Paying for your education is already expensive. Even moreso when you get stuck paying for more than you bargained for. Here are two often overlooked factors that could affect your pocketbook in the future. Whether you’re looking at scholarships or loans, there are always things to look out for. This is just two that will help you get connected, stay connected and graduate… maybe even with some change left over.
Renewable or Non-renewable?
No, I’m not talking about energy. Before you accept any scholarship ask this very important question: Is this scholarship renewable or non-renewable? If so, for how many years and what requirements must be met? The reason why this is such a critical question is because often times institutions offer generous scholarship/financial aid packages for the first year and not subsequent years. If you decide to attend an institution that offers a full scholarship be sure that you have other means to pay for school in the event that the scholarship is not renewed.
Scholarships and grants are a college student’s dream. However, if you must take out a student loan, be sure that you take out a loan that does not accumulate interest while you are in school. These loans are known as subsidized loans. Also, be mindful of the interest rate of the loan as this will determine the life of the loan. Please keep in mind that you do not have to take the loan that you are provided with from financial aid. It is possible to get a better subsidized and/or a lower interest rate if you shop around. However if you wait until the last minute you may find yourself signing hastily.
Tawan Perry is the creator of the comprehensive Connect-5 College Completion Program. As a college speaker and as both a former student leader and college administrator, Tawan uses the Connect-5 College Completion program to help guide students step by step from college prep to cap and gown.