When it comes to paying for college, you want options. So we’ll tell you everything you need to know about cutting down that tuition bill by breaking down the four main ways to pay for college.
For many students, college is just around the block for others, it’s years away. Prepare for the adventure as long as you have, however, and you’re probably going to start thinking about your school, what you’ll study, the friends you’ll make, and the way you will live on your own.
Regardless of whether you choose a particular path to education, the school provides many experiences and perspectives that will change you forever. forever and prepare you for what comes next.
5. Find a Part-Time Job or Paid Internship
Many college students have some work experience before they ever go to college. If you have one, congratulations. Once school starts, the financial security you developed through that working experience is a fantastic source of income for future spending, like tuition or other costs.
4. Private Loans: The Final Option
After you’ve exhausted all of your options in terms of scholarships, federal aid, and federal loans, you can use private loans to make up the difference in school costs. Unlike federal loans, personal loans are made by a lender such as a bank, credit union, state agency, or a school.
3. Federal Student Loans: Borrow Wisely
In a survey from the high school Class of 2017, we compared the responses to “Did you fill out your FAFSA?” and “Will you be taking out loans?” to find out if a typical high school grad understands their financial needs:
According to the graph, over 90% are sure they will fill out the FAFSA to get college aid but are still somewhat uncertain about needing loans. Do those numbers look high to you? That’s because they are! It’s essential to understand the terms of your loans before borrowing since this decision could significantly affect your well-being after graduation.
Getting educated about the types of loans available and the terms and interest rates for each is a significant first step to making sure you borrow wisely. Interest rates vary from lender to lender, but federal loans offer lower interest rates and have more flexible repayment options.
1. Scholarships: A Great Starting Place
Scholarships are available to you all four years of college and are even available for graduate students. On Niche, you can search for scholarships based on your state, intended major, level of difficulty, ethnicity, and particular interest:
Niche also match you to scholarships based on your high school grad year, so you know you’re eligible without having to dig into the rules of each scholarship. Feel free to apply for as many scholarships as you qualify for.
Hot Tip: Once you get accepted to college, contact your major department for scholarships. It’s widespread for schools to offer department-specific scholarships to students.