Learn what you can about student grants. They are the real answer to financing your studies if you're eligible. Make sure you're not eligible for a grant before you tackle the student loan scenario.

Grants are a type of financial aid that doesn't actually require student loan repayment. Yes, you heard correctly, but generally they are only for undergraduate students.

The grant is based upon need, the attendance cost of studying, and the student's status of enrolment. For the 2006-2007 and 2007-2008 school year Pell Grants (Federal) will range from $400 to $4,050.

You may be eligible for a Federal Supplemental Educational Opportunity Grant which ranges from $100 to $4,000. Look into your eligibility for this one it may well pay you to do so.

Two recent federal grants to note are:
The Academic Competitiveness Grant and the National Science and Mathematics Access to Retain Talent Grant (National SMART Grant). Quite a mouthful eh? These beauties have been made available starting with the 2006-2007 school year.

Loans are borrowed money that must be repaid with interest and is available to both undergraduates and graduate students. Student Grants are a kind of 'free money to study' and a better answer to financing your studies, at least in part. So put it on your list to make sure you're not eligible for a grant before venturing into a student loan research project.