Financial Aid
With rising tuition costs, funding a college education is no easy task. At OEDb, our financial aid section is designed to help you find the resources and information you need in order to make it a little less stressful. Here, you will find help on a variety of options for college funding to help make your educational goal a reality.
One of the most common options that can help you pay your way is to find scholarships. Scholarships are usually awarded through businesses or individuals for the specific purpose of being used for your tuition and dormitory costs. The best part about scholarships is that they never need to be repaid. The money is yours to keep. Most scholarships are awarded based on merit, but there are many others marked for students majoring in a particular subject, belonging to a particular minority group, hailing from a certain location, or those with financial need.
College Grants are similar to scholarships in that they are essentially free money, but they differ in a couple of key respects. Firstly, grants are usually given out by government or non-profit organizations. Secondly, and possibly beneficially, grants tend to be more flexible in what they can be used for — textbooks, research materials, and some personal expenses can be covered by grants in addition to tuition. Both grants and scholarships usually have to be applied for, and the competition can be stiff since there is a limited amount of cash available for each school year.
If you've exhausted your search free money for college, or simply still need additional funds, you can still pay your way by getting student loans. Unlike scholarships or grants, student loans do have to be paid back, but many, if not most, don't have to be paid back until after you graduate. The interest rates on student loans have a maximum imposed on them by federal law, but that doesn't mean you can't score a loan with a rate lower than the mandated ceiling. There are several types of student loans, and it can be tricky to figure out which one will help you to pay off your debt before you're sending your own children to college.
