How to fund a college education
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- Carolyn Bigda , Money Magazine
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Carolyn Bigda
Money Magazine
Sometimes it feels as though you need a college degree to figure out how to pay for a college degree. Money Magazine’s Carolyn Bigda explains student loans, grants and other ways to help you fund a college education.
More from Carolyn Bigda in Money magazine.
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Instructions
How to fund a college education
- Sad but true: You should start saving for college tuition as soon as you can after a child is born.
- Always apply for scholarships, even if you can afford tuition. Look for “needs-blind” scholarship programs, which are based on academic merit.
- Always obtain a financial aid package from the school. It will detail a variety of options, including grants, which are most often government-backed programs and do not need to be repaid; work-study programs, which assign students jobs at school to earn money while studying; and student loans, which are backed by federal guarantees and often come with subsidized interest rates.
- Schools will offer to help you apply to a loan program with a lender they work with. Look at this, but also look at other lenders for the best interest rate and repayment terms.
- Carolyn Bigda recommends visiting www.simpletuition.com, or www.finaid.org.
- Know that parents can borrow for their child’s education too. While students borrow under the Stafford Loan Program, parents can apply for Plus loans.
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