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Not Sure How To Pay For College? Flexible Financial Options To Help (363 hits)

Getting a college education is one of the most expensive endeavors that you will undertake. Therefore, it is only natural that you may be concerned about your ability to pay. The good news is that there are several options available to those who are looking for a flexible way to pay for tuition or other related costs.

Apply For Student Loans

Much has been made about the impact that student loan debt can have on a person. However, taking out student loans may be your best option when it comes to being able to pay for school on your own schedule. Both private and federal lenders offer deferment and forbearance options that allow you to delay payments for several months after you graduate.
You may also be eligible for income-based repayment plans that cap your payments at 15 percent of your discretionary income. In some cases, that could mean that you don't owe your lenders anything in a given month. After 25 years, any balance that remains is forgiven. However, it is important to know that any balance that is forgiven may be treated as taxable income by the IRS.

Apply For Scholarships Or Grants

A scholarship or grant is a financial award that reduces the amount that a student has to pay for school. Unlike a loan, scholarships and grants do not need to be repaid. In most cases, scholarships are given with the condition that the student maintains a certain GPA, remains on an athletic team or works for an employer for a specific amount of time.
Local, state and federal governments may provide scholarship and grant opportunities, and you can learn more about your options by going to the appropriate government website. Local businesses may offer scholarships to those who go to school in the local area or who commit to working with the company during or after school. In some cases, colleges or universities have scholarship or grant programs that you may apply to you.

Pay As You Go

One option that you may want to consider is to pay for your education as you go. This means that you save up the money needed to pay for your credit hours before you take them. While this may prolong your college experience, it may also keep you out of debt.

Start Your Own Business

To raise the money needed to pay for school, you may want to consider starting your own business. You could consider doing this through companies, like CAN, and start raising the money you might need additionally for school. Some people may shy away from this opportunity, viewing it as an ACN Pyramid Scheme, when in reality it is a business opportunity. This may be able to help you pay for school as well as provide you with a passive income for the rest of your life. The skills that you learn while in school may help you develop your business and help it grow over time.

Get Your Employer To Pay Your Tuition

Your employer may be willing to pay for your college education if a degree is needed to get a promotion or otherwise grow within the organization. In some cases, your employer may be willing to pay up to 100 percent of your tuition in addition to incidental costs like books or travel costs. This can be a great way to both get your education and get the skills needed to make yourself a more marketable employee in general.
If you have decided to go to college, you have made a good decision that can reap rewards later in life. The good news is that there is financial help available to you if you need it in the form of scholarships, grants and student loans. These resources can help you afford college no matter what your current financial situation may be.
Posted By: Kara Masterson
Friday, August 11th 2017 at 3:28PM
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