How to Pay for College in 2020
Most people think that the hardest thing about getting into college is getting good grades, doing the right amount of extracurricular activities, and succeeding on the SAT. Unfortunately, that is only half the battle. The real struggle for most people is how they are going to afford college without accruing insurmountable debt. In this article, I have found the top ways you can start your higher education without worry.
Let’s jump right in!
Table of Contents
Tip #1: Student Loans for College
I know what you are going to say, how can I not have debt if I take a loan. Well, you may be surprised then to find out that not all loans are created equal. Here are some student loans for college you can take advantage of while in school.
- Federal loans
- Private Student loans
As it sounds, a federal loan is provided for by the government. It offers a few different advantages including — lower interest rates, no cosigner requirements, repayment that only begins after six months after you leave or are only going to school part-time.
There are also various forgiveness programs offered by the federal government if you choose fields in education or public service.
Another important factor in choosing the right loan is understanding the difference between subsidized loans and unsubsidized loans. Subsidized are based on need and means you will not have to pay interest R this is obviously a huge advantage. Unlike unsubsidized loans where you do have to pay interest.
When discussing these options make sure you understand the difference and accept the best possible option for you.
#2: Financial Aid
Speaking of financial need the amount of financial need available is incredible. You can find out more about these options by doing an easy search online. Keep in mind that financial aid can be combined with other financial aid programs as well as various grants and scholarships.
For example, if you win a scholarship and receive financial aid you may not even need to take a loan at all. If you do require a loan then you can choose one that is very affordable and easy to payback.
#3: Private Loans
Some students also choose to take a private loan. This involves a private lender who can offer a fixed or variable loan. These almost always require a cosigner as the private lender is a bank, credit union, or other non-bank financial institution.
To calculate these options you can use one of the simple loan calculators. These calculators will give you a clear idea of exactly what your interest and other financial obligations will look like so you can plan accordingly.
Take Away
If you have big dreams about going to college but the idea of paying for it feels like a nightmare. Don’t worry the experts at SavingForCollege have you covered. There you will find the best advice from the various student loans currently available, state plans, tools and calculators, and much more. You should also take advantage of loan comparison tools and do your own due diligence to find grants and other ways to get money to pay for school. Want more information, go here.