In this modern era, many students search for reliable loans that would finance their dreams of higher education. Though student loans can be repaid when you are in college, reimbursing the entire loan will require lots of time and effort. Conversely, most students prefer to stay away from loans. Financing college degrees without the help of loans will be an ideal way of kick starting your career. Luckily, there are many options you can use. Paying for college without loans is a challenging and interesting journey. And in this article you will learn how to pay for college without loans.
The 529 Plan
Before you find answers to the question how, you should figure out what you will be paying for. Planning ahead will definitely be very useful and will assist you while making smart decisions. Careful students tend to start with special savings programs like the 529 Plan. In this plan, you should set aside 25 USD, every month. As several years pass by, you will have a significant amount of fund for college. Also, check if you can pre-pay the program’s tuition fee. Such programs will protect you from paying a bigger tuition fee when you enrol.
Using Your Resources
If you have investments, savings accounts and piggy bank deposits, try to use all this money on tuition. According to experts, using everything is much better than living with a student loan.
Scholarships and Grants
Students with promising merits and good SAT scores should search for appropriate grants. By definition, grant is a form of funding that can be used for college and doesn’t have to be repaid. A recent survey stated that there are more than 120+ grant and scholarship programs for high school graduates. A very famous grant would be the Federal Pell Grant. This is a scholarship for undergraduate students. The program will take care of your tuition fee and other college expenses. Similarly, websites like The College Board, Fast Web and Petersons will help you track the most interesting scholarships which are often worth tens of thousands of dollars. There are special scholarships for students with high grades, for volunteers and promising athletes. Based on your skill and needs you can apply for these unique scholarships.
Work Part Time
The best way to pay for college without loans would be by working. A proper part time job will help you meet your financial needs easily. Here are few possible jobs for college goers:
- Try to attend a community college that lets you work within the campus. These schools will maximize your earning and reduce your annual expenses.
- Secondly, you can volunteer in social service programs like the PeaceCorps and AmeriCorps. These are legitimate programs with great features for college students.
- If you are a full time employee, you can ask your employer to fund your studies! Verify with the company’s Human resource team to know more about their offerings.
- Finally, you can have military service as one of your options. The GI Bill program will pay for higher education.