May 28
Paying for College…What Are My Options?
Posted by admin
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My articles over the last two days have covered how to save for college. The focus has been on starting very young. Please know you really can start at any age, it is never too late. However, if you find yourself with a child in high school, getting ready to graduate and you have no savings, today I am going to cover your different options.
There are three ways you can get assistance to pay for college. They are:
· Scholarships – A scholarship is an award of access to an institution, or a financial aid award for an individual student scholar, for the purpose of furthering their education. Scholarships are awarded based on a range of criteria which usually reflect the values and purposes of the donor or founder of the award.
· Federal Student Aid – includes those programs of general student assistance, such as those authorized by Title IV of the Higher Education Act of 1965, which is administered by the U.S. Department of Education, and similar programs provided by other Federal agencies. It does not include programs which provide fellowships or similar Federal awards to students on a competitive basis, or for specified studies or research.
· Student Loans – are loans offered to students to assist in payment of the costs of professional education.
Step one, check out what scholarships may be available for your student. There are websites out there specifically geared to help you find the perfect scholarship for your student.
Step two, start applying for Federal Student Aid. There is more than $83 billion in federal student aid available every year.
Step three, apply for student loans.
Over the next several days I will go through and break these down more. There is a lot of help out there, you just have to know where to look and be willing to do your research.
CATEGORY: Children and Money
