Written by Tiffany Ferreira Silva Dutra
BA (Hons) Business Studies
The United States boasts that it is the educational hub for local and international students alike with various commercialised funding options coming in to your mailbox regularly as well as information about federal loans and grant opportunities. However, based on your income, federal loans and grants after applying on FAFSA do not cover all the costs for a typical middle income American family. However you should consider these before applying for other loans.
Be careful with student loans
Acknowledging this, you would think that Sallie Mae would cover the rest of the costs. Now, this is where it becomes tricky, they often use the keyword “easy and quick to apply” which catches your attention. There are advantages and disadvantages when taking into account the “ease of applying” for a student loan. Intelligently, they make sure they capture a student that displays in their statistics as an adolescent entering University age in their household. They don’t ever mention their interest rate once you show your intent to apply. I think that money that is this easy to obtain often comes with high-interest rates that will increase each month until you are left with a huge debt until you are middle-aged. You can pay during your studies and this will deduct 30% off of your tuition loans.
Scholarships for Americans
As an American attending High School, you are encouraged to apply for as many scholarships as you can to help with tuition fees without having to pay them back, which is basically everyone’s dream. Sites such as Unigoscholarship, Niche, Collegeboard and Cappex are common sites recommended by schools nationwide, often asking you to participate in essay contests, campaigns, and movie making competitions. Sometimes it’s University or course specific but narrowing down your options with a profile can make your searches more specific.
Overall, there are various options to consider when funding your education in the United States in preparation for your move to Bournemouth University. Federal loans and grants first, scholarships second, and student loans as a last resort.