There’s no denying that college is expensive, and is right up there with one of the most costliest purchases that many people will make in their lifetime. There is more than tuition to budget for, including course materials and textbooks, living expenses, etc. Luckily, there are different options for funding a college education. If you’d like to attend college, but you’re not sure how to pay for it, consider the following:
Taking out enough student loans can be one way to partially or completely fund your college education. However, you should really only turn to student loans as a last resort. At the very least, you’ll want to avoid private student loans and you won’t want to borrow too much. The average college student has approximately $30,000 in student loan debt by the time they graduate, and as an adult who is just starting out in the career world, this can be a crippling amount of debt to have from the get-go. It can take many, many years before that debt is paid off completely, and you’ll be required to pay it back, regardless of whether you graduate college.
Financial aid awards money to qualifying candidates for college expenses, and unlike loans, these are federal grants that won’t need to paid back. The only time you’ll need to pay back financial aid money is if you fail any of your college courses. Qualifying candidates may be able to receive enough financial aid to take care of their expenses for an entire semester, or they may consistently receive enough funding to take care of their entire education. You’ll usually need decent grades in order to qualify for college aid, and you (or your parents, if they’re still supporting you) may need to fall within a certain income bracket. Even if you aren’t sure about your eligibility for financial aid, it certainly doesn’t hurt to apply. Fill out a FAFSA and give it a shot—you’ve got nothing to do, and so much to potentially gain.
Just like with financial aid, scholarships can partially fund your college education, or they can fund it completely. Qualifying for a scholarship may sound difficult, as you’ll often need great grades and you’ll be competing with a lot of other students. But with all the different scholarship options out there, it may not be as hard as you think to find one you’re eligible for. Whether you’re still in high school or you’re already in college, begin by asking your school about any available scholarship opportunities. You’ll also want to do your own research online and see what’s out there. Take note of application requirements and deadlines, and apply to as many scholarships as possible. You just may receive one!
Contact Peachtree Financial Solutions
If you’re receiving periodic payments from a structured settlement or annuity, you may have the money you need for college, but it’s currently tied up in a long-term payment stream. Although these payments are designed to last many years, you may have a reason for wanting that money sooner. Many of our customers want to sell their future annuity payments to pay for college, and if you want to do the same, we’d like to help. Contact Peachtree Financial Solutions today to go over your options and to learn more about selling future payments for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.