Question

When looking to finance higher education, what is the best order to look for funding sources?

Answer 1

A. you'll want to see if you are capable of gaining a scholarship first, then federal loans would be better to try and recieve rather than private ones

Answer 2

Answer:

Grants/Scholarships - Federal student loans - Private Loans  ( A )

Explanation:

Grants and scholarships are supposed to be the first funding source for a higher education because they come with no interest rate or pay back stress that comes with other source of funding. if there is no grant or scholarship available to fund a higher education the next option should be a Federal student loan this type of loan comes with a very minimum interest rate and a very long pay back time which can take up 10 years of payback time.

The next step would be Private loans: this type of loans will always come with a higher responsibility of interest rate payment and duration of repayment is usually short but can be extended with penalties attached. as an alternative to this kind of loan one can decide to defer higher education and take up a job that can help him/her get the finances to continue higher education.