6 Ways You Can Pay for College
Many people give up on the thought of going to college because they believe they can’t afford it, or they think they won’t qualify for the available grants and scholarships. Before officially calling it quits, take a look at this guide on the different ways you can pay for college put together by the knowledgeable financial advisors at College Funding of Tampa Bay.
Look Into Financial Aid
A lot of would-be students don’t even attempt to fill out their Free Application for Federal Student Aid (FAFSA) because they believe they won’t qualify along with the many other misconceptions about FAFSA that immediately put them off from the idea. Since it’s free, you literally lose nothing just by trying. Other than the FAFSA, the CSS Profile is also available for those who qualify for institutional and need-based aid. Since these grants do not need to be repaid, this should be your first option as it’s basically free money.
Earn Scholarships
Another way to receive free money is to see if your academic achievements are worthy of any scholarships. Unlike the FAFSA or CSS Profile, scholarships are based on merit rather than financial need. If you’ve kept up above-average grades or participated in certain extracurriculars, you can ask your desired college if you’ve done enough to earn a bit of gift money. Since awards are typically given out by the school, there’s even a possibility of your entire tuition being covered if you’ve made an impression on them.
Save and Invest Ahead of Time
It’s never too early to start saving for college. Some parents start saving for their child’s tuition before they’re even born. If you’re hopping on the train a bit later than everyone else, it’s still possible to save up a decent amount with the right plan and a lot of dedication. Available resources like the 529 Savings Plan and Florida Prepaid do wonders in getting you or your child ready for higher education.
Take Out a Loan
Taking out a loan can seem a bit scary due to having to pay it back with interest. If you look into the right loans, the process may not be as difficult as you think. Depending on the type of loans you sign up for, you can always consolidate or refinance your loans into a more manageable payment. If you’re a new student with little to no credit history, you can still qualify for a loan with the help of a cosigner. Many federal loans come with helpful benefits such as lower interest rates, tax deductions, postponed payments, and sometimes loan forgiveness.
Cutting Down Expenses
If you’re used to living the “treat yourself” life, it can be a little difficult to take a step back and reconsider your spending habits. Setting budgets for yourself may not be easy, but it will be very rewarding once you take your first step onto a college campus. Budgeting can be done by determining specific amounts for basic needs like food, toiletries, medical expenses, and so on. Even doing something as simple as buying a small coffee instead of a large and putting the difference in price into a jar is a great example of getting in the right mindset when it comes to being more frugal.
Using Your Current Income
This option may seem more doable for households with a larger income, but as a future student you can also contribute to the family earnings by getting a part-time job. Even a seasonal job during the summer can help significantly in contributing to your tuition cost and other expenses.
Find a Financing Option for You!
The friendly advisors at College Funding of Tampa Bay can assess your current situation and find the best plan for you. Give us a call today at (813) 755-6834 for a free consultation!
