How You Can Pay for College

Teens: You may have heard your older friends talk about how much debt they acquired by going to college. It’s possible you’re asking the question “Is college even worth it?”

Don’t dismiss it just yet! Continuing your education will always be beneficial. As you plan your future, understand your options for how you can pay for your college education. Debt may be inevitable, but when you have all the facts you can make wise financial choices for your future.

1. Student Loans

Loans are a necessity for most students. Many parents tried to save, but have fallen short due to rising tuition prices and costs of living.

But, before you sign up for a student loan, don’t be afraid to ask questions. Here is what you need to know and understand before you take out a student loan:

• What’s the interest rate on this loan? (Be sure to calculate how much extra you’ll be paying so you understand the amount you’ll be paying back in 4-6 years.)
• When do you have to begin paying for this loan? (Some loans require you to begin paying while you’re still in school. Others will let you defer until you graduate.)
• Will my repayment plan be fixed or based on my income?

Don’t hesitate to ask questions and shop around for the best student loan offer for you. Talk with the financial advisors on campus to help you explore all of your options.
2. Scholarships

In Kentucky, students are fortunate to be given KEES money. This annual scholarship can be used at any Kentucky college and is based on your ACT score and high school grades.

Also, talk with your guidance counselor about local scholarships and those your university is offering. Check with them to find legitimate online scholarship databases to help you widen your search.

Earn good grades, work, volunteer and participate in extracurricular activities. Most scholarship programs want to choose a well-rounded, motivated individual who will not only study, but will strive to impact the world around them. Help them see that you are a good investment to make.

3. Work-Study

Most universities offer a work-study program for students that fit within a certain financial bracket. This is where you work as payment for your schooling. Work-study doesn’t usually pay for everything, but it could be a major help with tuition costs.

Some programs even allow you to work in a position related to your field of study!

4. Work Part-Time

When you think of college, working part time is probably not on your list of goals, but for most students it’s what’s needed. Even those who have a scholarship still want to be able to pay for food, entertainment and travel.

Apply for part-time campus jobs or begin searching in your university’s town for open positions. Don’t forget to let others know that you’re searching for a position. Let your favorite professors and your adviser know you’re looking. Consider passing your resume onto them so if they hear of anything, they can immediately pass your information along.

Paying for your higher education can seem daunting, but don’t let it discourage you from pursuing your dream career.

Recommendation:
Learn, grow and chip away at some of your student debt while you’re still in school.