College News at StudentStuff.com

Do You Do Debt? Financing Your Education Doesn’t Have to Be Spendy

College Costs!

Although there are a handful of options when it comes to paying for college, the two most common picks are always student loans and financial aid. Unless you come from a wealthy family, affording an education does not come easy. Even if a student manages to land some grants and scholarships, that money still won’t cover all of the expenses a student needs.

Tuition, units, books, miscellaneous materials, and the cost of living in a dorm make students struggle. No wonder there are so many options for paying for school. So, what really is the best way to pay for your college education? Although many people turn to student loans, I say it is much wiser to look into a combination of all other possibilities in order to avoid putting yourself in debt.

Scholarships

These are a great means of paying for schooling. Not only do students NOT have to pay them back, but students feel a sense of pride by earning them on their own. Whether through academic achievements or ability playing sports, earning a scholarship contributes to paying for college expenses and gives a sense of pride and independence to students.

Unfortunately, not everyone will earn scholarships  – competition can be fierce. Thankfully, there are other options that require a little effort.

Grants

Finding them and applying for them are not as difficult as students think. If you search online, it is pretty easy to find all sorts of grants to apply for. The great thing about grants is that they are another source of money that students do not have to pay back. Some may want students to write an essay, but most of them just request that students fill out an application. Look into grants for special groups; even the state you’re from can play to your advantage. If you’re from California, you can apply for the Cal Grant.

There is also the option of filling out a FAFSA (Free Application for Federal Student Aid) form which is actually mandatory for most grants and scholarships anyway. It even opens up windows to more accessible grants, like the Pell Grant, which has recently been increased and expanded to be accessible to more students.

Financial Aid

Some people may not like the idea of it, but there is no shame in asking your government to help with your education, particularly in times like these. Getting accepted isn’t easy since more students are utilizing government aid, but that should give students less reason to be embarrassed. Even President Obama has been fighting to keep it accessible, particularly with community colleges, and it’s an important goal for the president right now.

Applying for financial aid automatically makes you a candidate for other government-funded grants, too!

Student Loans

Although I avoided student loans like they were the plague when I was first a college student, times are changing and some of the worry of falling into debt is finally being lifted. Thanks to President Obama, a new regime states that a college student does not have to pay more than 10% of his or her income to pay off a student loan. And, if a student has been paying the loan faithfully for 20 years, the debt then becomes obsolete. It’s an even better deal if you end up with a certain career working for the government or the city, your debt is forgiven after 10 years.

These new stipulations are meant to make student loans less stressing. Let’s face it, depending on the type of school you attend and the type of major you are studying, your grants and scholarships may not be able to cover all of your expenses. Sometimes there are no other options, but to take out some loans to supplement your education. Luckily, it’s worth it!