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Getting scholarships and grants for higher education

November 27,2010 by: Dallas Browne

Those students who are fresh out of school have two options these days, either get into college or find a low paid odd job to live off of for the rest of their lives. Getting into college can be a hard task given the levels of competition and not to mention the exorbitant costs involved.

So after high school, there is always a flurry of activity with kids trying to outpace each other to get a better SAT score which will more or less decide their fate. Academic credentials do matter, but high school credentials are all about involving yourself in all activities and having a focused mind. But when you have a SAT score in hand and find out that none of the state funded colleges are able to give you a seat, then it is going to be hard on you.

State funded institutions are public institutions and are hence not for profit. If you are lucky enough to get a seat in one of these institutions, you will have much lesser tuition fees compared to your compatriots. But if you are unable to pay even this low fee due to the fact that your parents have a very low income or are unwilling to be a part of your career, you will have to rely on loans, scholarships and grants. But if you do not get into one of these public colleges or find that a prestigious private college has the best fit program for your interests, you must again look for these sources of finance.

A loan is something that you get from a lending institution such as a bank with a grace period after which you will have to pay back the loan amount to the bank. You will obviously have a long duration of time over which you can pay back the money but it will finally add up to more than double the amount that you borrowed in the first place.

A scholarship is something that is given out only for a year at a time. And, you will have to reapply every year in order to qualify for a new loan. You will need to maintain a good GPA according to the regulations set by the lending institution. You will also have to cross your fingers as there is no way of knowing how the competition is going to be after a year or how the granting institution is fairing financially after a year.

A grant is something that is given out without any constraints for the whole duration of the course and is the best option for someone who has the potential to secure one. You need not worry about reapplying every year in order to continue your education. But it also happens to be one of the toughest options for someone who is trying to get into college without adequate funding.

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