Paying for college

Paying for college is one of the most challenging tasks one faces when making the choice to head back to school. It is hard to pay for it and if you are not lucky enough to have the money it is often such a huge hurdle that you may feel that you can't get past it. There are many options. You can get financial aide, scholarships, private loans, ask you parents to pay for it, work while you go to school, and more. Each has its drawbacks and each has its uses.

Financial aide can be a great option, but if you make too much money you don't get it. Their are also limits on the amounts you can get, meaning that if you have a family, home, or other debt considerations, it might not be enough.

Scholarships and grants are awesome, because you don't have to pay them back. They are a lot of work though, and you are not guaranteed to get anything from them.

Private loans can be higher interest and like subsidized federal loans, the interest begins right away. If you need the extra they are a great way to go, allowing many who could not otherwise go to school to do so.

Asking your parents is a good option if your parents can afford it and are not going to try to hold the money over your head.

Working is also a great option. If you work at the college or university you go to, you might also get a reduced tuition cost. This can save you a lot of money, but since you are working, it can also prolong your college stay.

I used a combination of many of these for my degrees. My undergrad, I started our with financial aide and I worked. I was not serious about school in the beginning, just taking a class here and there, so it was not a big deal if I was taking a long time to get a degree. After a while of this, I became more serious about school. I applied for a few scholarships and got nothing. I continued to work and get financial aide, but I did not want to have a lot of debt when I finished school. I ended up with a job at the university and was able to cut my financial aide down. The job paid alright, but I was getting my tuition at 25% which was huge. 13 years after I took my first college class, I got my Bachelors.

Now I'm working on my masters. Right out of the gate I got a good grant that helped out. I also got full financial aide and sold some property in order to fund school. Then we started this recession, prices of everything skyrocketed and now we are way behind in our budget. I got a couple of scholarships this year, but my parents have no money so I can't borrow from them. I'm now thinking that I might do some private loans.

I was very afraid of these for a long time. Then I came across Next Student and their Student Loans. I'm still worried, but the interest rates are lower I was expecting and it might be enough to extend our living expenses enough to cover us while I finish my education. Ideally I would get no loans and start my teaching career next year debt free, but that is not realistic. Even if I got full ride scholarships, the limit financial aide puts on that is not enough to cover the house and my wife and daughter. Our savings is dwindling and we will be broke by the beginning of spring term. We need to do something.

One thing I liked about Next Student is that they realize that private loans are not the only solution. They don't try to make you think they are. They have a scholarship search area, so you can search for scholarships and perhaps cut down the amount of loans you need. They also have a loan repayment calculator, so you know how long it is going to take you to pay off the loan they give you and several other loan options.

You can consolidate your loans with them at a lower rate, you can get your federal loans, plus loans, and the entire gambit of school related loans all in one stop. Now, if you don't need the extra loans, don't get them. No one wants you so far in debt that you can't get out, least of all those loaning you the money. They want to get it back eventually. But if you need the money to finish school and get that better job, go ahead and do it. Your future is important and sometimes we have to make sacrifices to become the greatness God intended us to be. Weigh your options and choose wisely. Only you know what the best option for you is.