As a parent, one of the scariest things I have to think about is paying for college- and I only have 2 kids! Going to college is so important and I want to show them how much I support them by at least helping them pay for part it. I expect them to show their commitment by getting good grades and trying to earn a scholarship. I imagine that paying for college will be a bundled up experience, much like mine- I received some scholarship money, I worked part time, I got student loans, and my mom paid for part of it, because college is not cheap! And like everything else, the tuition costs keep rising! Here are some ways parents can think about saving and paying for college.
This post is sponsored by College Ave Student Loans, simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. All opinions expressed are my own.
6 Ways of Paying For College
According to the College Ave Student Loans survey, 74% of students desire more helpful information on how to manage money. Many of us college grads also desire more helpful advice on how to manage money. I have been doing a fairly good job with this since I went to college but I am always learning something new! The sooner you become proficient in this the area- the better and that holds true for when to start saving for college too!
1. Save for college- if you still have time!
Utilize a 529 college savings plans to save for a child’s education tax-free with an array of investment options.
2. Have your student apply for scholarships.
Scholarships are financial aid for college that do not have to be paid back. My high school awarded scholarships as did my university. Other scholarship sources are civic organizations and religious institutions. School guidance counselors and school librarians should be able to offer help with finding places to apply.
3. Have your student apply for grants.
This free money is often awarded based on need. To apply for government grants, you must first complete and submit the Free Application for Federal Student Aid (FAFSA). School guidance counselors should be able to offer help.
4. Apply for financial aid.
It can’t hurt to try. Just fill out the Free Application for Federal Student Aid (FAFSA) form and see if you qualify for federal loans which typically offer low interest rates. Some federal loans even offer cancellation under certain conditions such as the student becomes a full-time teacher for five consecutive years in a designated elementary or secondary school serving students from low-income families. Read all the details and ask questions to see what applies to you.
The Peace Corp and ROTC programs offer college money in exchange for a service commitment.
6. Private Loans.
When the previous 5 ways of paying for college aren’t enough or don’t apply, private loans are another way families can fill the gap to pay for higher education costs. Look for a lender with a sole focus on private student loans. A company that specializes in student loans, such as College Ave Loans, can deliver student loans that are simple, clear, and personalized for the individual. For more information, visit: https://www.collegeavestudentloans.com/.
4 College Cost Lowering Tips
Consider The Cost Of College When Picking A School
Chose the school that gives you the best financial aid package. Assuming an equal education opportunity, the price can vary tremendously and why not choose the best deal? This is a good time to consider your future career too. When thinking about how much to borrow, consider your future earnings potential to see if it makes sense.
Attending an in-state institution may save tons of money! As Steve Siebold of How Money Works says, “Your tax dollars support state-run schools, so if you attend college in the state in which you live, you can get a huge break. Out-of-state students often pay double and even triple what in-state students pay. Not only that, but if you attend school where you live, you can live at home and save money on housing and food.”
Your Student Needs To Be Fiscally Responsible With Money To Keep The College Costs Down
It is important to help your college student budget and pay bills on time to avoid excess fees and unnecessary expenses.
Educate Your Student On Paying For College
Students need to know what they are getting into. Help them ask questions so they can learn about the true costs of loans, picking shorter loan terms, lower interest rates, payment plan options, and credit scores.
Help Your College Student Borrow Better
Most parents and students are looking for ways of paying for college and we all want to have our child graduate without being too far into debt. It is important to know all of the options for paying for college and explore them all while keeping your child in the loop so they can learn life long financial skills and make better financial choices. I hope you found this 6 ways to pay for college informative and useful. Which ways did you use when you went to college?