Make Your College More Affordable – So you have decided to go back to school or are at least considering, but now you need to figure out how you will be affording it. While higher education can cost quite a bit of money, if you create a plan and consider your options, it can be manageable and viewed as an investment in future earning potential. Statistics show that those with a bachelor’s degree on average make roughly $1 million more over than lifetime as compared to peers who only got a high school degree. Consider the tips below to make the move to high education and a higher earning potential.
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Student Loans
Unlike other types of loans, student loans are easier to secure as a younger person because of their purpose. Student loans are offered through your potential university, the government, as well as private institutions like Sallie Mae or Discover. If you do have issues securing a student loan, you can always ask someone you trust to cosign on the application with you because they have a more established credit history. While in college, you are not expected to pay back these loans, and after school, you typically have a grace period of 6 months.
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Scholarships
Scholarships are essentially gifts of money from institutions and organizations that can be used towards your cost of classes or supplies. Most universities consider you for their own scholarships with the application to your preferred program and can be awarded for academic excellence, sports, and financial need. You can also look online using different databases to find scholarships that you could qualify for.
There are so many different types of scholarships available. Consider who you are and what you do and search for a scholarship related to that. Are you a baker? There are scholarships for that. Are you from California? There are scholarships for that. Are you a woman going into a STEM field? There are scholarships for that. Yes, it may take time to search and apply, but you can create a system and set a goal to apply to a certain amount every week to increase your chances.
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FAFSA
FAFSA is the application for qualifying for aid through the federal government. You can be awarded money such as unsubsidized Stafford loans and qualify for work-study positions at your new school. Because it is one application that allows you to be eligible for a lot of aid opportunities, it is recommended that you apply every year even if you have never qualified. And even if you don’t qualify for federal aid, many college programs require the FAFSA to consider you for their aid.
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Community College or State School
Considering community college for 2 years or staying in-state for your education can actually save you some money in the long run.
Because schools assume that if you attend a school where you and your family live and work then you also pay taxes in that state, and therefore qualify for a lower rate of tuition. The difference can be staggering: out-of-state applicants can end up paying almost two to three times more in tuition. Staying close to home can also save you at least $10,000 a year in housing.
Starting at a community college can also save you quite a bit of money. Getting an associate’s degree and then transferring to a four-year university requires some work but where community college students pay $3,770 a year on average, university students are looking at $35,830 for a year at a private university.
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Work and Save
The most obvious option for any prospective student to pay for college is to work and save. Consider opening up a 529 savings plan which is specifically created for college savings. This can be opened up even when the intended student is still a child and can be used to funnel money and gifts from their entire life to help save for college.
