When we talk of free money in reference to college, this is awarded through scholarships and grants that the undergraduate is able to use to pay this college expenses. There are some people that are convinced that the government increases in funding of higher education is also going to mean that the cost of attending colleges and universities across the country will be increased. This in turn has led to many more students having to borrow to get their college degree.
ASA.org has recently reported that over 60% of the students enrolled in college in America will require a student loan to be able to continue their schooling. This percentage shows that about 12 million out of the 20 million students will either need to get take out a federal student loan or a private student loan, and this need produces students that have gained a college degree, but still have multiple student loans of varying types and amounts.
The students will need to repay these and this is nothing short of extremely challenging with the borrowers already having left their education and entered into a repayment scheme. Research shows that there are just fewer than 15% of the 37 million students that are trying to bring their student loan accounts up to date. This in turn confirms that there are approximately 5.5 million borrowers whose loans have fallen into default due to their inability to afford the payments.
These statistics show that this leads to some extreme borrowing and repayments and also shows that a majority of students have resorted to leaving the country and working in another country as they can earn more and pay less in tax, other will have moved back into their family home just to save on rent and food. Apart from this there are many students trying to hold down two or three jobs to make ends meet particularly when it comes to their student loan payments. All of these students could have been helped with free money for college and this would have made a huge difference.
Free Money For College Expenses
There are a number of families unable to build a college fund for the higher education expenses for their children. Those that can see their children having a relatively easy time with their finances compared to those that graduate every year with college debt. Free money for college is available for those that do not have a college fund.
Free money for college is another way to describe scholarships and grants that any student can qualify for. This type of payment is known as free money because the student does not have to repay this.
Briana McGeough is a testament to how effective free money for college is and she shared her story with Huffingtonpost.com. In the article she explains how she used the free money to pay for attending college and how she actually graduated debt free.
Free money for college has to be worked for, it may be free but it’s not easy. The only way to secure free money for college is hard work and this requires time and commitment from the student to identify possible sources of the funds.
Scholarships are grants are awarded on merit and a need basis. This means the student has to show proof of their financial need to qualify for the grant while the scholarships have a variety of qualifications. The most popular sports and academic scholarships are awarded to the high school students who have exceptional grades or demonstrate a promising athletic career.
If you are actively pursuing free money for college expenses the following steps should help:
– FAFSA or as it is more commonly known – free application for Federal student aid – This is the first step in receiving a federal financial package. It is vital for students to fill out the FAFSA because even if they do not gain free money for college they can still take advantage of low interest rates available through federal loans and also the possibilities of some relief on interest payments whilst they are still in school.
– Scholarships – There are students who will prefer to take an hour and prepare for a large amount of scholarship rather than applying for three or four smaller amounts of free money for college. Ideally the student must get a balance with the priority being placed on the smaller ones as there will be more chance for them to get something rather than being turned down for their one time big amount application.
– There is no need to stop after one year – Once the student is in school they can continue to look for other scholarships and grants that they can use in college regardless of what year they are in. It is paramount that they constantly look out for free money for college. This is necessary as the cost of attendance normally increases as they progress through the years.
– Under the parent’s name – For those parents that build a college fund for their children they should keep this in their name. This is because when a student applies for financial aid their assets will be looked at and they do not want to be penalised because of the savings that their parents have made.
– Part-time work – Students can also look for free money in the form of a job. They can treat this as if they are working for someone whilst they’re actually working for themselves and this will see them continuously looking for scholarships and grants grant providing companies.
Additional Information For A Debt Free College Graduation With Free Money
With the ever increasing statistics particularly in reference to how graduates are going to pay their student loans it may surprise you to know that the choice of school also plays a major role in the total college expenses. Students should be open to changing their first choice of school to match the cost of attendance with the free money for college they have available.
Debt Collection Scams With Student Loans
The landmark case that was filed in Illinois against companies that deal in student loans, making people more aware that there are suspect groups even in the student loan industry. CNBC.comrecently discussed how the consumer financial protection bureau is honing in on illegal debt collection techniques used in regards to student loans.
The most common practice of private lenders is that they buy and sell old and unpaid debts including student loans. This begins with the banks selling the debt to a collection agency, which now have a fresh piece of information on who actually owes the money and how far in default they are.
Free money for college is a fantastic way to pay for college expenses; it simply takes commitment from the student to stay firm that their first priority is graduating without debt. For those with no option but to take a federal or private student loan that are ways to avoid these scams.