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Paying for College
The cost of a college education sends many a family into "sticker shock." No matter how much they have been able to put aside, or how much you've earned through part-time jobs, it just doesn't quite meet the costs of attendance. Unless, of course, some relative won on "Who Wants To Be A Millionaire" or you're related to Bill Gates and you don't have to address how to pay for college! In other words, you are among the hundreds of thousands faced with how you will pay for your college education and how to carry an affordable student loan repayment after graduation.
First, listen and review the costs of attendance at the college(s) you are considering or the one school you have selected to attend. Tuition and fees are only part of the cost of your college education. Plan for these items in your costs:
- books & supplies (buy used books and bulk quantity supplies)
- room and board (on-campus is generally cheaper than off-campus, unless you are living at home)
- transportation (share rides)
- personal & recreational (you have total control over these costs)
Education loans (the Federal Family Education Loan Program: FFELP) are excellent resources for students needing financial assistance. A word to the wise, keep your level of student loan debt to a minimum. Like any other debt, your student loan is a serious financial obligation that must be repaid! Failure to make your monthly payments on time can adversely affect your credit and your future ability to borrow for other purposes. Remember, the level of debt you will be able to manage will vary depending on your lifestyle, income, and where you will be living. It is possible you will have an entry-level position and your salary will be lower than you expected!
The above is not meant to be "Doomsville," just a heads-up. In fact, without the availability of the federal student loan program, alternative loans, scholarships and grants, the larger population of high school graduates would not be planning on attending college. What price can one put on investing in yourself...that's something you can't afford not to do!
Last but not least...BUDGET! Track your expenses on a monthly basis for the first semester. This will be a real eye-opener, and RESIST THE TEMPTATION OF THOSE CREDIT CARD OFFERS!
To understand more about the federal financial aid process, click here.
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