Ways to Pay for College
You don't have to struggle to pay for college; sometimes you've just got to be creative. Paying for college doesn't have to mean being a slave to student loans for the rest of your working life, either. Check out these ways to fund your college education.
Types
There are plenty of ways to find money to pay for college. Students can accept family and friend donations. An easy way to go about this if students aren't comfortable with asking for money directly is to have an open house or graduation party. If a student is involved in church or an organization, there are often donation banks or scholarships available for high school graduates and college students.
Additionally, every high school and college student wishing to receive aid to pay for college tuition should fill out a FAFSA (Free Application for Federal Student Aid). This application allows any student to be considered for federal grants and loans. There are private scholarships and loans available as well, and applications can be found in any high school or college advising center. The number one nugget of advice would be to save money as much as possible. College is an investment and worth saving for.
Time Frame
Students should apply for financial aid, scholarships and loans for the next semester at the beginning of the current semester, though it is highly suggested that the process begin sooner. This ensures that students receive the maximum consideration for any money that can be allotted. There is also a deadline each year for FAFSA submission; check the website or your university's schedule and mark your calendars.
Misconceptions
When high school seniors are applying for scholarships and loans, they commonly search for the awards with the highest amount given, but this is the wrong approach. It is quite unlikely that a student will qualify for a large scholarship. But smaller scholarships are often less competitive and require fewer qualifications to apply. Every little bit of money helps in college. Additionally, current college students sometimes fail to reapply for financial aid during their four years. A student does not have to be a high school senior to receive aid; in fact, there are just as many, if not more, opportunities for existing college students as there are for entering students.
Benefits
Scholarships, savings, donations and grants are the best way to go because you don't have to repay them. Though it may require a little more work to obtain these, they're well worth the effort.
Warning
If a student has to resort to obtaining a loan to fund her education, federal loans are better than private loans are in terms of interest rates. Private loans are often given by banks and credit unions. They lend more money, sometimes upwards of $40,000 a year; however, it comes at a higher price at the end. Federal loans will not offer nearly as much money as private loans will, but they maintain low interest rates.
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