How Would College Scholarships Make A Difference To You?

Getting an education is very important in today's economic environment. The unfortunate thing is, it can also be very expensive to get the education you need, and because of the cost, many potential students do not attend or finish college. But this is where college scholarships can make a huge difference to you. Make no mistake about it, they are available. The amount of money that is given out through those scholarships may vary from year to year and the money may not be available for all individuals. That is why it is important for you to make sure that you give yourself every advantage that is possible by following these tips.

One of the first tips that I can give to you is not to wait until the last minute to try to find college scholarships, or you will have a very difficult time doing so. It is important for you to not only find scholarships in advance but to apply for them as early as possible. You must make sure that you meet any deadlines and all of the information needs to be filled out accurately. Once a scholarship opportunity comes onto the radar, be sure that you are on it as quickly as possible to give yourself the best opportunity.

Many students do not apply for scholarships because they think that a person needs to be an athletic star or an academic superstar to be qualified, but that is no longer the case. Yes there are scholarships that focus on a particular curriculum or require a certain ethnic group but the vast majority only require you to apply for them, and a good number of these do not even require a minimum grade point average.

You should also broaden the range of where you are going to be searching for those college scholarships. Many people tend to focus on the federal scholarships, and there are some of those that are available. Don't overlook the possibility, however, of finding college money that is available in your local area. In many cases, you will have a much easier time applying for and receiving this money because of the lower amount of competition. Look for various clubs, grocery stores, banks and other businesses that may be actively giving money for a college education. You should also check on the state level, as there may be money that is allocated for college scholarships as well.

You should also be involved in finding college scholarships through national organizations that offer them, such as the Discover Card Scholarships where it is given to members who hold that particular credit card. There are also other credit cards and similar affinity cards that frequently offer scholarships for card holders and members.

Broaden your search. This not only includes asking in your local area or with various organizations that may actually offer the scholarship money, it may mean checking in with the college as well. In some cases, scholarship money is going to be offered through the University and it would be up to the financial department at the University to distribute those funds. Even if they don't have money directly, they may still be able to point you in the right direction to give you a better opportunity of getting the funding that you need. With one or more college scholarships in hand, then you can focus on graduating instead of worrying about how to pay back the cost of your student loans.

Does it sound good to you to have the potential to graduate from college without having federal student loans to start paying back? Of course it does and getting one or more scholarships can be the answer to that dream, but it will take effort on your part. Find out where those college scholarships are being offered, then fill out the application according to the precise instructions, and above all, make sure your application is received by the stated deadline. For more insights and additional information about where to find scholarships and college grants, please visit our web site at http://www.finding-college-scholarships.com/ today!

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Deferment Vs Forbearance - Know The Difference In Your Options To Postpone Student Loan Repayment

Student loan borrowers who are seeking student loan consolidation need to be careful about switching lenders in midstream. There may be no savings when it comes to consolidating your student loans unless you save a substantial amount of money every month.

Yes, consolidation may improve the interest rate slightly, and you may be able to stretch out the term of your loan for more time by refinancing student debt, or you may even be able to save time and frustration by having only one monthly bill to pay each month.

But consolidating isn't the best choice in every situation.

Those borrowers who merely wish to take a break from repaying their educational loans until their personal finances improve may be better off making a formal request to postpone their student loans, not consolidate them. In that case, they will need a better understanding of the basic differences between "student loan deferment" and "student loan forbearance."

With so many college graduates struggling to keep their head above water these days, looking for the best ways to stay current on their student loans, loan relief can often take place from one of these two options: deferment or forbearance. And, although they sound like they are the same thing, they are indeed quite different.

If you are wondering what the difference really is between deferment vs. forbearance, you'll find these terms used interchangeably quite frequently. But each term does have its own unique meaning. By finally knowing the true definition, you will be able to choose the best option to postpone repaying your student loan debt instead of seeking out a loan consolidation.

A student loan forbearance is an agreement between you, the borrower, and your lender to temporarily stop monthly payments due on your school loans. Forbearance may also extend the timeframe for making monthly payments, or even reduce the total number of monthly payments on a short-term basis.

The downside of forbearance is simply this: your loan accumulates interest; forbearance results in you having to pay more money than your original calculations on college borrowing costs in the long run. Ultimately, you must pay off your student loans. Paying a higher total will cause pain then. But if you are without a job now, or you are engaged in an intense life-altering event, or you are attending advanced internship which will lead to enhanced employment prospects in the future, then forbearance may appeal to you.

On the other hand, a student loan deferment is a specific period of time during which your student loan payments are postponed.

The federal government offers up the exact definition of a 'deferment' of college loans in this way:

"A deferment is a temporary suspension of a borrower's monthly loan payment. There are many different types of deferments available. During deferment of subsidized loans, principal payments are postponed and interest does not accrue.

"During deferment of unsubsidized loans, principal payments are postponed but interest continues to accrue. Accrued unpaid interest will be added to the principal balance (capitalized) of the loan(s) at the end of the deferment period. This will increase the amounts borrowers owe."

Deferments must have been applied for and they need to have been fully documented with a horde of paperwork before they can be approved. No one is going to tell you that getting a student loan deferment is going to be an easy job. However, if you are indeed struggling to make ends meet, this may be your best financial option now.

Various types of deferments exist which college loan borrowers can apply for. Deferment programs include:

Serving in the military, attending graduate school, experiencing economic hardship (such as unemployment), and joining the Peace Corps are just a few of the options which abound when it comes to deferring your student loans.

Forbearance, on the other hand, will usually be available by programs such as these:

* Americorps (CNCS) Loan Forbearance
* Internship/Residency Forbearance
* Loan Debt Burden Forbearance
* Teacher Loan Forgiveness Forbearance

The forbearance and deferment options available to you will vary. Each carries with it different requirements immensely important to follow exactly to the letter.

Borrowers of private student loans are best served by contacting their own lender and trying to assess the best options available to them. Unfortunately, recent changes to federal student loan repayment options, which were originally aimed at helping to consolidate and/or forgive education loans, do not include private loans at this time. Therefore, instead of seeking solutions to consolidate college loan debt, it may prove more valuable to seek out a deferment or a forbearance to postpone educational loan repayment.

Steve Johnson is a writer and the publisher of FindHow2.com, which offers a host of free articles on credit repair, debt reduction, and personal finance, plus "how-to" informative articles on a wide variety of self-help topics. One of the most popular topics at FindHow2.com includes free ways you can get student loans excused.

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What's the Difference Between Getting a Federal Student Loan and a Private Student Loan

Attending school is a milestone because it can get really expensive. With some options already in mind, you should look at the student loan alternatives that are accessible to a college undergraduate. Educational loans can be very tricky, and are very confusing to most. In many situations, families are accepted for all different kind of loans and then are left in the dark when it is time to pay it back or do not realize that they owe as much due to accrued interest. With high interest rates and very unforgiving payment plans, it is advisable to really know what options are available to you prior to being seduced by college lenders with promises of fast money.

You could already be somewhat familiar with the terms 'Federal Student Loan' and 'Private Student Loan'; these are the two most popular types educational loans being used today. Do not allow the terms to deceive you, as they don't sound completely different, they come with very different stipulations and payment approaches in terms of how the money should be repayed. An educational loan is anything that is aided to the student or their family from the government or school the student plans to attend. These loans the student will pay back with interest at a later date.

A federal education loan is a specific type of loan that is aided to the student from the federal government; this enables the student to loan what the student needs financially. There is no need to pay the money back until the student has graduated from college or has otherwise decided to stop attending school. This loan can be used for books, transportation, moving costs, or a variety of other scholastic needs. When trying to get this loan the student may even find out that they are entitled to grants they were previously unaware of.

There are a number of different lenders that would certainly try to provide a loan. This is done to make money off interest and fees. It is the student's job to weed out bad loans and discover federal student loan providers that do not charge outrageous interest rates. Federal educational loans are typically the smaller loan amounts given to students and generally have a more relaxed repayment plan.

A private educational loan is a way more popular loan because these loan out much higher lump sums. This loan is provided to the student if they qualify after applying (to the lender of their choice). The money requested is commonly given to undergraduates in a large check but tend to contain hidden charges and exorbitant fees to repay. Generally, 3% to 4% in fees matches 1% interest rate. A private student loan is more difficult to get and has more complex repayment terms. The only reason a student should try for a private student loan is if they have maxed out the federal student loan amount and have hardly any other alternatives.

Due to comprehending the difference between a federal and private student loan, students can better prepare themselves for the eventual repayment terms beforehand and fully focus on their college experience.

Michael Saunders is an editor of TopGovernmentGrants.com. He maintains Websites providing resources on grants for non profits and grants for small business.

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