The economy is on a downturn and the cost of college education is rising. Students need to find cost effective ways to pursue their dream of college education, which is an expensive proposition for most. We offer some useful tips on how to go about funding your education in an affordable manner.
Ask Your Relatives
More and more relatives are chipping in with money to help their loved ones. A recent research says that almost 66% of grandparents have financially helped their kin for education purposes.
Cheaper colleges
Admission in community colleges can provide you with some financial relief. Community colleges are the cheapest colleges in the country and are becoming great alternatives for low and middle income families.
Tax breaks
Tax breaks are being offered by the federal government to almost around two million people. All these Americans get the benefit of the American Opportunity Higher Education tax credit – see if you are eligible for it as well.
Availability of loans made easier
More and more loans are being made available to borrowers. People with no credit history can borrow up to $5,500 while those of the age of 24 or higher can get a loan up to $12,500.
Cutting costs
Students can resort to various means to cut down their cost of living to save money. They can switch from staying at dorms to co-ops. Co-ops are cheap alternatives and can save around $5000 annually. You can also share rooms, buy used books to save a substantial amount of money.
Work for students
Many students are taking up part time jobs to earn money in their free time. Students are not allowed to work more than 20 hours a week, but that allows them to earn anywhere around $400-500 a week. This amount could just be enough to cover some of your basic living costs.
Easily available loans to parents
The federal government has made it easier for parents to obtain federal PLUS loans. These loans help parents to cover a student’s college costs without the help of financial grants or scholarships
Scholarships
You can apply for financial grants from Federal Student Aid to ease you burden of education costs. A student can appeal for a scholarship if he/she can document the facts relating to his or her need for financial assistance. There are other government and non-government scholarship programs also that you can explore.
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