How To Pay For College
Figuring out how to pay for college is one of the most stressful and complicated ordeals in a persons life. There are dorms, books, classes, transportation, lab fees and so much more. The average annual cost of tuition at private colleges in the U.S. is $27,293 and it only gets more expensive from there. So how are you going to pay for all of this?
There are three primary methods of paying for college:
- Apply for scholarships or grants to cover all costs of tuition
- Take out student loans to pay back after graduation
- Save enough money to pay for all college expenses prior to enrollment
Scholarships and Grants are financial aid awards that go towards a student’s education. A scholarship can be awarded for any number of reasons. The most common are Merit-Based, Need-Based, Student-Based and Career-Specific. Each has unique criteria to be awarded and anyone who meets those requirements can be eligible to receive a scholarship. All you have to do is find out how to apply for the scholarship.
Student Loans are used to pay for all aspects of college. Whether it is housing, tuition, or books. A student loan is different from other loans because it may have a significantly lower interest rate and can often be deferred until the student has graduated and is able to get a steady income.
Saving Money to pay for college is fairly straight forward, but how you save is what can really make a difference. There are many special plans that parents can set up to save for college even before their child has begun to think about college. And even if you are only months away from going to college it is never too late to start saving.
Any of these money saving techniques can substantially lessen the cost of college tuition. The only thing left to do is figure out how much you can save.