Paying for School - 3 Ways to Cover the Cost of College Tuition
Higher education costs a great amount of time on the student's part, not to mention money. Sometimes it's not whether a person can find the time to attend college; it's more of a question of being able to afford college. Fortunately, there are many ways students can fund their education in order to advance their career, knowledge, and way of life.
Student Loans
Most students take out some form of student loan to afford to go to college, even for online colleges. The thing to remember about taking out a loan to pay for college tuition is that it is a loan and will require the student to repay the loan eventually. There are few types of loans that can be received by college students.
Federal Perkins Loan
Federal Perkins Loans are government "need-based" loans to help students who do not have the means to pay for college themselves. They offer a low-interest rate, and students must begin paying back the loan following a nine-month grace period between either graduation or stopping classes altogether before graduation. As an undergraduate, students can borrow up to $4,000 per year, with a maximum of $20,000 during their lifetime. Graduate students can borrow up to $6,000 per year, with a limit of $40,000 during their lifetime. The Graduate student limits do not include the money borrowed previously as an undergraduate. Perkins Loans do not accrue interest until the student begins making payments.
Stafford Loans
Stafford Loans are also government loans with a very low interest rate, just like the Perkins Loans. Should a student discontinue their education or graduate, they have a grace period of six-months to begin to repay the loan. The subsidized Stafford Loan does not begin accruing interest until loan repayments are made. The unsubsidized Stafford Loan begins accruing interest immediately. Students are also expected to begin making payments to this loan six months after graduation or discontinuation of classes. Both the Stafford and Perkins loans are not credit-based loans, and regardless of credit history, all students are considered based on need.
Federal PLUS Loan
There are several other types of loans, including the Federal PLUS loan. This loan requires a credit check, and payments begin immediately. Usually this loan is considered by parents who are looking to assist in helping their children's education by taking over a portion of the college tuition.
Federal Application For Student Aid
For information on Federal student loans, visit the website for the Free Application For Student Aid (FAFSA). All students requesting financial aid must register here. The web address is www.fafsa.ed.gov.
Scholarships
Scholarships are another form of finding tuition assistance. Earning a scholarship is basically earning "free money" to help with the cost of enrolling in college. Scholarships, unlike loans, do not have to be paid back. There are thousands of scholarships available for students, and many of them require some form of essay submission or "entry", as in a contest or competition. Many companies, community organizations, and clubs offer scholarships to students.
Schools may offer their own scholarships, usually given based on previous academic excellence. To inquire about school scholarships, visit the school's website or contact the school's financial aid office.
Other options for financial aid
Most schools are willing to work out some form of payment plan (often interest-free), should the scholarships or loans not cover the cost of the tuition. They may request a small portion up front, but they are willing to set up some form of payment plan, whether it is monthly or bi-monthly.
With online courses, students may be able to actually make payment per class, instead of per semester or per year. So, students can then pay for their education as they go, taking one or two classes at a time.
Even more options may be available by speaking with the school's financial aid office. Do not hesitate to speak with them about different ways of paying for college tuition.
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