Families spent an average of $26,373 in the academic year 2020-2021 on tuition and college expenses. More than half of them used grants and scholarships, while 47% of them used student loans.
Complete the FAFSA Form
It all starts with submitting the Free Application for Federal Student Aid (FAFSA). Submitting this form opens the door to multiple types of financial aid. You can’t do much without it, at least in terms of applying for grants and some student loans and aid offered by your school and state.
Apply for Grants and Scholarships
There are a variety of grants available. Some are merit-based, so you need to earn good grades or meet service requirements to qualify. But others depend on your status, where you live, or the school you attend.
Work While You Study
You may wish you could pay for college without working, but working is something you should consider. There are several ways to work and study at the same time.
Pay for College with Student Loans
Another option is to take out one or more student loans, but be careful about how much money you borrow. Determine how much you will need each semester and stick to that debt only. You’ll have greater financial freedom after you graduate if you don’t start with massive balances.
Reduce Tuition Costs
You might consider selecting a college with lower tuition rates. In-state schools are generally cheaper than private or out-of-state schools. Some schools offer discounts based on how close you live to the campus.
Consider Online School
Don’t overlook the option of attending an online school. Tuition can be significantly lower, sometimes up to 50% cheaper, and in most cases, the courses are exactly the same as those you would encounter in traditional classrooms. You can also study and “attend” when it fits your schedule, making it easier to keep a job as well.
Work on Reducing Your Living Expenses
Carefully monitor your spending in college and your living expenses so that you don’t need a lot of money. You might look into how much it costs to live off-campus instead of on-campus. Get a roommate and share off-campus housing, or live at home to cut costs.
Save, Save, Save
The earlier you start putting money aside in a savings account, the better. It’s not too late to start when you begin applying to schools, but you’ll have more saved for college if you think about saving your earnings from summer jobs in high school and not spending that money on other things.
Choosing a college student-specific bank account can also help cut costs, as fees are often waived. Or consider certificates of deposit (CDs) that offer higher interest rates than regular savings accounts. Bank certificates typically come with a penalty for early withdrawal, but this might help you avoid spending the money before you need it for school.
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Source: https://www.thebalancemoney.com/help-i-have-to-pay-for-college-myself-2386210
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