The cost of college continues to climb, but the good news is that there are multiple resources available to help students afford an education. Read on for a rundown of strategies to pay for college.
Contact the Financial Aid Office
Your school’s financial aid office is your number one resource when it comes to paying for college. A financial aid office can tell you what loans, grants and scholarships are available, and help you apply. Many schools also offer work-study employment to help students cover their bills, and the financial aid office can help you navigate the application process and understand how much money you can expect to earn.
As soon as possible, pay a visit to your school’s financial aid office and sit down with an advisor. Even before you arrive to campus, a phone call is a great way to get started. Building a relationship with the financial aid employees will be a fantastic support if you have questions or need more assistance further down the line.
Fill Out a FAFSA
The Free Application for Federal Student Aid (FAFSA) is a must for students. Many financial aid options, including federal grants, work-study placements and student loans aren’t available to students who haven’t completed their FAFSA. The form is available online and takes under an hour to complete. Importantly, if your family’s financial situation has changed since you last filled out a FAFSA, you can have your form adjusted to reflect this information – which will potentially qualify you for more financial assistance.
The federal deadline to complete the FAFSA is June 30th. States and colleges also have their own FAFSA deadlines, which your school’s financial aid office will be able to tell you.
Find Last-minute Scholarships
Students usually need to apply for scholarships many months ahead of the academic year for which they intend to use the funds. But, it’s also possible to find last-minute scholarships – a great benefit to students who have missed the traditional deadline. Start by asking your school’s financial aid department about any last-minute scholarships available, as sometimes a scholarship is unable to find a suitable recipient before the deadline. Reaching out to organizations in your community is another great way to learn about scholarships which might have non-traditional deadlines, especially because local scholarships tend to be less competitive than national ones.
Finally, as always, head to the internet! The US Department of Labor has a reputable online search tool to find scholarships with varying deadlines. See what’s available and what matches your unique situation. There are plenty of other scholarship finder tools online, too, but use them wisely. If a scholarship requests money up front along with sensitive data like your Social Security Number, assume it’s a scam and move on.
Use Loans to Help
Education is an investment in the future, which is why many students borrow money to help pay for college. The key is to find loans that offer enough money today while also limiting future debt. Federal student loans are generally a good bet, as they provide equal interest rates to all students and are often eligible for assistance programs or flexible repayment plans that are favorable to borrowers. Students can also opt for a private loan from a credit union or bank, if they need additional funds for tuition. The new Undergraduate Loan from HUECU, for example, offers competitive rates and cash back benefits to graduates, along with full deferral and interest-only repayment options.
There are various types of loans that may appeal to different kinds of students. Lenders may tailor loans to meet the needs of students attending a two-year technical or community college program, or distinguish between graduate and undergraduate loans – as graduate students tend to have higher fees. It’s also possible to find parent loans, designed so that the responsibility for the loan lies with the parent even if the student is informally responsible for making payments.
