Avoid Confusing Student Loans with Grants

As an alternative to a student loan, grants help provide you the money you need for college. Student loans can be confusing and will cost you a great deal of money in the long run. Instead of worrying about student loans, consider using grants instead. Grants can get you the money you need with much fewer hassles. Here are some things to consider in the area of grants.

Benefits

The big benefit of getting a grant is that you do not have to pay the money back. Grants are supplied by the federal government and they can be used for anything you need as long as you are attending college and meet the requirements. Anytime you can get free money, you are much better off financially. With student loans, you will be making payments for years into the future. With grants, you get the money and spend it. It's really that simple.

Differences

The key difference between grants and student loans is the repayment term. With student loans, you are given a certain amount of money that has to be paid back in a given amount of time. With a grant, you are given an amount of money that requires no repayment as long as you stay within the guidelines that you are given. 

To apply for college grants, visit the Pell Grant website. For student loans, check out the Stafford Loans website. 


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