Smart Ways To Finance Your College Education

A private university can easily cost $30,000 or more each year, and even public colleges can charge as much as $20,000 a year. Many students find that they need to take out federal and private loans to pay for college, but this leaves them paying thousands of dollars in interest later. With some smart tactics, you can leave college with less debt.

Use a Cosigner

Alternative student loans, sometimes called private student loans, are loans separate from government loans. Lenders agree to loan money to students with the understanding that those students will repay the loans after college. Students often have low or poor credit scores, which lets the lenders charge a higher interest rate. Using a cosigner can get you interest rates lower than those charged by the government.

Work for the Government

Teach America is a government program that forgives the loan debt carried by students willing to work for one year or longer in an area that needs teachers, including rural and urban areas. Those interested in obtaining online applied psychology degrees will find similar programs available. These programs require that graduates work for a specified period of time for the government with the agreement that the government will then forgive their loans.

Rely on Grants and Scholarships

One smart way to attend college without spending a lot of money is with grants and scholarships. When you fill out the FAFSA, the government will let you know how much in grants you will receive based on the income of your parents. Even if you don’t qualify for grants, you can apply for scholarships through your college or through independent organizations. The children of parents who are members of community and fraternal organizations qualify for some scholarships, and scholarships are also available for minority students and students studying specific topics.

Opt for Tuition Reimbursement

If you work full-time or part-time, look at your employee handbook. Many companies now offer some kind of tuition reimbursement for students. This can range from your employer paying for textbooks and a small percentage of your classes to your employer paying all costs you incur up to a certain point. Most programs ask that you apply for reimbursement before beginning your classes.
College is expensive, but there are ways that you can cut back on your costs. Many employers offer tuition reimbursement, but you may also qualify for grants and scholarships. You can also bring down your total costs when you agree to work for the government or apply for private loans with a cosigner.