Fresh Out of High School: Financial Aid for Aspiring Post-Secondary Students

High school. The time in a young-adults life that is filled with exciting encounters, romance, academic achievement, sports, self discovery, and finally, graduation. The end of high school represents a transition from child to adult, where you say goodbye to many friends and find yourself facing the real world.

Many will move on to University, where even more self discovery and personal growth will occur. Others may find jobs, join the military, or take on apprenticeship. Each option brings about new experiences and a change in both outlook and perspective. If you’re moving on to university you probably have a lot of questions about where to go or what to do, how you’re going to afford it or make it all work while you are going to school, or maybe you’re simply wondering about what it’s all going to be like.

As a new student you have plenty of options available to you on a financial level. In order of best to worst (in our opinion), they are:

• Government sponsored student loans – Assuming that you apply on the basis of grades or family income level, government sponsored student loans are probably your best option. The interest rates are generally lower, the repayment terms are a bit more relaxed, and you’ll find them to be a less-stressful option when compared to other third-party lending options.

Often, many government sponsored student loans won’t require repayment while you are attending school or may deduct significant portions of your debt for academic achievement. This depends entirely on the type of loan that you’ve qualified for, the state/province that you’ve obtained it in, and the specific terms surrounding the loan.

Regardless, don’t forget to do some digging and see what the man canoffer you while you’re attending university!

• Friends and family – No one wants to ask for money from their friends and family, but if they are willing to lend you some money (even if it’s just a little bit) you may find it much easier than having to repay back a bank or a credit institution. So long as you remember that you need to repay them as soon as you are able to this is generally a good option.

The reason why it isn’t our top choice is because if things go sour (you become broke and can’t repay the loan) it can often taint relationships, so make sure that if you do wind up borrowing money from friends and family that you stick to your priorities and do what you’re supposed to!

• Banks and credit institutions – Most banks and financial institutions have some form of student loan option available to students. The advantages may be a relaxed interest rate, better repayment terms, or smaller payments while you are attending school. Make sure that you sit down and consider all possible angles if you decide to go this route.

• Scholarships, grants, and bursaries – Are you an excellent student or athlete? Apply for some scholarships. It may not pay for everything, but even adding $500 for work that you’ve already done will make your life easier. I mean, who wouldn’t want $500 (or more) for marks that they’ve already had to get in order to get admitted in the first place?

I know of several students that take home over $3,000 a semester in scholarships alone. Who would have thought that being an A+ student and a star baseball player would pay off?

If worse comes to worse you can always take a job and go to school and work. It’s a more difficult way to do things, but millions of students do it and it certainly makes for a lot of self accomplishment.