How to Pay for College

T aking care of your family is important to you, and so is excelling in college. College can be a great opportunity for you to achieve both of these goals, but it can seem overwhelming when it’s time to start planning how to pay for college.

With college tuition rates rising approximately twice as fast as the cost of living and four times faster than inflation, there's no denying that attending a university is a big financial decision. So we've put together a list of the best strategies to help you pay for college.

FAFSA

You're probably wondering how you can pay for college without taking out loans. The best way to do this is by completing the FAFSA, or Free Application for Federal Student Aid. FAFSA is the foundation for figuring out how to pay for college; it determines your aid eligibility.

The Free Application for Federal Student Aid (FAFSA) helps make the paying process easier by ensuring that you are eligible for financial assistance like federal loans and grants and some merit aid from different types of schools.

Scholarships

In today's economy, the cost of college and the process it takes to get there has gotten more expensive. As a result, many find that they cannot afford to go to college because of financial reasons. This is where scholarships come in.

Scholarships are free money that is given out and does not need to be paid back. So it does not matter what background you come from or what kind of family you were raised in. There is a way for you to use a scholarship to help fund your college education.

The first step is finding the right scholarship based on your particular passions and skills as an individual. Then, by applying to a specific opportunity, you will reach your goals faster than if you try to apply to every scholarship under the sun.

Grants

Grants are one way to pay for college—like scholarships, they do not need to be repaid. While grants don't always cover your entire tuition, they are based on student financial needs, and the amount can vary from one school to another.

In some cases, the college or university might offer additional funds depending on their unique fundraising efforts, so check with your financial aid office for information about all of your options.

Work-Study

If your financial aid package is limited and your family can't help you cover the costs, a work-study program may be your way to pay for college. Usually consisting of part-time employment on campus, work-study helps those with financial needs to cover tuition, fees, and other education costs.

Studying and working simultaneously is hard, but it's better than having no option to afford higher education.

Federal Student Loans

Federal loans are an easy and affordable way to pay for college. These student loans, issued by the government, offer flexibility in repayment with a low-interest rate.

When it comes to federal loans, there are two types available: direct subsidized and direct unsubsidized. With both types, you can apply anywhere you plan on attending.

While federal loans help pay for college, you might need supplemental aid through scholarships or private financing if you run out of qualifying federal loan funds.

Private Student Loans

Private student loans let you pay for college, even if you don't have a credit history or a cosigner. These loans are from banks and other private lenders and carry variable or fixed interest rates with repayment terms that span from as soon as you graduate to never.

You shouldn't take on more debt than you can afford, so determine your budget and contact a lender for assistance on how much you can borrow.

3 Best Part-Time Jobs For College Students

Freelancing

As a college student, you're probably looking for something to boost your pocket money while being flexible and providing a fantastic learning opportunity. That's where freelancing comes in.

Freelancing is the best part-time job for almost everyone. Yogis can freelance by teaching yoga, movie buffs can review movies, writers can write for magazines and websites, cooks can cater to a friend's event once a month, photographers who have a great eye can snap vacation photos for clients, and so on.

Tutor

Are you a good student of math? Did you pull down excellent grades on your most recent report card or college algebra exam? Tutoring students one-on-one is a great way to earn some extra cash.

Server

The flexible hours and ability to make a little extra money while in college is why many students choose waiter and waitress positions. You'll interact with new people, learn to deal with people from diverse backgrounds, and develop strong communication skills. The best way to tackle the challenge of how to pay for college is to get organized, set smart priorities, and make sure you are aware of every corner. It's not always easy to do, but if you start early and have a realistic plan in mind, you can start putting this advice into action before stepping onto a college campus.