Paying for College

College student

The cost of a college education is an intimidating prospect. Today, a year at a public in-state university is about $10,000 per year, while a private university or out-of-state tuition climbs up to over $30,000 per year. Student debt in America is over a trillion dollars, as students find themselves graduating without a plan to answer their loans.

However, there are many ways to take a big bite out of the cost of college, whether that’s spending less, qualifying for scholarships and effective loans, or simply earning more throughout your educational career. Here are some of the most effective ideas for paying for your college tuition.

Take advantage of Federal programs

Always apply for financial aid from the government. Even if you think you won’t be eligible, you might get some benefits. In addition, the process of applying for aid is often the same process you’ll need to go through for federal student loans.

Speaking of federal student loans, always federal loans before private loans. They have less interest and more flexibility for payback, and more eligibility for loan forgiveness too.

School choice isn’t just about the most prestigious

Think the school through; the most prestigious school isn’t always going to be the one that gives you the most bang for your buck. Look into the specific program you want, and remember that there are advantages to being the big fish in a small pond. If you go to a smaller university that offers more financial aid, you could find yourself at a major advantage.

Consider junior college first

Let’s think this through. The benefits of graduating from a prestigious school are (1) the name you get on your diploma, and (2) the opportunities that are available to you when you’re an upperclassman. The truth is that when you’re making your way through your general education courses, you might not be better off at a big university. In fact, you could be worse off, attending classes that teachers are bored of teaching and have delegated to TAs.

Consider the advantages of attending a community or junior college. You’ll save lots of money on tuition (and often living expenses, too) and you just might get into a better college later if you’ve performed well at your local choice. And then there’s the fact that you’ll have more direction and clarity about what you want to pursue long-term. This means you can more effectively apply for the best program out there.

Apply for LOTS of scholarships

Many people think that scholarships just mean one thing: if you’re really smart, the school itself will pay for your schooling. While all schools have merit-based scholarships (and many have athletic scholarships) available, there are many more scholarships than that out there.

Private scholarships are offered for all kinds of different criteria. Some are available because of your ethnic or financial background. Others are available for students looking to go into a specific field. Many are rewarded based on essay submissions. Some scholarships are a combination of many factors. But in any case, no matter what your background, interests, or academic prowess, there’s probably a scholarship or 10 out there for you. Do your research and learn about scholarships available for you. And then consider the fact that some of these scholarships will be limited amounts of money. One might be $200, another will cover your entire tuition for a semester or more. So apply for lots!

Work while you’re a student

Student employment offers many things that would not just give you some extra cash, but additional learning experiences. Even a job in the food court can teach valuable lessons for college students. Now, many students are hesitant to embark on employment when they’ve already signed up to be a fulltime student. However, many find that working a part-time job helps them to budget their time and be more proactive and responsible in classroom duties. You might even be able to find a job that lets you study during work hours!

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