A student has many options when looking to finance his or her college education. First, colleges usually have many full- and half-scholarships available. The scholarships are usually awarded based on academic or athletic achievement. The second option is a grant or a scholarship offered by the university usually provided by and in memory of a wealthy alumnus. These are usually awarded based on achievement in a certain subject or based on a person's background. If a student is not offered a grant or a scholarship, there is a third alternative, student loans from the government. Unlike grants and scholarships, loans must be paid but the interest rates are very low.
I financed my college education with my parents' assistance and with student loans. I did not qualify for any grants or scholarships. When my parents felt they could. not afford a summer program abroad, I borrowed money from the government at a very low interest rate.