How to Finance Your College Education

Most students do not graduate from college debt-free. In fact, it is estimated that over 66 percent of students graduate from college with debt. The rising cost of college tuition is the main reason why so many students are graduating with debt.

The good news is that there are several ways that you can finance your education. Below are some tips that will help you pay for college without going into a lot of debt.

Start Saving Up Money Early

The early you start saving up for your college education, the better. For example, if you save $100 to $200 starting at the age of 14, you will have anywhere from $4,800 to $9,800 by the time that you are 18.
Financing Education
Apply for Financial Aid

It is estimated that 74 percent of students were able to receive some type of financial aid in 2008. It is typically awarded on a first come, first served basis, so you will need to get your application in as soon as possible. Your income is one of the factors that is taken into consideration when schools are deciding how much aid they will give you. If you are a dependent, then your parents’ income will also be taken into consideration. There are several different forms of financial aid, including grants, work study, and student loans.

Apply for Scholarships

If you can get a scholarship, then a large part of your college expenses may be paid. You may even be able to get a full scholarship. Contrary to what many people believe, you do not need to be a star athlete or have a 4.0 to get a scholarship. There are thousands of other types of scholarships that you may be able to get. Millions of dollars in scholarships go unclaimed each year. You will just need to take the time to research so that you can find them.

Consider Living at Home While in College

The cost of getting an apartment or living on campus can double your expenses. That is why you may want to consider choosing a school that is in your hometown and living at home. Even if your dream school is not in your city, you should at least consider spending the first year at home so that you can save money.