By Jacob Maslow — Branded Content
Are you ready to pay for all the expenses of attending college? If you answered “No,” don’t feel bad. Most soon-to-be college students have to spend time figuring out how to cover the costs. Fortunately, there are various resources available for the average attendee. First, familiarize yourself with the things that make up the entire tab, like tuition, room, board, activity fees, travel, books, and labs. Of those, tuition, room, and board are the largest. For people lucky enough to live at home while studying for a degree, room and board are not part of the bill.
How do new high school grads and working adults find the financial resources they need? You do not have to take giant steps like getting involved in the stock market to cover the costs. Instead, here are details about the most common ways prospective students pay for it all. Note that there’s no need to rely on just one source; most folks use a combination of the following resources.
Borrowing
There are two basic approaches to borrowing for school. First, parents apply for academic loans themselves and bear full responsibility for repayment. Or, students can apply for loans independently or with a parent as a cosigner. Usually, when parents borrow or act as cosigners, rates are much lower than if a student applies alone. Many families combine these approaches to cover all related university education expenses.
Scholarships
Finding scholarship cash can be a complex task, even for the most diligent. There are thousands of opportunities out there, but it’s tough to wade through them all, one by one, to identify those that suit your needs. Use a reputable, no-cost application platform if you want to cut to the chase and start applying for specific opportunities faster. In less than a half-hour, you’ll be able to discover scholarships that match your qualifications and apply for them online. There’s no reason to let the hunt for funds take up all your time. Instead, use an automated platform and see how much cash you can get for school.
Grants
Grants are often called free money. You don’t have to pay them back, and they’re based primarily on individual financial needs. Scholarships are more focused on academic achievement, grades, significant areas of study, the school you attend, and extracurricular participation. It’s often challenging to find grant money unless you have a genuine financial hardship or demonstrable need. Many school financial offices will help you submit grant applications if you meet specific need criteria.
Savings
Many parents and youngsters have savings accounts designed and set up for the sole purpose of paying for expenses associated with higher education. If you’re lucky enough to have these kinds of resources, they can help keep borrowing to a minimum. Also, keep in mind that schools will consider savings amounts when evaluating your application for grants. That’s because grants are need-based, and every case is reviewed separately.
Income
Some parents have enough income to pay for schooling without borrowing, savings, scholarships, or grants. If that’s the case, you’ll graduate with no debt. However, even if your family can afford the total cost of education, it’s still wise to apply for scholarships based on academic performance and areas of intended study.
Photo Courtesy // Jacob Maslow
