Grants and Loans for College

Many aspiring students who are on the quest for continuing education are in search of grants and loans for college. Finding the appropriate financial aid program for your educational needs can be a stressful time any students life, but it doesn’t have to be.

First, students need to be aware of the differences in a grant program and a loan. A grant is a form of financial aid that does not have to be repaid. Many of these grant programs are provided by a government agency or by private organizations.

A loan, on the other hand, will have to be repaid. Probably the most popular school loans are the Federal Perkins Student Loan and the Stafford Loan.

The Federal Perkins Student Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. A Federal Perkins loan is a low interest (5%) loan. The maximum amount for the Federal Perkins Student Loans to an undergraduate student is $4,000 per year, up to a total of $20,000 over the course of an undergraduate program. For graduate students, the max amount is higher at $6,000 per year and $40,000 over the course of the graduate studies.

The Stafford Loan Program is for undergraduate, graduate and professional degree students. You must be enrolled as at least a half-time student to be eligible for a Stafford Loan. There are two types of Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Stafford Loan. The U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford Loans during certain periods. Financial need is not a requirement to obtain an unsubsidized

Stafford Loan. You are responsible for paying the interest that accrues on unsubsidized Stafford Loans.

There are many grants and loans for college available. Use our Scholarship Matching Wizard to get matched up with the appropriate financial aid program.