If you've been looking at colleges recently, you've probably been shocked at the expense. Just who in the world do these people think they are charging so much? If you want to go to college, though, you're going to have to come up with a way to pay, and this article is here to help.
As it turns out, there are three major ways of paying for college. The fist way is to simple earn or save enough money to pay for college straight up. Secondly, you can have money given to you, in the form of scholarships are grants. These are great! Finally, you can borrow money from several sources.
Let's talk about savings. The key with saving for college is to make sure that you're keeping as much money as possible. For this, you'll want a tax free college account. These are usually known as "529" plans, and offer a tax sheltered method of saving for college. This is the way to go if you can.
The best way to get money for college is through scholarships and grants since these will give you free money. The biggest key to getting this is to apply! So many people do not apply for scholarships, and thus leave a lot of money on the table. Don't let this be you.
If you can't come up with the money by any other means, you'll need to check into getting student loans. Student loans are typically low interest loans that you will have to repay over a long period of time after you graduate. These come in two flavors, government backed and private. Let's talk about both.
A government backed loan is typically a Stafford loan. These loans are given out to most students, with increasing amounts available each year. These are the best loans to have, as they give you the most flexibility and the lowest rates. A private loan, on the other hand, is just a regular loan from a bank that will come with its own interest rates and terms. These loans are typically not as flexible as the government options, and should be considered as a last resort.
Paying for college isn't easy, but I hope this has given you a good idea of what kind of options are out there. Best of luck!
As it turns out, there are three major ways of paying for college. The fist way is to simple earn or save enough money to pay for college straight up. Secondly, you can have money given to you, in the form of scholarships are grants. These are great! Finally, you can borrow money from several sources.
Let's talk about savings. The key with saving for college is to make sure that you're keeping as much money as possible. For this, you'll want a tax free college account. These are usually known as "529" plans, and offer a tax sheltered method of saving for college. This is the way to go if you can.
The best way to get money for college is through scholarships and grants since these will give you free money. The biggest key to getting this is to apply! So many people do not apply for scholarships, and thus leave a lot of money on the table. Don't let this be you.
If you can't come up with the money by any other means, you'll need to check into getting student loans. Student loans are typically low interest loans that you will have to repay over a long period of time after you graduate. These come in two flavors, government backed and private. Let's talk about both.
A government backed loan is typically a Stafford loan. These loans are given out to most students, with increasing amounts available each year. These are the best loans to have, as they give you the most flexibility and the lowest rates. A private loan, on the other hand, is just a regular loan from a bank that will come with its own interest rates and terms. These loans are typically not as flexible as the government options, and should be considered as a last resort.
Paying for college isn't easy, but I hope this has given you a good idea of what kind of options are out there. Best of luck!
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