Welcome to Student Loan Helper!
Figuring out how to pay for college can be a stressful and overwhelming experience. If tuition, room, and the board cannot be paid for with savings (which is becoming nearly impossible to do in this day and age), students or parents need to figure out how they are going to fund their education.
Take a look at the stats below regarding the cost of average cost of tuition:
Public four-year colleges charge, on average, $7,605 per year in tuition and fees for in-state students. The average surcharge for full-time out-of-state students at these institutions is $11,990
Private nonprofit four-year colleges charge, on average, $27,293 per year in tuition and fees.
Public two-year colleges charge, on average, $2,713 per year in tuition and fees.
And that doesn’t even include room and board and other related living expenses. Factoring these in, the annual cost of college can easily exceed $50,000 per year!
However, education is an investment in human knowledge that translates into future earning power. Workers with a certificate or degree experience a corresponding increase in income – to the tune of an additional $1,000,000 in earnings over a lifetime on average. So, clearly, education is an investment that pays off. For this reason, we want to exhaust all options in paying for school. When people plan ahead – learning what financial aid options are available – they can plan their educational future properly.
Governments, businesses, and organizations have worked together to ensure that the United States has an intelligent workforce by financially assisting students who want to go to college. These groups have awarded financial aid based on “merit” and “need.” In these cases, the money does not need to be repaid. However, most of the time the money is being lent as an investment by a lending institution, and they are expecting to be repaid (plus interest, of course!) – aka a loan.
The focus of this site is on the latter situation – student loans. Our goal is to help prospective (and former) students navigate the sometimes overwhelming task of understanding, obtaining, and repaying student loans. You will find several useful articles that will help you make an informed decision about what is the appropriate type of loan for you, how and where to apply for a loan, and the issues around carrying student loan debt.
Grants and Scholarships
Scholarships and Grants are financial aid you don’t have to repay to the institution granting them. The money comes from federal funds, universities, and private institutions for students with economic needs and good qualifications.
Scholarships
A college scholarship is an award of access to a higher education institution and/or a financial aid award for a student to further their education. Scholarships are not only based on financial need, but also on academic merit, athletic performance, or a specific field of study! It is an alternative way to pay for college with the advantage that you receive financial aid as a gift from educational institutions or nonprofit organizations for your past and future achievements.
College scholarships can be awarded on the following criteria:
- Financial need
- Academic achievement
- Athletic achievement
- Public service
- Nationality or ethnicity
As soon as you are applying for college you can check whether the university is providing scholarships or if there are other institutions where you can get your scholarship from. There are many associations and civic or religious groups that provide money for scholarships. When you have found a scholarship that you are qualified for, you should start right away with the submission process. Most scholarships have strict deadlines for application and can only grant aid to a limited number of students.
Grants
Grants are based on financial need. There are federal, state, and college grant programs for qualified students. To find more information on grants and to see if you are eligible for a federal grant.