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Grandparents/Relatives/Friends
Don't forget that family members and friends can be resources to draw upon
to help defray the cost of college. Did you know that more than one million
grandparents provide some type of financial support for the cost of their
grandchildren's college education? So don't be afraid to consider the help
of those who care about you.
Educational Loans
There are a variety of educational loans to
assist you and your family in meeting the costs of education.
Carefully review the next section and determine which loans are
best for you.
Remember that these are loans and must be repaid.
Loans are one of the more costly sources for financing your
education, but they can be viable resources for meeting your
financial need.
College is an investment and many students end up borrowing to
achieve their long-term goals.
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What is a Gap?
Many times, a student's financial aid package
will fall short of his/her need. For example, one academic year
at University A costs $17,000. Susan's family contribution is $8,000,
which results in financial need of $9,000. Given the school's
limited funds, the financial aid package from University A is
only $7,500. This package is $1,500 short of the calculated financial
need. Sometimes gaps can be filled with private scholarships, other
personal resources or educational loans.
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