Surviving college can be challenging but it is still one of the best methods to be financially independent in the future. College graduates can earn a 50% higher salary than those employees with only a high school diploma according to Forbes.
However, figuring out how to pay college fees can be nerve-wracking. Thus, if you want to pay your own education but you are not yet sure how to do it, you are in the right place. Here are some of the strategies that you can try to pay for college:
1. Save Money in Advance via the 529 Plan
Save enough money to pay your fees via the 529 plan. The 529 plan can gain tax benefits unlike the taxable investment or regular savings account.
If you save for a longer period of time, you can definitely survive college.
However, since 529 relies heavily on the stock market, it is also important to have a backup plan. You can open backup savings in case of any problems in the end.
2. Apply for Full or Partial Scholarships
Want free money?
With scholarships, you can definitely make your way through college without having to think about the money that you need to pay back. However, you need to qualify for the scholarships. But there are websites that can help college students find scholarships that meet their qualifications.
For example, there are scholarships for people of color, men, women, and LGBTQ students. You can check with different organizations, banks, and companies.
Remember to apply for scholarships at your preferred school. Even if you’re already in college, keep on applying for scholarships. With this, you can get funding for the housing, books, and other costs inside the university.
3. Take AP Classes
In some states, they offer college credit for lessons which are already taken during high school. These AP classes are taught in a higher standard and require studying using AP books.
Sometimes, they give credit, especially in a public university. The credits can be transferred to state schools depending on where you are residing. With this, you can reduce the number of units or loads in your current semester and save money.
4. Get a Private Loan
Some student applies for loans to survive in college. There are various best student loans that offer lower interest rates versus federal student loans.
But, it is essential to remember that you have to meet the requirements set by the credit company. Sometimes, you also need a cosigner to qualify for the loan.
Thus, you must consider carefully whether student loans must be a part of your college life. These types of loans do not have protections, unlike federal loans.
5. Get a Job
Apart from checking on the best student loans available today, you can also check the hiring page for college students. This can give you some money to pay for your living expenses. Aside from money, some businesses offer free meals.
Whether you work off or on campus, the income that you have can help you with your education expenses. This can also reduce the loan that you need to borrow.
During summer vacation, you can work to earn money for the coming semester. However, make sure to balance your work and studies so you can pass your degree.