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Scholarships
Scholarships are also great because they're financial awards that are given to you based on your grades, community service, or athletic abilities. Some scholarships also take financial need into consideration so if you're having a hard time paying for college, they'll take that into consideration when awarding the scholarships.
The only downside to scholarships are that they sometimes have specific requirements. For example, some scholarships require you to maintain a 3.5 GPA and if you fall below that, you can have your scholarship taken away. So if you're awarded a scholarship, do yourself a favor and keep studying!
Federal Work-Study Program
The work-study program is a program that allows you to take a job on campus and your earnings are then applied towards tuition. This allows you to shave some money off the cost of attending college by working part-time. The nice thing about these programs is that they have very flexible hours because they understand that your education is your top priority. However, you're also limited in the amount of hours you can work so don't expect to pay for a whole lot of your education by doing this.
Loans
Loans are another form of financial aid that help you pay for college but, unfortunately, they have to be repaid. Because these loans are secured by the state or federal government, the interest rates are usually fairly low and you don't have to worry about paying your loans back until you get out of college.
Loans are usually taken out by the student so you'll be the one repaying the debts. However, if your parents insist on helping out with your student loans, they can take out a Federal PLUS loan, which is like a student loan that the parents pay.
It's important to be careful with loans. You don't want to rely solely on them because when you graduate, you'll be burdened with a large monthly payment. As with all things involving college, be sure to weigh all of your options when you receive your financial aid package.
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