With an expensive tuition bill headed your way, you probably want to find any method of reducing your college expenses. With four years of education frequently costing around the $100,000 mark with room and board included, it is almost impossible for the average family to finance without some kind of financial assistance. Seattle Banking Rates wants to help you find the best way to pay for college. Here are some options you may not have considered.
- Scholarships – There are thousands upon thousands of available scholarships out there. Your college probably has a list of available ones on their website. Online websites give you a short survey designed to discover your unique attributes which could land you a scholarship. Enter writing competitions. While the prize may only be a couple hundred dollars, that money could go towards paying for expensive textbooks. Check with your parents’ workplaces to see if they offer any scholarships for family members.
- Financial Aid – Another help which most colleges provide comes in the form of financial aid. To be eligible, you have to fill out the FAFSA, the Free Application for Federal Student Aid. Make sure you turn it in as close to January 1st as possible. There is a limited amount of money, and the sooner you turn the form in, the more you are likely to get. Once you turn this in, both the government and your school will access whether you are financially eligible to receive aid.
- Federal Loans – If you are not eligible for financial aid, you might be eligible for a federal loan. Stafford and Perkins loans usually have lower interest rates and give the student a grace period in-between graduation and the beginning of payments. These especially benefit low income families because the government will pay off the interest during their schooling. Furthermore, they do not require a credit check. However, these loans do have smaller set amounts which you can borrow and require you to be a U.S. citizen or permanent resident.
- Private Loans – If you do not qualify for a federal loan or you simply need more money, a private student loan could make the difference. These loans from banks and other financial institutions will require a credit check. If your credit is not good enough, you might have to find an adult to cosign with you. The standard repayment time for these loans after college is 15 years, but higher amounts can lead to a longer time. Interest on these can be higher, depending on your credit score, and the variable interest rate will reset monthly.
- Work Study – Whenever you apply for financial aid, your school will also probably let you know whether or not you are eligible for work study. If you are, you will be able to find a job on campus and have your paycheck go directly into your tuition costs or into your bank account. This provides you with a leg up from other students because work study people usually have first preference for jobs or might even be the only ones allowed to have on-campus jobs. If you do not qualify for work study, look in your school’s surrounding area to find a job that will fit your schedule, skill set, and transportation needs.
