10 Tips to Help With College Costs
College should be exciting, not overwhelming. But with many degrees costing more than a nice house, it can be a stressful time for any family. Here are some quick tips to help you take control of your budget, so you can focus on your education and enjoy your college experience.
1. File the FAFSA every year
The Free Application for Federal Student Aid (FAFSA) provides options for grants, work-study programs, and federal loans. Even if you don’t think you’ll need loans, filling it out is often required to qualify for scholarships and grants. Deadlines vary by state and school, so file as early as possible.
2. Read your award letter carefully
Once your FAFSA is processed, schools will send an award letter showing what aid you qualify for. Take time to understand the difference between aid you don’t have to repay (grants and scholarships) and aid you do (loans). You’re never required to accept the full loan amount offered – borrow only what you truly need.
3. Make scholarship hunting a habit
Scholarships aren’t just for straight-A students or star athletes. You can find scholarships based on hobbies, community involvement, career interests, or personal background. Best of all, it’s free money for school! Take some time to search and apply for scholarships every year. Even small awards can make a difference.
4. Explore work-study and campus jobs
If you qualify for federal work-study, you can earn money through part-time campus jobs while building your resume. Even without work-study, many schools offer student positions in libraries, dining halls, or administrative offices that fit around a class schedule. Just make sure you’re balancing work and school so you can stay focused on your studies and not burn out.
5. Maximize federal loans first
If you need to borrow, federal student loans typically offer lower interest rates and more flexible repayment plans than other loan options. If there’s a gap between your total college expenses and what you’re getting from federal aid and scholarships, private student loans can help.
6. Figure out your family game plan
Hoping to borrow from the bank of mom and dad? Have that conversation early on to make sure everyone is on the same page about financial contributions. Some families support their students through 529 college savings plans, personal savings or by co-signing on a private student loan. If grandparents want to help, paying tuition directly to the school can offer tax advantages and be a smart part of estate planning.
7. Talk to us about private student loans
If you think you might need a private student loan or just want to better understand your options, come talk to us. We’ll take a closer look at your situation and give you honest feedback on your best options based on your budget, needs and goals.
Not sure where to start?
Paying for college is a journey, and you don’t have to navigate it alone. Stop by the branch or give us a call to chat with our team. We’re here to help!
