How Do I Pay For College Myself

How Do I Pay For College Myself

How Do I Pay For College Myself

With the cost of tuition seeming to increase daily, more and more students are faced with the challenge of how to pay for college. And, with the continuing economic struggles, parents who had saved and planned to pay for, or at least help with their child's tuition costs, are no longer able to contribute. Regardless of the reason, if you find yourself in this situation, don't worry, you're not alone. Few students are able to get a free ride through college.

Before considering the following options, take the time to determine your budget. How much money will you need each month in order to get through school? If you don't do this you will constantly find yourself short on cash and struggling to make all your payments.

Option 1. Work part time while attending school. If you can handle the distractions, the benefits of a job can far outweigh the extra workload. You will learn the valuable skill of time management, and you never know how your future career will benefit from the job experience. The extra money can also reduce the amount you may need to borrow.

Option 2. Take out a student loan. Be very careful with the amount you borrow should you go this way. Loans must be repaid and they gain interest from the day you take payment. After you graduate, student loans are taken into consideration should you need a loan for a car or a mortgage. You should start with a government loan program since these have lower, fixed interest rates. You will need to fill out the FAFSA, the Free Application for Federal Student Aid.

Option 3. Reduce your tuition costs. There are many ways to achieve this. Living off campus with several room mates may be cheaper than the dorms. In-state colleges generally have significantly lower rates than out-of-state schools. You could attend a community college for 2 years before transferring to a 4 year school to complete your degree.

Option 4. Apply for scholarships and grants. Federal grants are awarded based on the information you provide on your FAFSA. Scholarship opportunities are almost as numerous as the students needing money. You will find traditional scholarships with long applications, essays, sometimes a fee to submit, that are awarded once a year. You will also find non-traditional scholarships with a short one page online application, no essay required, are always free, and are awarded monthly for as much as $10,000.

Be sure and weigh all your options and remember you can always change your mind and go in a different direction.

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