How To Pay For College

Students grapple with many things as they prepare for college. To begin, they have to fill out and mail applications, wait for acceptance letters, and ultimately choose the school they will attend. All of that is time consuming. Another time-consuming issue is how to pay for college. There are scholarships, grants and loans. Even though there are many ways to pay for college, the cost of obtaining a higher education is a major factor when choosing a school. Students can choose between different types of college to earn a degree. There are community colleges, four-year public colleges and private, four-year colleges. The cost to attend a community college is less than that to attend a four-year public college. According to McKinney …show more content…
There are federal and private loans. Each has their benefits and dangers. Federal loans have a fixed interest rate which is typically less than a private loan. On the other hand, private loans have variable interest rates. This means the amount a student needs to repay can be substantially more than if he or she utilized a federal loan. Payments on federal loans do not need to start until a student graduates or decides to attend part-time. Private loan payments often are expected while a student is still enrolled in school. Another comparison is related to subsidies. Many federal loans are subsidized, meaning the interest on the loan will be paid by the government while a student is in school. There are no subsidies for private loans so the student is responsible for the entire loan. Especially important to some students is the option to defer payments. There is a possibility that federal loan payments can be deferred or even lowered. Private loans offer no such option. In summary, federal loans have greater flexibility than private loans but private loans may provide a greater amount of money to borrow. When deciding which school a student wants to attend, cost is a factor. Students come from many, diverse backgrounds, so no one way to finance college is correct. Even though a student wants to attend a certain school, cost may prevent that school from being the best choice. Some colleges are attainable due to scholarships and grants, so that students incur less debt. If a student chooses to attend a college with a high tuition, loans may be the only way to cover all the expenses. The cost of a higher education is one which weighs heavily on families and can effect students for decades of their