Studying at your desired college may only seem possible if you have the financial capacity to cover the cost. Thankfully, you have several options to offset your college and tuition fees.
American Hope Resources is committed to helping hardship victims and their families. The American Hope Resources team has outlined seven other financial options you have for attending college asides from parents, guardians, or personal sponsorship.
7 Financial Options For Attending College
Submit The FAFSA
The Free Application For Federal Student Aid (FAFSA) is one of your tickets to financial aid. You should still apply even if you do not expect to qualify for the grant. You have to do so as soon as possible because most schools award aid on a first-come, first-served basis.
Apply For Scholarships
It would be best if you start your scholarship search as soon as possible. You can create your final year in high school. This is because some scholarships have specific requirements you have to meet.
If you are aware of them early enough, you can work towards meeting them to widen your scholarship options. The best part about scholarships is that you don’t have to pay them back.
Make Use Of Grants
If you are eligible for Pell grants, the experts at American Hope Resources suggest that you submit and renew your FAFSA for each year you’re in school. The federal government offers several other gifts you don’t need to refund.
Apply For Work-Study Opportunities
Work-study opportunities are great because they help you to learn while gaining work experience, building connections and earning an income. You can apply for work-study with the FAFSA.
But qualifying does not mean automatic access to the funds. You still have to find a suitable work-study job on your campus to work enough hours to earn the aid.
Dip Into Your Savings
You or your family should have college savings. One such is the 529 plan, a state-sponsored tax-advantaged college investment account. You can tap into this account to offset some necessary bills, such as tuition or boarding.
As a parent, this savings account should be opened as soon as possible with a regular contribution to accrue as much interest as possible.
Borrow Federal Loans
After trying the above, you should consider taking out federal loans if you still need to borrow to pay your college fees. They offer better benefits, such as access to loan forgiveness programs and income-driven repayment plans.
Remember to aim only for student loan payments so that you stay within 10% of your projected after-tax monthly income after your first year out of school.
Borrow Money From Private Lenders
Borrowing money from private lenders should be a last resort. This is because they might not have repayment plans as flexible as federal loans.
Preferably, search for a lender that offers the least interest rate. You should also look out for flexibility in repayment plans and the ability to put your loan in forbearance if you’re having problems with repayment.