Tips on Paying for College

Whether you are paying for college for yourself or for a loved one, if you are like most Americans, then you may find that you need a little help in covering all of the involved costs. While there are some people who can contribute the entire cost of a college education, most will need to turn to at least some sources of help, and fortunately, there are many such sources available, including the options discussed below.   

Scholarships and Grants

The nice thing about this first resource for paying for college is that you do not have to pay back the scholarship money or grant money that you receive, which means you can enjoy and make use of the funds without stressing about how you will pay them back later on down the road.

Scholarships can be granted from private service organizations or even from the college itself, so look into all of your options, and apply for any and all scholarships for which you are eligible.

Grants are government-based funds given to eligible students. You can find out what grants you are eligible for by filling out the Free Application for Federal Student Aid (FAFSA) each year.

Loans

Loans can offer another good way to get the college funding that you need, but unfortunately, unlike scholarships and grants, they do have to be paid back. However, loans differ based on when they have to be paid back, their interest rates, and more, so it is important to choose your loans wisely and to know exactly what you are getting into when you accept a particular loan.

Federal loans, for example, are loans offered from the government to students who demonstrate financial need. These loans may be subsidized, meaning interest charges do not accumulate until the loan enters repayment, or unsubsidized, meaning that interest starts accumulating as soon as the student receives the loan funds.

There are also private loans, offered through banks and other financial institutions, that are given to borrowers who apply for them based on credit. These loans will each have their own individual terms and interest rates, so it can take some “shopping around” to find the right fit.

Federal Work Study

Finally, for students who are willing to work their way through college, there are federal work study programs available. These are programs that give students jobs that they can work and earn money from (usually minimum wage) a set number of hours per week. These jobs may be on the college campus or off, and, in any case, will give the student the chance to earn both money and experience.

As you can see, there are lots of great resources that can help students pay for college. It’s important to find the right resources to meet your needs and then to take advantage of as many resources as possible to help lighten the burden of paying for a college education.