How to Pay for College

By Victoria Robertson on September 30, 2017

Paying for college is such an overwhelming thought that many students don’t even consider it until it’s too late. Are your parents going to pay? What can you actually afford? Is the investment even worth it? What do I do if I can’t afford it?

There are so many questions circling the idea of paying for school that it has become such a stressful experience many opt out of entirely.

It’s no secret that college is expensive, so how do you afford such a high cost without an income?

Here are five ways to pay for college.

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1. Student loans

Perhaps the most common answer you’re going to find, one of the most common ways to pay for college is via student loans. That being said, it’s not a simple process. For one, there are two types: federal and private.

Federal loans involve an application process and are awarded based on the government’s definition of “merit.” In other words, just because you don’t have the finances does not mean that the government is going to hand you everything you think you need.

That’s why there are also private loans, which also require an application process, but are given a bit more generously. That being said, these are also harder to pay back (typically involving astronomical monthly payments upon graduation without much change for refinance).

While this is a common path, this is a last resort. Be sure you look into all the types as well to figure out which is best for you and to be sure you know what you are getting yourself into.

2. Student workers

Some colleges offer opportunities for students to work off some of their educational costs. For example, students that wish to room for free may apply for an RA position with the college dorms, as they will typically cover the costs of housing for those students.

There are many other work programs that students can look into at their school, and while they won’t entirely pay for your education, they’re worth considering as they’re going to significantly lower the cost for you.

3. Transfer

While 4-year degrees are clearly the preference in the professional world, how you get there isn’t nearly as important. For many students, attending a community college and transferring to a university saves thousands with the same end result.

Look into what programs you have near you, and see if they offer transfer credits to bigger schools. Many community colleges are university outlets, meaning they are specifically designed to help you get general education courses out of the way and then transfer into the bigger school your last 2-3 years of your program.

I would speak with an academic advisor at a community college near you to better understand what your options are.

4. Scholarships

Yes, scholarships are difficult to get. No, they are not impossible. While you shouldn’t expect them to pay for your entire education, there are plenty of scholarships that will pay for a large chunk. Plus, if you apply for multiple scholarships, you can easily chip away at the cost of your education.

Many students think simply of athletic scholarships, however, there are countless others based on your home life, your academic life, your writing abilities, etc. Research scholarships that are available to you, as you really won’t know what’s out there until you take a look.

5. Miscellaneous

The truth is, there are plenty of options out there for you. There is no need to feel trapped or pigeonholed into one option, just because that’s all you or a family member knows. Speak with academic advisors, research your options, and talk to the school about any financial aid options that are right for you.

Whether it’s completing a FAFSA application, working part-time while in school, or simply asking a parent to cosign on a loan, there are options out there for you, and it’s not the end of the world. So do your research, take a look at your options, and weigh them appropriately. Again, there’s no one right answer, so survey what’s available to you and go from there.

Also, speak with whoever you can ASAP to make sure you’re making the choice that’s going to benefit you both now and in the long run.

While paying for college is certainly not at the top of anyone’s bucket list, it’s a necessary evil that we need to start educating ourselves on. The more we know about paying for college, the easier it is to get ahead of these costs.

So before you have a panic attack and decide to drop out of school, sit down with your parents, have the tough discussion and figure out which path is the right choice for you. There is no wrong answer here, so be sure you are weighing all of your options as well as your future career goals.

Good luck!

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