Weighing Your Options Between Student Loans and Scholarships

Athena By Athena , 20th Jun 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/m6.butxi/
Posted in Wikinut>Money>Loans

The rising cost of education has always been an issue that everyone is aware of, whether one is rich or poor.
This is not, however, a major threat for students intending to acquire a college education but are incapable of meeting the expenses.

Weighing Your Options Between Student Loans and Scholarships


The rising cost of education has always been an issue that everyone is aware of, whether one is rich or poor.

This is not, however, a major threat for students intending to acquire a college education but are incapable of meeting the expenses. The reason behind this is there are two choices available for them. They can either apply for scholarship programs or apply for student loans. With a scholarship, the monetary award given for the student’s educational expenses, need not be repayed monetarily. With the student loan, the money that the student borrowed will have to be paid, including the interests incurred, after some time.

Both options has its own advantages and disadvantages. It is advisable to take a closer look at each one before deciding to choose between the two.

Scholarships
Thousands of scholarships are available annually. Some programs have systems that depend on to the financial needs of the student. When a student avails of this, he or she need not worry about the funding of tuition and even allowances throughout the college years.

There are various types of scholarships. Some are only granted to students who can reach and maintain high grades. The other type of scholarship is designed for the ones excelling in specific fields such as sports, arts, music, theater, science, math, and others.

The scholarships are not only for academic geniuses. If you have an exceptional talent it may help secure you one as well.

There are also scholarships designed with a humanitarian purpose. Some organizations and benevolent individuals provide scholarships for certain, minority groups, races, and other sectors of society needing educational funding and monetary support. Some religious organizations and union groups offer scholarships as well. Apart from these, scholarships may also be granted to those who are aiming to pursue further studies after the bachelor’s degree.

Student Loans
If you think that you cannot be eligible for a scholarship, then the student loan is your option.

As mentioned above, a student loan is the financial aid granted to students to pay for tuition fees and educational expenditures with the agreement to repay it in a given time period including its corresponding interests.

In scholarships, monetary payment is not required. With student loans, this is a must.

However, many find student loans favorable because of the advantage of the freedom from pressures of the academic grade maintenance and required training schedules and activities. One can be free to move around and live a regular student life. The only pressure is having to repay the loan to the very last cent plus its interests the moment you graduate.

For the breadwinner of a family, it can be add additional burden to pay for it even though you have already secured a job.

Each choice has its pros and cons, but any which way you prefer, will still get you a college degree, be it from a scholarship or a student loan. Not having enough money is no longer a hindrance to achieving the goal of acquiring a university degree.

Tags

College, Degree, Education, Funds, Scholarship, Student Loans, University

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author avatar Athena
A mother, a musician, a teacher, a writer... in that order.

Life inspires me to write.

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