Tuesday, February 24, 2009

How to Pay for College

College tuition can be paid for in a variety of ways.

Some parents start saving money for their children’s education soon after they’re born. If your parents have not saved for your college education, don’t worry. There are other ways you can find money to pay college tuition.

A scholarship is a monetary award given to you based on merit, academics, financial aid or special talents. Sometimes there are special requirements you must meet in order to keep your scholarship. You do not have to pay back any scholarship money given to you.

Grants are monetary awards given to you based on financial need. Like scholarships, grants do not have to be paid back.

A loan is money you borrow to pay for college. This money can be borrowed from the bank, the government and other organizations. Unlike scholarships and grants, the money you receive from loans must be paid back.

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