TIPS FOR FINDING FINANCIAL AID THROUGH PRIVATE PROGRAMS

Getting an education can be pricey. It seems like it shouldn’t be, but it is. People go into massive amounts of debt every day in order to attempt to gain the education they need to pursue the career they have their heart set on.

However, going into hundreds of thousands of dollars of debt isn’t always the best choice. Some people come from families where the idea of taking on debt is a risk, but it’s not the end of the world. For some people, it’s a near impossibility to ever make enough money to truly be rid of that debt.

If you’re someone who has a deep burning passion but you don’t know how you’re going to gain the education to pursue your goals, there’s always the idea of attempting to find scholarships or financial aid. Finding a way to pay for school can seem like an insurmountable task, but if you’re smart and you have a staunch mindset about being successful, there’s always a way forward.

Many scholarships or means of financial aid comes from the government. But it’s not the only way forward. There are also grants, private loan resources, and other institutions that have been set up to help people who need assistance.  Here are some tips to help you expand your options by finding financial aid through private programs:

Do Your Homework

The Internet is a great resource for finding private programs that may be able to offer you financial assistance for school. If you don’t know where to look, try a third-party website like scholarships.com, which can help you narrow your search to the types of programs for which you are eligible.

Are you someone who has a specific set of extenuating circumstances? Are you someone who comes from a specific background or socio-economic circumstance? These perceived hardships might actually help you find a way to access the money you need to pursue your academic career.

Apply Early and Often for Grants and Scholarships

The great thing about grants and scholarships is that they don’t have to be repaid. There’s also no limit to how many or how often you can apply. You can attempt to show your need to these grants and scholarships as many times as you want. Will that mean they’ll give you anything substantial? No, not necessarily. However, it doesn’t hurt to try.

Conversely, the problem with grants and scholarships is that there are so many options out there, and so many people applying for them, that finding the right ones for you can be an overwhelming task. The sooner you start researching and applying for them, the more likely you are to get funding from these sources.

Check Institutional Financial Aid Programs

If you’ve already been accepted into a school, many of them offer financial aid programs that aren’t going to be apparent right off the bat. Check with your school’s financial aid office, really dig in deep. Many schools have in-house scholarships and/or grants for which you might qualify due to a multitude of factors.

Only Take Loans You Need

There’s one thing to consider in all this. You don’t want to take a loan, you don’t need to. Don’t just sign on the dotted line, just because. Only take the student loans you need.  Remember, student loans aren’t free money. They have to be repaid at some point, and the more you take now, the longer it will take to pay back when you get out of school. Take care of as much funding as possible through grants, scholarships and personal contributions, and don’t accept more money than you actually need.

Only Take Private Student Loans as a Last Resort

Financial aid is often available through private programs in the form of private student loans issued by financial organizations and lending institutions.  However, these loans charge a considerably higher interest rate, and taking on too much private debt can hurt you financially in the long run. Make sure you’ve exhausted all other funding options with other private programs before taking private student loans.