How To Come Up With Funds For College
Don\’t let today\’s suffering economy stand in the way of your college education. You\’ve come this far, it\’s time to put together a financial plan that will see you through your higher education. It won\’t be easy though. Traditional universities and online colleges alike have lost some of their scholarship endowments and families across the country have suffered unemployment and declining equity in their home values. It\’s time to be smart and look at all of your options. Here\’s how to start:
1. Get an idea of costs involved. The internet has many sites with current tuition charts that will give you a realistic picture of how far your savings will take you. Remember to compare all of the public and private schools that you are interested in. You can also use the web to find financial aid calculators to see if your family might be eligible and estimate how much help you can expect to receive.
2. Don\’t be afraid to apply to many colleges. Granted, times are tough, but each university has a different level of available scholarship money. What might not work for you at a public school might actually come through at a private school, for example. As such, don\’t pin your hopes on just one or two schools and be open to new ideas.
3. No matter how much money you have put together, look into financial aid. Period. You might be surprised at the help you can qualify for. Get your hands on a FAFSA (Free Application for Federal Student Aid) and start the process right away. While every school requires different forms, the FAFSA is widely accepted.
4. Take loans carefully. If you need to borrow, read all of the fine print and make sure that you\’ve shopped around for the best interest rate. There are private loans that your parents can apply for or federal loans made directly to students. Know the difference.
What\’s missing in this equation? A job. Many students work their way through college, or even take a year off before starting to pad their bank accounts. Or, you could consider attending a community college for the first year and saving money by living at home. Between loans, scholarships, financial aid, savings and good old ingenuity you can piece together a financial plan that will get you through college. Get creative and you will indeed get ahead.
Mary Greene counsels students on choosing online colleges and online universities meeting their individual needs.
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