Financial Fury: How Paying for School Isn't Entirely Impossible (46 hits)
A higher education is a privilege, and it can be an expensive one. Many high school students and people wanting to go back to school are often left wondering how to fund their education. Here are several ways to make paying for a pricey education possible.
Use Federal and Private Student Loans
It is best to get the bad news out of the way first. Loans have to be paid back, and they almost always carry interest. A lot of people are making quite a ruckus lately about not being able to repay student loans. It is important to remember for anyone who is considering loans for school or complaining about not being able to pay them back that everyone knows ahead of time how loans work. It is wise to pick a major that can actually lead to a decent career, which will provide income to pay back the student loans later on.
Federal Student Loans
Even though they have to be repaid, they do not require immediate repayment upon graduating. Most federal student loans carry a low interest rate too, and there are a few rare exceptions for some to carry no interest. The subsidized Direct Loan and the Perkins Loan are examples of good federal loans for undergraduates. Also, the Federal Direct Loan, which is not subsidized is nearly as good as the two previous examples.
Private Student Loans
Private student loans have no federal funding or subsidies, and they have varying interest rates, which are not capped. Before getting private student loans, make sure and explore all other means of funding first because this can get expensive in the long run. Getting the ParentPLUS or another type of student loan in one's own name is the way to go for this option. Anyone considering private student loans should use this link to calculate and determine how much they can afford to borrow.
College Work Study Programs
Work study programs are a great way to help pay for college because undergraduates can earn money through them. They are federally funded, and the work is done on a part-time basis on the university campus. Undergraduates work an average of 15 hours per week, and they get paid bi-weekly.
Apply for a Scholarship
Scholarships are given out based on merit. Depending on the type of scholarship, a student's grades, service, athletic talents will be thoroughly evaluated. One of the best things about scholarships is they do not require repayment. Hard work before college pays off for the rest of a person's life. Below, there is a list examples of types of scholarships.
• University scholarships are the first types. Every year, colleges earmark scholarship money for undergraduates.
• Scholarships based on high ACT or SAT scores. Every state has a name for this kind of scholarship, which sort of measures great potential. For example, in Missouri, a high ACT score qualifies a person for a Bright Flight scholarship.
• Private scholarships are another kind. Private organizations offer funding based on different merits or attributes. Some examples of private scholarship resources include Sallie Mae, College Board and Fast Web. If you are awarded one, let your financial aid office know because private scholarships potentially impact financial aid packages.
Apply for a College Grant
College grants are similar to scholarships because they do not require repayment. The difference is a college grant is given from a non-profit organization. The federal and state governments are usually the benefactors. Grants are not merit-based either. For example, there are grants given to minorities simply because they are minorities, and there are grants given to single mothers. There are hundreds of examples and just as many grants.
We’ve all probably have reached a moment where there is absolutely nothing left in the bank. This is a very common situation for college students, especially those who have already ran out of their student aid money to put towards tuition and rent. In cases like these, it can be tough to get the necessary text books—which can cost hundreds of dollars. If you find yourself in a situation like this, it might be best to look into other financial options—such as the payday loans in San Antonio, TX. Be responsible, though, and take what you absolutely need and only if you know that you’ll be able to pay it back with your next paycheck.
The above ways may not be able to cover an entire education individually. Getting loans is the only single path to achieving full funding, but it can take a lifetime to pay them off. A smart, prospective college student would put all four to use at the same time.