Finance: How To Fund College If You’re Not Rich

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You can also take out a loan if you couldn’t qualify for free grants or scholarships. You could also take a part time job to finance your education. College can be expensive and if you save when you’re young then you can afford college when you get older. A class at a university would cost you anywhere from $300-$600 and it’s not too bad if you have savings. You can afford to take about three class per semester if you work part time and pay for it.

One way to fund for college is to apply for government grants. You can apply for federal or state grants. The application is call FAFSA. You would apply one year prior to your college year so they have a chance to reply to you. There is a deadline and you won’t be able to file after the deadline. It’s imperative that you file prior to the deadline. Fafsa is a federal grant program where you don’t have to pay back after college and most students would qualify if they don’t work or if their parents didn’t make enough money. There is a specific criteria set with regarding to family size and income. You would most likely qualify if you didn’t have a job or if your parents made below a certain figure for the family size. You should try this option first before you take out a loan because you have to pay back with a loan.

Another way to fund for college is to apply for scholarship. Each school has scholarship programs that you can apply for. You would apply before the deadline and have all the required documents that they request such as GPA, major, and extracurricular activities. You have to have a certain GPA for some scholarship. Some scholarship requires a 3.0 GPA or more and some requires a 2.5 GPA or more. You would look for school scholarship as well as private scholarship like the Bill Gate and Melinda foundation. You could also get some funding from your parents. If your parents have savings they can help you out with college. If you can’t qualify for free grants then you can apply for a loan at your college or financial institution. You have to pay back a loan and there’ll also be interest on it if you drop out of school for more then six months or if you discontinue school for other reasons. You’re required to pay them back right away after college and interest will be added to your bill. A loan is a big responsibility so you have to think twice before you depend heavily on a loan. You should also seek a part time job to finance your education. A part time job would help you out so you don’t have to borrow so much from a loan.

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