Do you need a student loan for college?

A college education may be the factor that enables you to further your career and achieve the jobs and promotions that only those with a degree are offered. To finance your college education, you may need not only one loan but several. Here are a few finance for students facts: 1. If you choose to live on or around your campus, your accommodation fees may come to $5/6000 per year. 2. About 20% of students live on or near campus while others continue to live with parents. 3. The yearly cost of books and other materials can be up to $6500. You may also have to pay for the use of college equipment such as in the laboratory or use of the library facilities. 4. You will encounter many additional expenses such as travel, various fees and incidental payments so ask your student aid office what figure you can expect that to be and how much of it is included in your award figure. 5. Around 60% of students live on less than $10,000 each academic year but the average student award figure is around $5000. The majority of students make up this shortfall by applying for loans. Your grant should cover many of your vital expenses but loans tend to cover the other incidental expenses such as clothes, household costs and even going out. COLLEGE ISN'T CHEAP! Most students end up with around $20,000 of debt by the time they graduate according to the National Post Secondary Student Aid Study (NPSAS). Your federal grants and loans are only a relatively small part of that. Getting further loans may make your time in college easier financially but don't forget that at some point they have to be repaid. The Types of Financial Aid Available ‘Financial aid' can mean any and all of the ways a student funds his/her further education. Financial aid usually takes one of three forms: 1. Federal grants or loans that don't have to be paid back. 2. Private or federal loans that do have to be repaid. 3. Work-study programs which offer financial aid in exchange for some work which is usually a campus-based service. You have many options when financing your education so ensure that the ones you choose are right for your circumstances.


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