Funding Your Education

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One of the main reasons why people hesitate to further their education is money. However, although earning any kind of degree can be expensive, financial assistance options can make your dream of advancing your career through education a reality.
 
Some financial aid options are geared towards undergraduate students, while others are only offered for those in graduate school. Fortunately, whether you are entering your first year in college or are returning as a graduate student, options for funding education can easily be found.

Student Loans

Student loans, also known as collegiate loans, are a common way of financing your education. These types of loans are available for most colleges, including vocational schools. The advantage of taking out a student loan is that you can pay for school even if you don't currently have an adequate amount of money to cover your educational costs. However, you will be responsible for paying back the loan with interest soon after graduating.
 
The two types of student loans are federal and private. Federal student loans come from the government, while banks or other financial institutions offer private student loans. Stafford loans are a special type of federal loan with lower interest rates.
 
Student loans aren't for everyone, so before applying, make sure you thoroughly understand student loans.

Scholarships

Scholarships are sums of money awarded to students based on different criteria such academic success, athletic ability and financial need. The money earned through a scholarship goes specifically toward a college education. Unlike a student loan, scholarship money does not need to be repaid. Scholarships are different from grants.
 
Many scholarships are offered by schools and a variety of companies, so you will need to invest some time and energy into finding this type of financial aid. If you want to find out if you are eligible, the first step is to familiarize yourself with how to locate and apply for scholarships.

Military Programs

For those who have been involved in the military or are interested in becoming involved, financial assistance is available. Military programs can help pay for school with scholarships and grants that do not need to be repaid.
 
For example, the Montgomery G.I. Bill provides thousands of dollars in tuition as a benefit for at least three years of active duty. The G.I. Bill is just one of several options for funding education through military programs.

Resources

Military Advantage (n.d.). GI Bill Eligibility Details. Retrieved May 8, 2008, from the Military.com Web site: http://education.military.com/money-for-school/gi-bill/gi-bill-eligibility-details.