Student grants and loans are a very important factor, which all students and potential students should be considering, as they set out on their educational journey.
Nowadays, in particular, the cost of living has skyrocketed and therefore many people find the prospect of furthering their education rather traumatic, when considering the financial implications this could have on their lifestyles.
Student grants and loans are designed for the soul purpose of helping the student out financially so that they can progress towards a career that will improve their future prospects.
When it comes to the two options of student grants and loans; student grants are the more appealing of the two because they are ‘granted’ to the individual, much life a gift. This means that the money never needs to be paid back. Loans on the other hand do have to be repaid but these have an appeal of their own too, because the interest rate on a student loan is always very competitive when compared with traditional loans. There is also very often a period of grace, by which the beneficiary is given time to start earning before they have to begin the repayment process. In some countries the loans do not ever have to be paid back until you start earning above a certain level of income.
Finding out which student grants and loans you are entitled to can be a daunting process. However, there are many good information points that you should begin with. First and foremost you should contact the administration office of your chosen place of study. They should be able to give you advice and if they do not know the answers directly themselves, they should certainly be able to point you in the right direction.
In the United States the FAFSA is a helpful organization and in the UK, Student Finance England often has the answers.