It’s summer, we’re all enjoying the breeze and the break we finally get from exams. Don’t let the next semester cheep up on you though. It’ll come a lot sooner then you think. With everything you’ll have to pay for that year, it might be time to start thinking about a little, extra help. There’s no shame in applying for a loan, a lot of people do it. It’s actually pretty easy, and there are plenty of venues that’ll help you get the loan of your dreams.
The first thing you can try is your local bank. These people will offer you one of two loans. The first type they offer students is a subsidized loan. This is the type you don’t have to pay off immediately. In fact, you wont be responsible for a single penny until you get out of school. Remember, graduation will come sooner then you think, and I know you don’t want to be in over your head with debt.
You might also be offered an un-subsidized loan. These are appropriate for some students. If you need a front, but have a job that you can use to keep up with payments, it might be a great option. When you go with this, you have the ability to pay off some of the loan while you’re in school, in fact, you have too.
You could also be offered money from your college campus. Even junior colleges will offer you a loan. This money come from the government, but you still have to pay it back. It can help you with living expenses, and things of that nature. I’m pretty sure most of these loans are subsidized.
You will of course have an easier time applying for and receiving scholarships if you have a higher grade point average. Banks also like it when you have an idea of what you want to study. Of course, showing some movement towards the degree is always a promising sign they pay attention to.
Student loans typically have no, to very little interest rates. This isn’t something you should count on, but it’s for sure something you want to look for. Remember, this is all money you will have to pay back, plus the interest. You should always keep this in mind before going for a loan.
Loans are great, but what you really want is a scholarship. So many of us think we simply will never qualify for one of these. This isn’t true at all. There are many scholarships available to students through organizations that don’t necessarily require you to have a 4.0 GPA. This might be even easier to find if you have some sort of talent.
I hope you find all the financial resources you need to have a great semester. The government wants you to go to school, so resources aren’t that hard to find. You need to know were to look, and you need to have some education as to what the different types are.
Albin Poulsen is a third year PhD student in the Dept. of Business and Economics at University of Southern Denmark. In his spare time, he runs a blog, where he talks about finances, debts, loans and about the economy in general.