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Saturday, February 11, 2012

How to Finance College

Going to college is the goal of hundreds of millions of people, but sometimes financing the many years of education can be a challenging and daunting task. But there are some specific, proven ways to fund college.

How to Finance College
*Family Savings



*Work Part Time

*Student Loans

Family Savings

One of the main ways to finance college is to use the money that a student's parents have been saving up for many years. It's rarely enough to pay the entire cost of a four year college degree, but it can definitely help add to the other methods used to help the student directly pat the costs of tuition, room and board, and textbooks. The student himself may also have accumulated some savings for college by having worked at various jobs while in high school.


Scholarships are a form of financial aid that usually come directly from the college or university itself. If a student is either academically or athletically gifted enough, or even gifted in an area of the arts, say as a musician, he can often get a full or partial scholarship to college. This can include paying for most every associated cost of attending the educational institution. Some of the larger, public universities hand out more scholarships than the smaller, private ones because they have more financial resources.


Grants can be applied for via the state and federal governments as well as outside organizations and alumni associations. To qualify for a grant, the prospective student simply has to meet certain personal qualifying criteria as well as manifest enough financial need.

Grants can be superb because unlike loans, they don't have to be paid back, and they can be used to pay for tuition, room and board, and even all the requisite textbooks. New grants can be applied for each academic year. Many more people actually qualify than those that apply simply because they don't know they qualify for such college based grants.

Work Part Time

One of the most common ways students help finance their way through college is to work part time. They may work anywhere between ten to thirty hours per week at all kinds of jobs that don't require high educational skills such as being a a waiter, a bartender, a supermarket checkout clerk, or even a part time receptionist in an office. While the financial remuneration isn't colossal, it can definitely add up to several thousands of dollars per year, and that amount can significantly help pay for college costs.

Some students even hold two part time jobs while attending college full time during each academic semester. But the student has to be ambitious, motivated and dedicated to want to have to work hard both in and out of the classroom. Many students are very capable of doing this and that's how they pay their way through college.

Student Loans

Student Loans are usually offered by the state and federal governments as well. But sometimes individual schools can offer the opportunity to refinance and consolidate student loans. And many financial institutions offer student loans every single day of the week to deserving students. Their parents usually cosign the loans because they have the steady proof of income and the good to excellent credit history required to obtain these bank loans in the first place.

But loans are among the most expensive ways to pay for college since interest is charged on them, and when that interest compounds each year, the total payback down the road can really add up. But a multitude of students feel the price is definitely worth it because of the lucrative job opportunities awaiting them out in the real world after they obtain their college degrees so they don't hesitate to apply for these student loans at all.

1 comment:

  1. When getting divorced your children should not have to suffer from you financial worries. This is a good article to help figure out other ways to finance college.