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Once a student has applied all financial aid, scholarships and grants to their college costs, there may still be a need for additional funding. If this is the case, it may be necessary to apply for school loans. These are convenient when there is a need for extra money but keep in mind that they are as they say, loans. This means they must be repaid and typically repayment of school loans begins after graduation.
There are varying terms for school loans and these should be understood before applying and accepting these terms. It is helpful to research the various loan types the school has available before applying for them. In some cases, the school makes the loan to the parents instead of the student. Loans of this type are typically easier to acquire.
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