10 ways to pay for college
High College TuitionThe rising cost of a college education is making it difficult for anyone to afford. This site will give you ideas to help you get the money for your college education.
Federal Perkins Loans were low interest loans for both undergraduate and graduate students, depending on financial need. Perkins loans were made by and repaid to your school.
GrantsGrants are a different type of animal. They don't have to be repaid, therefore are to be highly prized. Far scarcer than loans and scholarships, they are often dependent on the student's financial need.
4. Pell GrantsThe maximum award for the 2018-2019 school year is $6,095 and $6,195 for the 2019-2020 award year. The amount available each year depends on the Federal funding given. The criteria for eligibility include your financial need, your costs to attend school, if you are a full-time or part-time student, and whether or not you will be attending the full year or not.
6. TEACH GrantsFederal TEACH Grants are available to students who are willing to teach in a high-need field, at an eligible school that serves students from low-income families for at least four academic years after graduation. Maximum award amounts are $4,000 per year, but the Budget Control Act of 2011 says that any TEACH Grant that is first disbursed on or after Oct. 1, 2017, and before Oct. 1, 2018, must be reduced by 6.6 percent from the award amount for which a recipient would otherwise have been eligible; and any TEACH Grant that is first disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019, must be reduced by 6.2 percent from the award amount for which a recipient would otherwise have been eligible.
7. Institutional GrantsMany colleges provide grants to help make up the difference between college costs and the family's expected contribution through income, savings, loans, and student earnings.
Other institutional grants, also known as merit scholarships or awards, are earned on the basis of academic achievement. Depending on the school. some merit awards are offered only to financially needy students, while others are awarded solely on merit. You need to check with the individual schools to see what is available.
8. Home equity loansAlways a possibility, a great advantage to home equity loans is that you may be able to deduct the interest paid as long as you are itemizing your deductions on your income taxes. Check with your tax advisor to be sure.
9. Personal loansWhile an expensive way to go, sometimes they are the only thing available.
10. ScholarshipsMake sure you investigate scholarship opportunities. They can come from such diverse places as your school, church, town, work, organizations,
11. Work reimbursementMany companies provide some tuition reimbursement for employees taking university courses to further their careers. Check with your human resources department.
12. Armed forcesEach of the Armed Forces (Army, Navy, Marines and Air Force) have a tuition reimbursement program for their active duty personnel. Many men and women join the armed forces each year to take advantage of the educational opportunities.
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