It is really a big responsibility for the parents to provided finances for their kids and fulfill their education needs properly. Today even the school cost has gone high and many of them find it difficult to cope with it and so student loans and grants are in great demand today. There are different types of financial assistance programs available for students and it is always better to opt for the loans and grants available through the government. On one hand these grants are free money and they do not have to be repaid and on the other the loans that are available through the government are either at low interest rate or no rate of interest.
The increasing fees and expenses associated with school and college education has forced many students to either leave their studies in the middle or take high interest student loans that are available easily in the market. These loans are easily available but when the student gets his job the repayment goes along for 10 – 15 years depending on the loan amount and the type. The whole amount that the student pays is much more than the actual loan amount because of the high rate of interest accumulated on it.
But with student loans and grants the whole scenario is different. You do not have to repay the grant money and for the loans, if you find it difficult repaying even after you get a job or you have a family and the expenses have increased, the government will buy back the loan. In this way you might be able to get rid of this repayment option also.
However, do not forget that there is no free meal and the government’s intention behind providing you the financial assistance must be some or the other. Well, frankly speaking the main aim of the government behind all this is simply that it provides you with the facility so that you get good jobs and they get their revenue generated through income tax money. As a student, if you apply and get one of the student loans and grants, you are in a win-win position.