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Loans and Bursaries

Education offered by private institutions can be a lot of expense for parents and students who cannot afford money. In most of the cases they would go in for some kind of financial assistance that would help them meet the educational expenses.

There are some students who get a scholarship to cover a part of their education. But still students who cannot get scholarships get a chance to attend the school of their choice; this is made possible with the help of the varied student loans and bursaries (grants).

These loans and grants are specially designed to pay the cost of schooling. Let us understand the difference between the student loans and the student grants.

The student loans and grants are obviously not the same thing. The student loans is a special type of loan that is meant for students who want to carry on further education but are not able to afford the cost of education on their own. On the other hand a grant is an amount of money that is given to the student without any repayment requirement. The grants would definitely require more consideration. Grants are given as often as the student loans and the disbursement of a grant depends a lot on the financial need of the student.

Student loans are given out by a number of banks and financial institutions but it is not necessary that the government all the time should back these loans. There are federal as well as private student loans made available to students who need them. But the government gives out most of the grants. However there are a number of grants that are given out by the school departments or are offered by some of the private organizations or businesses.

Apart from supplying the money required for the education the student loans offer various advantages that would make them useful in

meeting the tuition fees as well as the other educational expenses. In most of the cases the loans and bursaries does not require to be paid in the full amount till the student becomes capable of meeting the payments. In some cases the loan does not need to be paid until the student graduates which would mean that the student takes more loans for completing the graduation and they would not have to pay the previous loans.

Once the student finishes the education and is no longer enrolled in the institution then the whole amount on the various loans becomes due. The payment towards the loans starts after the student finishes the course. When the repayment starts there are a number of student loans that would offer low interest rate or special rates on the loans so that they can be paid back easily.

Finding a student loan is very simple. There are a number of lenders that offer some form of student loan or other. You are required to do some research on the lenders and the loan options that you can apply for. Compare the interest rates and the repayment terms offers by various lenders for student loans. Applying for a student loans and bursaries is simple and would require you to fill in some basic information about yourself.

Looking for grants however can be a bit tough. But when considering the fact that the amount that you get through a grant does not need to be paid back looking for these grants makes it worth the try. The best way to look for a grant is to contact the school authorities in the financial aid office of the school. They would usually have a list of all the grants that they consider and they can also help you find a grant that would suit your needs and you would get easily. When applying for a grant you are required to provide recommendation letters and also essays on some of the topics. The application process however depends on the person or the organization who us issuing the grant.

Grants are usually based on the financial need of the student that is calculated by the student aid program. The first step requires you to fill out the FAFSA. It is usually expected by every student to qualify for a grant as they are not to be paid back but there are limited numbers of grants that are offered. However the student expects a positive repose when the application results are out. When applying for a grant there are some facts that you should be aware of. The foremost thing that should be kept in mind that the funds available with grants are limited and hence it would not meet the full educational expenses; this can be possible only when the student plans to attend a community college where the tuition fees is low.

The next thing that should be considered is when the government or the school conducts a need analysis the contribution expected from the parent is higher than what is actually possible for most of the families. The contribution would affect the amount of grant that the loans and bursaries would get. Besides this if the parent claims that the student is a dependent on the income tax then this would also have an impact on the amount of fund that is made available. This rules out that a student who is independent according to the tax laws would get more financial aid. Usually students who are in their first year would get fewer grants as compared to what they would get in the coming years of college.

Whatever option you choose either a loan or a grant you should be clear in your mind. In case you take a loan then you should make sure that when the loan matures the payments are done on time.

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