Different Ways to Afford College

by Kevin Smith Author

Gaining a higher education can be a great decision for your career and life goals, but the cost may seem insurmountable. Luckily, there are options available to help.

Scholarships and Grants

The most preferable way to seek help when it comes to paying tuition is to earn scholarships or grants. These are funds that you do not have to pay back and come with very few strings attached. Scholarships are usually offered by the school of intent and don’t be afraid to ask for additional financial help if it is needed. Private scholarships can be funded from any number of trusts and could be as simple as writing an essay to apply.

A grant will usually be based on your FAFSA application and is given by the university, state, or government. Most grants are given by the learning institution itself and you should be notified on your awards letter if you have received any.

Loans

One of the most frequently used forms of financial assistance is to take out a loan. This is not the best solution and should only be used if the other options are not available to you.

The trouble with student loans is the interest. Even if you cannot pay the loans or are not required to pay the loans while in school or immediately after school you will still be accruing interest. All of the compounding interest makes for a hefty bill when it comes due and most graduates are still struggling to pay of their student loan debt decades after completing college. Defaulting on student loans could also hurt your credit score and have further reaching implications when it comes time to buy a house or other major life purchases.

Alternatives

Another healthy option is to make cost saving choices so the amount you need to raise is significantly lower. If you have a specific area of study in mind you can attend a vocational or community college for a fraction of the cost of attending a larger university. Technical college tuition in Orlando, FL, can be even more affordable since these establishments do not generally have any room and board fees included or required. You can also look into getting a part-time job either on campus or off campus and consider living at home or living off campus with roommates to save even more.

Technical college tuition in Orlando, FL, can be further reduced by participating in internships or apprenticeships while in school. If you are planning to learn a skilled trade you could see if your employer would be willing to partner with you and pay for some of your tuition.