, and conquered, despite of the expenses and other stresses that you already have probably experienced. It is certainly time to celebrate, for you have fulfilled one of your major responsibilities of giving your child a bright future.

For many young people, however, a high school graduation is not the end.

For them, and you, it is just the beginning of many tougher challenges that await you and your child in the succeeding years...getting that all important college education.

Before high school graduation, you should start thinking about how you intend to finance the studies of your college-bound child. With the increasing cost of tuition fees these days, and the economy being the way it is, you need to plan ahead of time to avoid any financial pitfalls, especially if you have experienced how it feels to be economically challenged. You know how hard it is to have both of your hands tied when you are up against the increasing cost of your child’s high school education and then the hope of a college education. The sooner you start planning for the college education of your child, the less you will encounter financially related problems later on.

If you think you will be faced with financial problems, it is important that you know the different financial aid programs available for your college-bound child. Continue reading and learn the financial aids to lean on to:

  1. Grants- it is the first type of college financial aid that you should apply for. It simply requires you to complete a FAFSA (Free Application for Federal Student Aid) form. Once the application has been sent, it will be evaluated and if your child qualifies, he or  she will be entitled to the full amount of what he or she qualifies for. At this point, you do not need to do anything much further except to provide the name of the college or university where your child wants to enroll.
  2. Scholarships- although a scholarship is commonly intended for students who have  “brains” but do not have a “fortune”, not all college scholarships are tied to academics. Students who do not have the best academic record can still qualify for many other college scholarships. There are, for example, the college sports scholarships, community service work scholarships, social involvement scholarships, and others. These are just a few of the different types of scholarships for your child if he or she is not that talented when it comes to academics.
  3. Student Loans- these types of loans do have lower interest rates compared to other types of loans. There are some instances where the loans are subsidized, which means that at least the interest does not accumulate until a student finishes college. Furthermore, these loans does not require a collateral, thus you do not have to worry about putting your own home as a collateral against the student loan for your child. Most of these loans are available on a variety of repayment plans at low interest rates and low monthly installment payments.
If you have not yet started searching for the various financial aid programs available, it is recommended that you get started now. These financial aids can help you out in the long run and will provide the funds needed for your child’s college education. Get yourself free from financial worries through these aids today.

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Page Updated 9:44 AM Monday 5/20/2013