17 March 2013

How You Can Finish A College Degree Without Scholarships

If you are currently in college without a scholarship, this guide offers information on obtaining finances to complete your degree. It may seem hard in the beginning, but successfully navigating the tricky waters of financial instability now aides in developing a more responsible approach to future money issues. Financial experts offer the following advice.

Borrow the Funds

Borrow educational funds in the form of low-interest federal student loans. Subsidized loans depend on financial need while unsubsidized funds are similar to a personal loan. If your award is not enough, parents, guardians or any credit worthy adult can apply for additional unsubsidized funds to close the gap.

Loan repayment does not begin until after graduation or if you drop below full-time enrollment status. Loan limits depend on your enrollment year, student status (graduate or undergraduate) and dependent status. Start the loan process by completing the Free Application for Student Aid (FAFSA).

 

Consider Alternative Loans                  



This type of loan is provided by a private lender as opposed to a federal source. Students and parents have the ability to loan 100% of tuition fee to support college expenses. Lenders have the ability to choose to whom they will disburse the fund, either to the school or directly to the student borrower.



The problem with considering private student loan is that interest rate increases over loan life. Parents and students, may then consider taking the equity of the home to fund college expenses. Usually, if you have 80-85% of the total equity of the house, you can file for home equity loan. The problem with this type of mortgage, is the possibility of losing your home once you are not able to repay on time.

Use Your Employer

Working at the right company can provide valuable tuition assistance. If you are currently working, ask your boss or the human resources department about educational programs that pay for classes. Some companies offer free tuition to full-time employees.

In addition to asking your employer about tuition programs, ask the school about special discounts or waivers available for certain occupations. A few institutions waive fees for state employees or public servants. Even a part-time occupation can result in substantial tuition breaks.

Switch Schools

Sometimes change is good. When you find yourself in the middle of a tuition crisis, ask if there is a cheaper alternative. State universities are cheaper than their private counterparts, instantly reducing your financial load. There are also tuition-free institutions with strong academic reputations. Closely investigate every option and discuss which existing credits will transfer before making any definite moves.

Explore Your Cultural Legacy

Talk with your family about their history. Ask about participation in notable wars and your ethnic makeup. Some state institutions offer tuition waivers to certain individuals of certain ethnicity or descendants of war veterans. Your mere existence might make you eligible for tuition assistance and fee waivers.

Consider Personal Obstacles

If you were on any form of public assistance immediately before entering college there may be a tuition waiver in your future. In some states, students enrolled in Medicaid programs receive free tuition at two-year institutions. Survivors of natural disasters and national tragedies also receive tuition waivers. Schools grant assistance on an individual basis, so bring plenty of documentation when pleading your case.

Become a Virtual Student

Take the remainder of your degree via online learning - but use extreme caution. Enrolling in an Internet-based curriculum at your current school could keep you in financial distress. Traditionally, virtual schools omitted classrooms and other objects that tend to bolster tuition rates. Larger colleges and universities build separate departments for Internet staff, causing massive tuition bills for students.

Once you compare tuition hour pricing, inquire with school administrators and state authorities regarding licensure. Make sure your potential degree will a creditable one. As with any transfer, ask which credits are transferable before committing to any program. Cheaper enrollment rates allow loans and income amounts to stretch further.

A money crisis does not automatically spell disaster for your academic future. Depending on the situation, applying for student loans, mining untapped personal resources or switching schools may provide an effective solution. Staying in control during such stressful times will effectively prepare you for the real world.


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