09 January 2013

Paying for College Without Breaking the Bank


 As you think about the future, you are probably concerned with how you are going to pay for college without having to spend a fortune in the process.  Even though college may be expensive, plenty of options are available for you to prepare for the upcoming event.  Beyond having to pay out of pocket for college yourself, you can also use grants and scholarships to make it through the next four years.

Pell grants are just one of the grants available to students.  Depending on your enrollment status and institution, your grant may end up paying for all of your tuition for the semester.  Some students are able to have a little left over to go toward the cost of their books.  Scholarships are another great way to get your tuition taken care of for the next few years.  The scholarship will pay a specified amount for your education.  You can always apply for more than one scholarship, so take the time to apply for any that you qualify for to gain an education without paying out of pocket.

If you are worried about having to pay for your tuition out of pocket, you should begin to save beforehand.  Putting a few dollars away from every check will add up over the course of time.  Not only will you be able to earn interest on your savings account, but it will help you not to feel pressured when you get ready to head to college.  Depending on where you attend college, you can participate in a program that allows you to work part-time and pay for your tuition on campus.

When all other options fail, you can look into student loans.  Based upon your status and grade level in college, your yearly limits will vary accordingly.  As you progress in your schooling, the amount you are allowed to borrow will increase.  Even though these may help you pay for your tuition in the meantime, you will have to pay them all back eventually.  The best thing you can do is try to look for other options first and choose this as a last resort.

For those who are unsure of the different tax credits, the American Opportunity Tax Credit is one of the more common ones out there.    Depending upon your income and the amount you paid in tuition, materials and fees, you can receive a total credit of up to $2,500 per year.  Even though there are many factors that go into determining how much you get back on your taxes, it is well worth finding out about how to make this credit work for you. 

For those who are in need of a manner to finance your college education, you may be eligible to participate in the Federal Work-Study Program.  Numerous locations are willing to provide you with the funds you need to attend school.  Hourly wage is required to equal that of the minimum wages required by the federal government.  Students can be employed by the educational institution, public agencies, private organizations and various other private-for-profit organizations.

Regardless of what method works the best for you, it is nice to know there are options from which you can choose.  Don’t assume you cannot afford to go to college.  Investigate what programs you qualify for and let the school go to work for you.  Before you know it, you will have the education you desire without going bankrupt in the process.


This piece was contributed by Ty Witherspoon for the team at http://www.rgbrenner.com.


Akshat said...

That is great the bank has to pay direct scholarship to the collage. otherwise the student use this on money for other purpose. work in bank

Emma | iHELP Student Loans said...

"When all other options fail, you can look into student loans." Exactly! Student loans should be your last resort, only when all other options have been utilized.

Anonymous said...

When the topic of paying for college arises I don't know why students aren't first advised of the most obvious method, aka "paying out of pocket". Besides the obvious working more and spending less there is some interesting methods to try. Nobody ever reccomends downgrading the cell phone, shutting off cable, selling half of our stuff.

Why are we so reluctant to give up our stuff for something as priceless as a college education?

Do we fail to see that college is a personal choice and we all have to contibute part to maintaing the college building and the teachers teaching?

Instead financial aid should be the last possible option when the only TV is free and the only cell phone is prepaid (or even a house phone) what ever happened to sacrifice. I swear we are so quick to take the easy way out without looking at other options.

Perhaps we should be forced to give up our latest gadgets and told to suffer a day or two before applying for financial aid. Only then will we learn the true value of a college education

steve7876 said...

While all the options fall short, you possibly can check into student loans. inch Exactly! So to speak . must be the very last hotel, only once all the options happen to be used.Buy wholesale yacon syrup