In today’s bad economy, it’s all too easy to dismiss college as too expensive or too time-consuming. Tuition fees continue to rise and employment continues to fall. However, it is still a fact that those with a bachelor’s degree or higher will earn exponentially more money than those with only a high school education. That’s why it’s important to exhaust all possibilities when it comes to getting a degree from a good school, including taking out student loans.
Financial aid and you
There’s no reason to think you’re alone in your struggle to pay for college. In fact, every major college has a financial aid office dedicated to finding funds to send each and every student to their school. The professionals at these offices will work out a plan with you to meet your needs in regards to education and living expenses for the duration of your time at their school. Financial aid can help you obtain scholarships, pay tuition in installments, and apply for different types of loans from both the federal government and private lenders.
scholarships
Obviously, your best option for paying for college is a scholarship that will pay some or all of your tuition costs for you with no obligation to pay. One of the best methods of obtaining a scholarship is through a special ability, such as a sport or a musical instrument, although academics are also of paramount importance. You should maintain a high GPA and make sure you get the highest possible score on standardized tests, like the SAT and ACT, to increase your chances of getting scholarship money.
Installation plans
Another option you can take is to pay your tuition in installments instead of all at once at the beginning of a semester. By breaking up the payments into smaller chunks, you may be able to find a part-time job that can cover these costs. This plan can also be used in conjunction with scholarship money if you don’t pay all of your tuition or you can take out a loan for part of your tuition and then pay the rest as you go.
loans
Student loans are the most common method used these days to pay for college. Obtained either through the federal government in the form of Stafford loans or through private banks, the advantage of taking out an education loan is that you don’t need to pay it back until you complete your studies, either through graduation or disaffiliation. You’re also given very low (often fixed) interest rates that help keep your monthly payments low when you land your first graduate job.
Using the Internet is a great place to start looking for student loan money and the private lenders that offer it. There are several finance-based websites that will allow you to compare rates and loan amounts between various lenders, as well as discuss the payment plans you’ll use after graduation.
Never give up
With the abundance of information available online about loan and scholarship options, there is no excuse not to go to college. Yes, the economy is bad right now, but that’s one more reason to get ahead of the competition. A college degree is a great first step to making that happen.