Archive of ‘College Financing’ category

Best Ways to Pay for College

When it comes to students who have good grades, getting accepted into universities and colleges is definitely very simple for them. However, paying for 4 years of higher education might be a bit more troublesome. The good news though is that people have many options when it comes to paying for the tuition fees and it doesn’t matter whether they seek a low interest loan or a work study program, because there are plenty of choices to consider.

1. In order to pay for college, students may want to consider applying for a federal student loan. For many this is the simplest way of getting their hands on the financing they need for many reasons. One of them is the fact that such loans are not credit based, meaning that even people who have no credit history at all or those who have a bad credit can take them. They are thus perfect for graduate and undergraduate studies and the repayment will not start until 9 months after the student has graduated.

2. Another way to pay for college is by getting help from parents by asking them to apply for a Direct PLUS loan. If specific eligibility criteria are met, then parents will be able to take out this loan and then use to pay for their child’s tuition. To get one such loan, an acceptable credit history is required and after taking it, parents are the ones who are responsible for paying the money back.

3. A private student loan seems to be a good option for many students and in this regard, an annual loan limit is established by the government. There are times though when the tuition of the student will go beyond the limits of the loan and if this happens, the student will have to look for other sources of funding. In this regard, the logical choice would be to go for banks or maybe other types of lenders that offer private student loans. A good credit history though is required in this regard, but with the money students can pay for books, tuition and other expenses. Interest rates are usually a bit high.

4. Joining the military seems to be something that many students are considering in order to pay for college. This means they’ll need to enlist in the army (after they graduate) for 4 years or even choose to enlist as an active reserve for 6 years, meaning students can take advantage of the repayment program the Army offers. With it, the federal student loan will be paid up, with a limit of 65.000 dollars.

5. Some students may also have a job and if this is the case, they might want to check with their employer regarding tuition reimbursement. To qualifying employees, there are some employers who may offer incentives as tuition reimbursement and also partial reimbursement to their children and spouses. There are cases though when the employers will outline specific guidelines. As an example, after they graduate, students will have to work for the company for a certain number of years.

6. Last but not least, for those who want to pay for college, they should take part in the FWS or Federal Work Study program at their university. It’s a program that managed to help almost 1 million students in over 3,400 campuses.

By considering these tips, everyone who wants to go to college will definitely be able to do so and manage paying their college tuition with no problems!