How to Pay for College
Smart Ways to Pay for Your College

Did you know that the average cost for tuition and room and board is $32,000 at a private college? Some Ivy League schools charge more than $40,000 each year. At a public college the annual cost is over $13,000. Your college costs include the tuition, fees for labs, athletics and activities, and room and board on campus. You'll also pay for textbooks and supplies, computers, software and a printer, phone, transportation, personal expenses like laundry, clothes, and haircuts. Some of you will pay for sorority or fraternity fees or apartment rental if you live off-campus. Suddenly, your college costs seem astronomical. However, more financial aid is available now to help you pay for college, so few families have to pay the whole amount out of pocket.

In the long run, a college education pays for itself. Not only does college open up better career opportunities, and reduce unemployment. There are also indirect benefits of college that continue throughout your life. Studies show that college has a positive influence on health, community participation and sense of satisfaction. A college education is a wise investment.

Grab Financial Aid to Pay for College

Seventy percent of all college students receive some financial aid. Financial aid comes from many sources to help you pay for college. There are grants and scholarships which give you college money clear and free, that never has to be repaid. There are work-study programs at each college, with good pay with part of your earnings paid for by the federal government. The money you earn on a work-study program is entirely yours, and is never repaid. Student loans are money you borrow to pay for college and must repay after graduation.

Plan to Pay for College ~ FAFSA , CSS and EFC

The FAFSA is the Free Application for Federal Student Aid. If your college participates in the government financial aid program, you should complete the FAFSA. Some private colleges will ask that you complete the CSS, the College Scholarship Service profile. These forms ask for information about your family income and assets. All students should complete the FAFSA, even if you don't expect to use financial aid. File the FAFSA as soon as you get your tax information, as early as possible.

Then you'll receive the Student Aid Report, which uses the FAFSA information to determine what your family should expect to pay for your college, the EFC, Expected Family Contribution. If your family adjusted gross income is $15,000 or less, your financial aid package will cover 100% of your college cost.

You have applied to several colleges. The application deadline for new students is early at most colleges, sometimes as early as February 1. Most colleges accept students, no matter what their financial needs. Once your application is accepted, the colleges work to help you finance your education. They will use your Student Aid Report to put together a financial aid package of grants, loans and work-study. Compare what each school has to offer, and accept only the financial aid you need and want. Your college financial aid counselor will help you figure out how to pay for college. The counselor will take into consideration your special circumstances. Perhaps your family cannot contribute as much because of extended unemployment, family medical expenses or support paid to relatives.

How to Choose Your College

Choose your college wisely. Consider a local community college for your first two years of college studies. The tuition is substantially less at a community college and you can probably continue to live at home. You can usually transfer to your preferred college for your junior and senior years. This strategy relies on “articulation agreements,” also called transfer agreements, to get a college degree without going broke in the process. Tuition at a public college in your state of residence is almost always less than at an out-of-state college or a private college. Any college is likely to make more financial aid available to in-state students, too. Some adjacent states may offer you in-state tuition rates under a reciprocity program with your home state. You could consider an accredited online college as an inexpensive way to begin your studies, provided the online credits you earn will transfer to other colleges. Another way to save money is with an accelerated program, taking summer classes and graduating in three years rather than four years.

Free Money to Help You Pay for College

Like grants, scholarships are also free money that you don't repay. There are a wide variety of scholarships offered. You don't have to be an A-student to get a scholarship. During all four years of college, continue searching for new scholarships. Surfer Sam has more about Free College Scholarships here. Surfer Sam also has more about Free Money for College

Take all the grant money they offer you. It is free money, and it doesn't have to be repaid. Many grants can be renewed for the next year. Some grants require that you earn good grades. The most famous grant is the federal Pell Grant. It pays up to $4,31 for undergraduate students based on financial need. The FSEOG, Federal Supplemental Educational Opportunity Grant, pays up to $4,000 a year. This grant depends on financial need and what your college chooses to offer. There are even more grants available, and you should ask your college financial counselor about them. Academic Competitiveness Grants, SMART (National Science & Mathematics Access to Retain Talent) Grants, TEACH (Teacher Education Assistance for College and Higher Education) Grants. There are also other state and institutional grants based on need or merit.

Veterans Education Benefits are also available for students with military service. There is the Montgomery GI Bill , the Reserve Officer Training Corps scholarship, Post Vietnam Veterans Educational Assistance Program, Dependents Educational Assistance Program, Reservists Educational Assistance Program.

Federal Work-Study programs provide work opportunities on campus and in the community. Often the work assignments are related to your course of studies, and supervised by a teacher. In no case will you be asked to work more than twenty hours a week.

How Student Loans Pay for Your College

When you've exhausted all your free resources to pay for college, consider student loans. Borrowing student loan money costs you interest and has to be repaid after you graduate. A Federal Perkins Loan is a low-interest loan for students with extreme financial need. It has a low fixed interest rate of 5%, no other fees, and repayments don't start until 9 months after college graduation. The next best student loan is the subsidized Stafford loan, because the government pays the interest while you are in college. An unsubsidized Stafford loan costs you interest even while you are in college. Student loans are available The low interest rate and On any Stafford loan you don't have to make payments until 6 months after you graduate from college. Parents of a college student can qualify for a PLUS loan, if the parent has good credit history.

There are other state and college loan programs available, too. Surfer Sam has more information about the best student loans, and about student loan debt consolidation.

I hope life brings you much success.
I wish you a very happy day.

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