College Financial Aid
As college costs have increased much faster than inflation, more and more students
are actively seeking college financial aid to help pay their educational expenses.
The good news is there are lots of sources for college financial aid – so be sure
to do a lot of research before making your college financing decisions.
College financial aid comes through a number of different programs. For every student,
any search for college financial aid should start with a search for scholarships
and grants. Without question, scholarships and grants are the best kind of college
financial aid as students do not have to pay this money back. There are a number
of quality scholarship websites so be sure to spend time looking around for scholarships
that fit your needs.
Beyond scholarships and grants, college financial aid can also be generated from
work-study programs. When a student signs up for a work-study program, they have
agreed to do work – typically on campus – for money that will help them pay their
college expenses. Many colleges offer different work-study programs so contact your
financial aid office to determine if there is a program that works for you.
If you need more college financial aid beyond scholarships, grants and work-study,
there are many student loan options. Of all the loan programs that can be used for
college financial aid, the federal Stafford loan program is the best option. The
Stafford loan program does have loan limits, however, so many students need additional
college financial aid beyond the Stafford loan.
If you need additional college financial aid after exhausting your Stafford loan
eligibility, 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 cosigner1. Plus, you
can defer payments until after graduation.2