Your child has graduated from high school and has made the decision to attend college, but do you know the ways you can pay for college?
College is expensive, but that shouldn’t keep you from attending. On average, people with Bachelor’s Degrees make double the salary of people with a high school diploma alone. Financial aid can be daunting, but don’t let it deter you from your goals. Most students use more than one method to finance their education. Here are 4 ways you can go about paying for college.
1. Work
You don’t need to work three jobs to make this whole higher education thing work, but there’s no reason you can’t hold down a part-time job while going to school full-time. If you can get an entry-level position in the field you’re actually interested in getting into, you’ll be learning and gaining experience (think future resume) along with that paycheck.
2. Grants
Free money is the best money, and grants are exactly that! Often based on your income, you’ll be gifted with a sum of money depending on the information you put on your FAFSA (which is based on your taxes from the previous year). It’s a good habit to fill out the FAFSA every year after you do your taxes. The sooner you submit it, the better because even if you are eligible for a grant, there’s only so much money to go around. As with many things in life, the early bird gets the worm!
3. Scholarships
These are also sums of money that you don’t need to repay, but it does come at a very minimal price: often scholarships require a little bit of time and energy on your part since applying for them can mean writing an essay and submitting letters of reference. It’s an absolutely worthy use of your time, so take the application process seriously. Make it your job! And don’t assume all scholarships are based on academics; some exist solely to help women of a specific heritage or students interested in studying engineering, for example. The financial aid office should be able to supply you with a list of both national and local level scholarships being given away any particular year. You can also seek out private scholarships through organizations you may be affiliated with. Even if you aren’t affiliated, it’s worth a shot!
4. Loans
Taking out student loans is another popular way to pay for school. You can explore government loans or private student loans. In either case, make sure you have repayment in mind when you take out a loan and that you plan to borrow wisely. Navy Federal offers two options: Student loans to cover education costs while you’re in school, and refinance loans to help you manage existing loan debt once you graduate. With a few simple steps, you can stay ahead of loan payments and get the education you’re dreaming of.
Navy Federal Credit Union, has a plethora of information for those wanting to attend college, but don’t know where to start. Learn how to go about getting a loan, or even how to save, and if you’re a member of the US Military, it is easy to become a member. Visit your local branch or check them out online.
And be sure to Visit MakingCents for clear, step-by-step information to help you meet your financial goals..
