The average cost for college tuition can run the gamut from free all the way up to hundreds of thousands of dollars, depending on which school you attend. The good news is that you can receive help in paying for college. With grants and scholarships, there are plenty of ways that can help you manage the costs for tuition. So, whether you want to do it on your own or your family is helping, it’s important to be aware of all of your options as explained by Truman Advisors.
Grants
Grants are one of the best ways to pay for college since they don’t need to be repaid. These are based on your financial needs, as well as merit, and are determined by the information you provided on the Free Application for Federal Student Aid, also known as the FAFSA. This application is one of the best ways to qualify for federal financial aid and grants.
Once you qualify for a grant, you’ll receive a financial aid award letter sent by the school you’ve been accepted to. This letter might be included with your acceptance letter, but it could arrive separately. Some colleges will determine how much your family can afford and fill in the gaps. Eligibility for federal and state grants will vary.
Reduce College Costs
If you want to pay for college without getting into debt, then paying more than you need to for a college education isn’t the best way to go about it. Choose an affordable college and start with more affordable options such as community college or junior college. For example, you can get started at a community college and then transfer your credits to a university later on.
There are plenty of ways you can reduce your college education costs. But first, you should come up with a budget so you can keep better track of your spending. Each week or each month, look into areas where you can cut costs to make it easier to afford a college education. You’ll have to make some sacrifices in your life if you really want that degree.
Ask the College for More Money
Sometimes you can negotiate for more financial aid, according to Truman Advisors. You’ll need to write a formal appeal letter to the school of your choice. Then, a week or so later, follow-up with a phone call. During this time, you’ll want to emphasize why you’re a good fit, and if you received more financial aid from a competing school.
You can also explain your financial situation. Maybe you’ve been hit with an unexpected setback, such as medical bills. It’s also important to explain why your family’s financial situation has changed since the FAFSA is based on your family’s income from the previous year.
Apply for Scholarships
If you worked hard, you may qualify for an academic scholarship. Depending on your grades and the college of your choice, a scholarship could lower the cost of tuition for an entire degree program. If you don’t qualify for an academic scholarship in your high school, you can still apply to private ones, most of which are available online.
You also have the option to become eligible for an academic scholarship during the first year of college. There are plenty of companies and organizations that offer scholarships. The more time you spend researching scholarships, the more opportunities you’ll find. You’ll also want to apply to Student Loan Hero, which awards qualifying students $5,000.
Seek Work-Study Programs
There are work-study programs on campus for college students. Like federal aid, these programs are based on your finances and the availability of funding at the school. You’ll also need to submit a FAFSA in order to qualify for a work-study program. Most of these programs pay once a month and can’t exceed your award for the entire school year.
The amount will also be listed in your financial aid award letter sent to you by the school. If you don’t qualify for a work-study program, then you’ll need to look into getting a part-time job. Sometimes you’ll have to get creative and look into odd jobs such as babysitting, dog walking, or tutoring, just to pay your way through college.
Get a Part-Time Job
Sometimes you’ll have to get a job to pay towards the costs of a college education. A part-time job can make it easier to afford school and save money. While your part-time income isn’t enough to cover your college tuition, it can help when combined with the grants and scholarships you’ve received.
There are entry-level jobs available exclusively for college students. If you have reliable transportation, then you can seek these opportunities outside of your college campus.
Consider Federal Student Loans
Federal student loans can help in certain areas where the other methods to pay for college don’t help. The great thing about federal loans is that they don’t require a credit check, so you don’t need a credit history. With options such as income-driven repayment plans and the Public Service Loan Forgiveness Program, you’ll have plenty of repayment options following graduation.
Take Out Private Loans
Private loans should be your last option, but they’re possible if you find that grants, scholarships, and savings don’t cover tuition. Twenty percent of families use private loans to pay for college tuition. You should be able to borrow whatever you need regardless of you or your family’s income.
Finding out how to pay for college can be a challenge, but there are plenty of ways to do it without strapping yourself to the burden of debt. Learning how to pay for college can help you develop sound financial habits early on in life. From the moment you graduate, these habits will help you live debt free since you made the most of your resources.