They are essentially cash advances to pay for education.Just like credit cards, student loans tack on interest and can soon grow to an insurmountable level.Priority status is given to students who have qualified for Pell Grants and who possess the lowest Expected Family Contributions (EFCs) based on their FAFSA results.
Grant awards range from a few hundred dollars to “full ride” packages that pay for the entire cost of an education.
On the other hand, under most circumstances, grants do not need to be repaid.
They are gifts from sponsors that help pay for rising tuition bills, university and course fees, transportation costs, and housing expenses.
Community colleges had once been considered the affordable way to attend college, but even their price tags have risen over the years.
Even with college savings plans, the average citizen finds it difficult to come up with that much money for four years in a row.