Finance Money

How To: Money For College

Introduction

With many people deciding to return to college, there is still the question of how people can get money for college. There are a variety of ways that students can get the money that they need so that they can get the degree that will better their future. Each of these options is also not independent of the others. Be sure to maximize how much money students can get by trying for all of them. This will make sure students have enough to continue to go to college and get the most out of it.

Step 1

Scholarships are a great way to get the money for college that students need. These are often granted by groups or organizations that want to further a certain group or field of study. There are literally thousands of options when it comes to scholarships and finding one is just the start. Many will require the student to fill out an essay or explanation of why they deserve the scholarship. These will vary in length and content, but are often times well worth the effort as the amount of the scholarship can range from hundred to thousands of dollars.

Step 2

Grants are also a great way to get money for college. One of the most well known grants in the United States is the Federal Pell Grant. This grant goes to the disadvantaged students who could otherwise likely not afford college. The amounts vary depending on the need and course load of the student. Finding out how much you can get is often determined when you fill out the FAFSA. Filling this out is a very important step in all financial aid in the United States.

Step 3

Federal Loans are another option that is available to students. Getting this money for college is often easy and is not determined by need as the Pell Grant is. The advantage of a federal loan is that the interest rate is low and there is no repayment until 6 months after the student graduates. There are caps to the amount that can be borrowed in federal loans. Make sure you are ready for college because once you take out these loans they can often not be discharged in bankruptcy.

Step 4

Private Loans is another form of money for college available to students. These are taken from private lenders and often require either very good credit or a cosigner with very good credit. The interest rate on these loans is often higher and interest may need to be paid while still in school. These are great if you have a large tuition bill that can't be covered by other forms of financial aid. They are also harder to get and come at a higher price in the end.

Step 5

Family may also be willing to help student pay for college. Some parents save up for years so that their kids can go to college when they graduate high school. This kind of money for college will often depend on whether the parents or another family member have saved up enough to make this possible. This will save the student from having to pay anyone back at the end of their college career. While parents may not have enough to pay for all of college, even a little can help to reduce the burden of tuition costs.

Tips

There are many ways to pay for college today and help students reach their goal of a better career and life. When students maximizes all of these resources, they can get the most money and reduce the cost little by little. Getting money for college may seem time consuming, but it is well worth it when they graduate and can get the career that they always wanted.

By Michael Banks, published at 02/23/2012
   Rating: 4/5 (10 votes)
How To: Money For College. 4 of 5 based on 10 votes.

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