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Which is Which? Student loans or Scholarship

The issue about the rising cost of education is not new for anyone, be it for rich people or for the those just barely earning a living.

However, the expense of college is not of as much of a threat as it seems for those who want to enter college but are not capable to meet its expenses.

This is because of the two choices made available for them, first of which are the many scholarship programs which are available. Second is the existence of so many student loans that can be found. They may apply to either of the two.

Basically, the scholarship gives off monetary award which do not require the beneficiary to repay it. Unlike the student loan, the money that was lent to the students will be paid after some time with the corresponding amount plus interests.

Hence, it seems to be apparent that taking a scholarship program is more convenient than the student loan. Yet, you should know that both still consists of its advantages and disadvantages.

In a scholarship, the student need not worry about finances throughout his or her college years. Hundreds, sometimes thousands, of scholarships are made available yearly. The systems of the programs depend on the financial needs of a certain student.

Although, it doesn’t necessarily mean that you are not intelligent because you were not be able to acquire a scholarship. There are various types of scholarship, one is for the intellectuals who acquire and maintain high grades. The other is the specific scholarships designed for the ones who excel in definite fields, for instance, in the field of sports, math, science, music, stage performers and others.

Those who have what is considered an average I.Q. may still win a scholarship. They may not seem to possess the supposed remarkable level of intelligence to win a scholarship, but their talents may secure them one.

Moreover, there are also many scholarships designed for certain races, minorities, and other sectors of the society that needs monetary support. And scholarship is not just confined to college students, the students who would want to pursue further study may also benefit.

There are also several institutions that offer scholarship programs to their members, examples of this are religious organizations, military organizations, and union groups, etc.

Now, if you think you won’t be legible for any scholarship, there is still one option — student loans.

Student loans, as mentioned above is the financial aid given to the students to pay their tuition with the agreement to repay it with the corresponding interests in a given period.

The basic difference is that scholarships do not require repayment, but student loans do.

The advantage of a student loan is that it will give you freedom to function as a regular student, without the pressure of maintaining high grades and you can do your other activities without thinking of the conflict in the training schedules.

The hassle is when you would consider it, student loans need to be repaid the moment you graduate; you have to pay to the very last cent plus the interests.

If you are the bread winner of your family, paying for it will be another burden though you already have secured a job.

Anyhow, it will depend on you, the important thing is you finish your college education and secure a diploma, be it from a scholarship or through student loans.

The achievement of earning your college education amidst the hindrance of money is the thing you will always be proud of.

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Page Updated 7:48 AM Tuesday 6/19/2012