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Thursday, February 12, 2009
Ready for college? While you might be, your wallet might not. Tuition is more expensive than ever, and many are wondering how they are going to pay. Fear not, this article is here to help!
You have three major options for getting money for college. You can save the money, get a scholarship/grant, or borrow the money. Each of these approaches have there pros and cons, so you need to think through each before pulling the trigger.
If you're looking to save money for college, you'll want what is called a "529" plan. These are tax advantaged accounts that allow you to make the most of your college savings. Of course, you'll need to start saving quite early to make an account like this worthwhile, but if you happen to be in that position, go for it!
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 still don't have enough money, you'll need a loan. Student loans are one of the nicer types of loans you can have, but you'd still rather remain debt free if possible. There are two types of loans, goverment and private. Let's see what each has to offer.
The standard Stafford loan is a typical example of a government backed loan. These loans are easily obtained, but may not have enough money to cover all students. A private loan, on the other hand, is just a normal loan from a financial institution that will come with its own interest rates and terms. These types of loans aren't as nice as the government ones. Therefore, you should use these only if needed.
Obviously, paying for college will never be easy, but there are a of options out there to help you bear the burden. Good luck in your future academic career!
You have three major options for getting money for college. You can save the money, get a scholarship/grant, or borrow the money. Each of these approaches have there pros and cons, so you need to think through each before pulling the trigger.
If you're looking to save money for college, you'll want what is called a "529" plan. These are tax advantaged accounts that allow you to make the most of your college savings. Of course, you'll need to start saving quite early to make an account like this worthwhile, but if you happen to be in that position, go for it!
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 still don't have enough money, you'll need a loan. Student loans are one of the nicer types of loans you can have, but you'd still rather remain debt free if possible. There are two types of loans, goverment and private. Let's see what each has to offer.
The standard Stafford loan is a typical example of a government backed loan. These loans are easily obtained, but may not have enough money to cover all students. A private loan, on the other hand, is just a normal loan from a financial institution that will come with its own interest rates and terms. These types of loans aren't as nice as the government ones. Therefore, you should use these only if needed.
Obviously, paying for college will never be easy, but there are a of options out there to help you bear the burden. Good luck in your future academic career!
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posted by Credit Counseling at
12:34 PM
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