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College Loans And Grants by Thomas Morva

Not all collage loans are the same. In an ideal world, they would all have flexible repayment features, low interest rates, fast funding approval, and zero processing fees. But in reality, college loans vary in terms and conditions, and finding the best deal can be hard, especially if you don\'t know what to look for.

The basic difference college between loans and grants is that college loans need to be repaid, while grants function like aids and, therefore, do not have to be repaid. It helps to familiarize yourself with the most common loans and grants available so that you can choose the best one, or even combine two or more to make financing your education even easier.

Federal subsidized loans are long-term and are ideal if you belong to low-income families or are supporting yourself entirely, without any help from relatives. The government subsidizes the interest rates so that you don\'t have to pay them within preset periods.

If you demonstrate financial need based on federal guidelines (which may change yearly), you can avail of federal grants administered by the Department of Education. As with any grant, the money you get is considered an award, so you don\'t have to repay it. There are terms and conditions regarding the courses to take, length of study, etc., that will apply.

Most states sponsor deserving students enrolled in approved career paths where there are manpower shortages (these courses are usually related to medical care and operation of healthcare equipment). These loans are usually limited to a small number of applicants, and the earlier you apply, the better your chances of being awarded such a grant.
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