5 Ways of Paying For College

Even if you haven’t got an available college savings fund, higher education is still possible, without falling into massive debt. Preparing in advance, how you plan to fund your studies is a key part of getting ready for the next step. Here are some possibilities:

Opening an account with the Freshman Fund corporation, can be one method of raising money. This allows the friends and family of a student, to easily add to the same account together. Links can be shared on social networks, making them easy to advertise. These 529 funds also have very lenient tax laws, allowing up to $120,000 donations free from tax. The usual gift-tax limit is $12,000. A study by the Hartford Financial Services Group found that 65% of grandparents plan to aid the financial aspect of their grandchildren’s education. Creating a 529 fund allows family to easily do this without sharing bank details.

Apply for any and all scholarships possible. Completing applications cost you nothing, but a little time, with lots of potential reward. Prepare your letters and essays over the course of a few weeks. This gives you time to create the best application you possibly can, making a great final draft. Ask a trusted friend, family member, or advisor to help with proofreading or recommendation letters. There have been students who have managed to bag almost $100,000 in scholarships. These don’t all have to be athletic or academic merit based, there are some scholarships given depending on background, ,religion, and countless other reasons.

Working during college is a popular way of paying for tuition. Though some may argue, working would bring time away from studies, working has many benefits including the pay. The experience can be very useful for your resume, while it can be a great way of learning to appreciate possessions, when they have to be earned.

Taking into consideration the cost of the whole experience is important. Attending a college where tuition fees are lower, may mean the difference between being to attend or not. Another option, could be to choose a more local institution. This may give you the option to live from home, or with family. Saving the money which would be spent on inflated living costs.

Hopefully these five things will be helpful for those, wondering if the cost of college is too high for them.


Image from Flickr Creative Commons.

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