While the headlines trumpet the fact that college tuitions have skyrocketed over
the past decade, the good news is that there are many financial aid options to help
you pay for college.
Financial aid comes in many different forms. Of course, the best financial aid for
students comes in the form of scholarships and grants. With scholarships and grants,
students receive money that they don’t have to pay back. If you’re searching for
financial aid, start by searching for scholarships and grants.
After scholarships and grants, financial aid also comes in the form of work-study
and loans. Work-study programs allow students to work at a job – usually on campus
– for pay that is used to pay down the student’s tuition. To determine if you can
find a suitable work-study program, contact your school’s financial aid office.
Finally, if you’ve exhausted scholarships, grants and work-study options, the last
source of financial aid is loans. Loans, of course, need to be paid back and generally
carry interest rates. Federal student loans, including the popular Stafford loan,
are the best source of financial aid loans for almost all students. Stafford loans
have loan limits, however, so many students need additional financial aid.
If you need additional financial aid beyond scholarships, grants, work-study and
federal student loans, consider a private student loan. A Think Student Loan allows
students to borrow up to the full cost of education up to a $250,000 lifetime aggregate
maximum. You can apply online or over the phone in approximately 15 minutes and
the check is sent directly to you or your cosigner.1 Plus, you can defer payments until after graduation.2