Many people who want to go to college are put off by the tuition fees. However, there are now more options than ever before for funding a college education. Here are six of the most popular.
1. Grants
There are a number of grants out there that are suitable for those who want to fund a college education. These grants are awarded at all levels: local, state, and federal. The great thing about grants is that they are not loans. Therefore, they don’t need to be repaid at any point. Instead, grants are often offered on the basis of student’s financial needs. In most cases, they will depend in large part on the income you report on your free application for federal student aid (FAFSA).
2. Haggle with the College
Many people don’t realize that you can haggle with colleges over financial aid. Experts recommend that if you are unhappy with the amount of financial aid offered, you submit a formal letter of appeal and follow it up with a phone call.
If you have received any other offers from colleges, especially those that include a more generous financial aid package, use this to your advantage as a bargaining chip.
3. Work-Study Jobs
This is a type of part-time job that you undertake on or near the college campus. These jobs are usually reserved for eligible students, i.e. those who are studying a relevant subject. Not all colleges offer these jobs; it depends on the financing of the individual institution.
These jobs usually pay students directly once a month and wages are calculated at an hourly rate. Note that there are usually some earning restrictions, depending on your individual circumstances.
4. Scholarships
There are numerous scholarship funds out there. Many colleges will offer their own scholarships to gifted students, in particular, athletes. You can find out more about athletics scholarships at athletes-usa.com.
There are a whole host of private institutions and non-profit organizations who offer college scholarships to eligible students.
5. Take Out a Loan
Loans should always be an option of last resort and you should never be seeking to get into more debt than is necessary. However, if you exhaust your other options for paying your tuition, a loan could potentially be the answer. In some cases, families use loans to make up the shortfall in funding from other sources.
If at all possible, you should seek a loan from a government body rather than a private lender. Federal loans offer the lowest possible interest rates and come with additional protections for you as the borrower. You will need to fill out the aforementioned FAFSA in order to be eligible for a federal student loan.
6. Go to Community College
For some people, community college is a much better option than regular college. Community college fees are usually quite a lot less than regular college, so it’s easier to afford. Many people enroll in a community college and then transfer to a regular college later.
There are many options out there for paying your college tuition fees. It’s never too late, or too early, to start saving to pursue a college education.
Punit