How to Balance Ambition and Affordability
A healthcare education is an investment in your success, your happiness, and a secure future. When you consider the time and money you’ll be expending on preparing for a great career, be sure that you investigate all of the financial opportunities available to accredited higher education programs. Whatever your aspirations are, don’t let personal financial restrictions defer your goals. There’s plenty of help out there for determined students.
Student loans are a conduit for many students who otherwise would not be able to afford a higher education. Government programs are usually preferred, but private lenders are also available to help finance accredited programs. Many of these loans offer lower administrative costs, easy approval, and helpful payback policies.
Here’s what to look for when researching student loans.
- Student loans are considered low risk loans, and they are sometimes government-subsidized. This keeps loan application fees low. Be sure that your loan has a fixed rate, so you’re not faced with any surprises in the future.
- Lenders understand that students might not work while they are in school, and they may not have an established credit history. For these reasons, credit checks are more lenient for student loans than for other types of loans.
- Carefully review a loan’s repayment policy. Many lenders do not require payments until after you complete school. See if the loan carries an unemployment deferment clause, which will suspend payments if you are unemployed for a period of time.
- There are different types of loans that can be based on the borrower’s situation, the degree you are pursuing, or your field of study. The best place to start is the FAFSA website, where you can complete a free application online.
Just because you can get easy approval on a substantial sum of money, proceed cautiously. Sometimes it’s easy to forget that one day you do have to pay it all back. Hopefully, your successful career will make loan repayment a breeze; but, in any event, you want your payments as low as possible. Look into “free money” such as grants and scholarships to lower your loan requirements.
How to Apply for Grants and Scholarships
Loans are often the first option people explore when they are planning to finance their education. But they shouldn’t be the only option. Before you sign for your student loan, research the free money that is available through grants and scholarships. Grants are allocated based on financial need, and scholarships are merit based.
- The financial aid department at your school is a good place to start. They will be able to provide guidelines, and they can inform you of awards available to your school by local donors and corporations.
- Search online for scholarship and grant awards. There are websites that list available awards by type of medical program, or search for financial opportunities available that may specifically pertain to you, such as programs for minorities and veterans.
- Look for Associations in your future profession. They often offer scholarships and grants to students. As a side note, it’s a good idea to join one of these organizations. Not only will you have easier access to financial opportunities, you’ll also have use of a resource center and the opportunity to network with students and professionals.
- All students should look at the free application on the FAFSA This Department of Education office provides more than $120 billion in federal grants, loans, andwork-study funds each year to more than 13 million students.
CAHE offers financial aid for our accredited programs in Diagnostic Medical Sonography, Radiography, Radiation Therapy, Surgical Technology, Medical Assistant and Paramedic Programs.