How to Finance the College Education

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Going to college is every student’s dream, but the main hassle comes when you think of how to finance the college education. Since, many colleges are beyond reach in terms of finance and budgets, students get disheartened and they often apply to those colleges that they do not even want to apply, because of the lack of budget. Although, there are many ways on how to finance college education, you need to pick the right one for you, according to your specific needs and requirements.

Following are some ways that will help you in deciding how to finance college education:


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1. Scholarships:


Everyone dreams of getting a scholarship to finance their college education, and this is one of the most convenient ways because you do not have to pay back the money after your college – this is the beauty of it. There are several scholarships available; usually these scholarships to finance college education, is merit-based. It means that if you have very good grades and/or some special talents, like musical or athletic, you may have a chance to win a scholarship, which you will not have to pay back. Many of these scholarships often cover the whole 4 years program.


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2. Grants:

Grants are slightly different than scholarships. Grants are different than scholarships on the basis of many qualifications and criteria, like grants are usually given on the basis of financial need, minorities, geographical locations, and economic statuses etc. while scholarships are usually on merit achievements.

Although, there is a slight bit of difference in the qualification criteria, but the beauty remains the same that you do not have to pay back the money.


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3. Financial Aid/Loans

If you do not qualify for any of the scholarships and grants to finance your college education, you still have the options available like financial loans and aids; however, these loans are supposed to be paid back after a certain period of time.

You can fill the FAFSA (Federal Application for the Federal Student Aid) form, and it should be done as soon as possible. As FAFSA issues aids for millions of people every year, it is on a basis of first come and first serve. So, you need to hurry to get in the line first and you do not have to worry about whether you have filled your tax form or not, because it can be done later too. All you have to do is to estimate your income and correct the figures later on.


4 Other Loans

There are many other loans available too. Some of them are:


· The Federal Stafford Loan – This is backed by the federal government and it is comparatively a low-cost loan option available.


· The Federal Grad PLUS Loan – This loan option serves the purpose well for graduate students to supplement the Stafford Loan.


· Private Student Loans – You can also find some private student loans, but keep in mind that these loan options may have a comparatively higher interest rate.


These are some of the basic options available on how to finance college education. You can opt to choose in whatever order you may feel satisfied or you may also choose the options in the descending order like it has been given. It depends on your personal and specific needs.


Tips & Advices on Saving Some Money!

You can also supplement your budget by some tips and tricks, such as:


· You can buy used textbooks at your college bookstores – used textbooks are generally low in cost.


· You can also buy used textbooks from websites like Amazon and Ebay, and look for a better deal.


· If you can purchase majority of your books from one seller, you may end up with a greater discount.


· You can also work to supplement your income.


· If you can, then try to obtain college credits while taking Advance Placement tests. In that way, you will be able to graduate earl, and eventually you will end up paying a much lesser tuition fees.


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Comments 8 comments

passthejelly profile image

passthejelly 4 years ago from Lakewood Colorado

Great hub. I am currently going to college and the expenses can be overwhelming. This is good information that is really helpful. Nice work!


valleyforge84 profile image

valleyforge84 4 years ago

Wish I had some of these tips when I was enrolling in college! I'm still paying off huge loans beacause I didn't know shortcuts. voted up!


Hunbbel Meer profile image

Hunbbel Meer 4 years ago from Karachi, Pakistan. Author

@passthejelly: You are welcome. I am glad that it will assist you.

@Valleyforge84: I wish you best of luck for the payment, and I hope that you will be able to help someone else with your experiences.


always exploring profile image

always exploring 4 years ago from Southern Illinois

This is a great informative hub. I am sure it will help many. I made it through college with a loen. I paid it back at $ 50.00 a month. Thank you for sharing..


uzma shaheen profile image

uzma shaheen 4 years ago from Lahore,Pakistan

very informative hub for students, who aregoing to join their college. when I started my college, was not aware of these options except, scholarship. I did my MBA on scholarship, thanks GOD. your hub will definitely help many students. great job.voted up and sharing.


jaswinder64 profile image

jaswinder64 4 years ago from Toronto, Canada.

How to Finance the College Education?

This is great information for students, who are attending colleges or Universities. I know all thesse things because my both sons are students and going to University of Toronto. Their education is very expensive, but we don't have to worry because My elder son just fineshed his degree, and he has to pay 14,000 dollars, rest all was paid through grants and bursaries. You miss one thing that there are Bursaries too, same like grants. Same thing my younger son, he is so talented, he got Scholarships, Grants and Bursaries. So these things are great help for students to pay for their Education. So your hub is very informative, great help for, who are in Colleges or Universities.


mary615 profile image

mary615 4 years ago from Florida

This Hub is very informative and useful and I voted it that way. I wrote a Hub about my daughter who won 18 college scholarships. I invite you to read that one when you have time.

I shared this Hub, and Pinned it too.


Sinea Pies profile image

Sinea Pies 4 years ago from Northeastern United States

Great tips. Voted up and useful. Another way to save money for college is to start out at a cheaper community college and transfer junior year

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