Chapter 8 Loans
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Other Means of Funding
Loans are not the only way to pay for college. The best way to pay for college
is with money that is not borrowed. There are multiple alternatives to student loans.
A grant is money that does not have to be repaid. There are many grants
available, and you should always search for any grants for which you may qualify.
For example, if you are a fi rst-generation college student, there are probably
grants available to you. Low-income students are eligible for grants. There are
grants for military families, grants for attending graduate school, and even grants
for students majoring in fi elds where there is a high need for graduates. These
are just some examples. You should always search for all available grants for
which you may qualify.
A scholarship is another way to pay for school. A scholarship is an amount
of money awarded to a student that must be used toward payment for college.
A scholarship can be a merit-based scholarship, which means the student earns
it based on ability. For example, an athletic scholarship or a scholarship based
on academic achievement is merit-based. Scholarships can also be need-based
or can be set up to encourage a specifi c fi eld of study. They can also be student
specifi c. For example, a donor could provide a scholarship that is awarded to a
student from the donor’s hometown. A donor can specify almost any criteria as
eligibility for a scholarship. Many scholarships go unclaimed because a qualifying
student may not search diligently enough to fi nd it.
Many students use work to pay for all or part of their college education.
Students often work while going to school, either on or off campus. And
students may also work full-time during the summer to save up money to off set
college expenses. Work-study programs are another funding option. These
programs fund part-time jobs for qualifying students. The schools themselves or
the government provides all or part of the funding for these programs.
Career Discovery
Education & Training Careers
and Math Skills
Do you have the ability to inspire and motivate others? Are you sensitive to
the needs of others? If so, a career in education and training may be an option
for you. This area includes teaching, training, professional support services,
administration, and administrative support.
Some people who are in an education career help students navigate the
fi nancial decisions necessary to attend college. Good math skills are crucial to
making sure students have the information they need. Give several examples
of when a fi nancial aid counselor would use basic math skills.