College Students and Financial Aid
Soon, students will be starting college or going back to college after summer break. College is hard enough without needing to think about paying back a huge loan after graduation. Here are some tips on financial aid:
- Maximize grants, scholarships, and other free financial aid. During your junior and senior year in high school research grants and scholarships and apply to any that you qualify for. This will require some work like writing essays, researching and making lists of grants and scholarships, and being on top of application deadlines.
- After applying for grants and scholarships you may still have remaining costs for college. A great idea is to take on a part-time job during your junior and senior year and save all the money you earn. Take what you’ve saved and apply it to college expenses that aren’t covered by your grants/scholarships.
- If you need to get a loan, compare federal and private student loans and choose the loan that best fits your needs. Some things that you’ll want to carefully consider include: fees, interest rates, monthly payment, and total loan cost.
- Think about the number of monthly payments and the amount of the monthly payment. The number of payments and the amount of the monthly payment will affect the overall cost of a loan. A shorter repayment period will reduce the overall cost of the loan, but will result in higher monthly payments. To reduce the cost of borrowing, you can pay a higher amount on your monthly payments and you can make additional payments.
For more information on financial aid, visit FAFSA.