With the majority of high school graduations completed, it’s time to start thinking about how to pay for college.
Paying for college doesn’t have to be overwhelming. Your family has multiple options to make college affordable. Read on for the six best ways to help pay for college.
1. FAFSA
The very first thing you should do is encourage your child to fill out the Free Application for Federal Student Aid (FAFSA). This form helps the government, and some states and schools, determine what types of financial aid your student qualifies for. Because some funding is limited, it’s important to submit the FAFSA as early as possible.
2. Scholarships
According to the survey, 53% of current college students are paying for college using merit aid like scholarships.
There are many types of scholarships out there that are awarded based on your background. You can search for scholarships on websites like Fastweb, Scholly, Cappex, and Unigo. One easy, no-essay scholarship to apply for is the $1,000 scholarship sweepstakes at CollegeAve.com/scholarship.
3. Grants
Based on your information, you may be eligible for a grant. For example, there’s the Pell Grant, a government-funded grant based on a student’s financial need.
Your state or school may also offer grants, so make sure to check your state’s department of education and your school’s website.
4. Work-study
Many students work jobs while attending college to pay for their education. However, you may not be aware that your college may offer on-campus work-study jobs that are financed by government aid. Like grants and financial aid, you’ll need your FAFSA to see if you qualify for work-study, so put that at the top of your to-do list.
5. Federal loans
Once you’ve received all the aid you qualify for, your family may still need to borrow money to cover the remaining college costs. Federal student loans are a common option. Start by applying for a federal student loan in the student’s name. To access them, you must complete the FAFSA.
These loans offer fixed interest rates and flexible repayment plans, including income-driven repayments.
6. Private student loans
To bridge the gap between your financial aid and remaining expenses, consider a private student loan as an additional option.
With a private student loan, you can borrow up to the cost of college attendance minus awarded financial aid. If you’d like to learn more about private student loans, go to CollegeAve.com.
Every family’s path to paying for college is unique. Explore these six strategies and find the right mix to fund a college degree.
7. 529 College Plan – This should probably be first in e d u c a t I n g unaware parents to plan ahead, utilizing an investment account that reaps Tax-deferred growth benefits. Using this would require a re-written intro as addressing college expenses at high school graduation is far too late in the game.
Source: BrandPoint Content (Edited by d-mars.com)
