Persons with good grades are easily accepted into colleges and universities. However, meeting this expense often presents a challenge. Fortunately, there are many ways to pay for college. Whether you seek a work-study program or a low-interest loan, the choices are plentiful.
1. Apply for a Federal Student Loan:
This is the easiest loan to get for several reasons. For starters, Federal loans are non-credit based, which lets a person with bad credit or no credit history apply and get approved. These loans provide money for undergraduate and graduate studies. Plus, repayment doesn’t start until nine-months after graduation.
2. PLUS Federal Loans:
Parents may also apply for a student loan on their child’s behalf. PLUS loans are a little different from standard student loans. With this type of financial aid, parents are responsible for the loan payments. In addition, an acceptable credit history is a requirement.
3. Private student loans:
The Federal government establishes a yearly loan limit. Often times, a student’s tuition exceeds their loan amount, and they have to seek additional resources. Banks and other lenders offer private student loans. The money can pay for tuition, books and other miscellaneous expenses. Unfortunately, a good credit history is required. Moreover, private students loans carry higher interest rates.
4. Join the Military:
Upon graduation, enlist in the Army for three years, or enlist as an active reserve for six years and take advantage of the Army’s loan repayment program. This program will payoff your Federal student loans up to $65,000.
5. Tuition reimbursement:
Some employers offer incentives such as tuition reimbursement to qualifying employees, and partial reimbursement to their spouses and children. Of course, some employers outline specific guidelines. For example, upon graduation, the employee is usually required to stay at the company for a set period.