Guide To Paying For College

Guide To Paying For College

College is as expensive as it’s ever been. With tuition rates on the rise yet again college is becoming almost impossible to afford without accruing tens of thousands of dollars in student loan debt.

But don’t despair just yet. There’s a way that you or your children can still afford to go to college. Here are some tips to help pay for college.

Savings Account

There’s a little known savings account you can get called a 529 college savings account. A parent can open one of these accounts for their kids any time they want to, whether they’re an infant or already in high school. This type of savings account is great because every dime you deposit into this account is a tax deduction. You also don’t pay a penny of taxes on the interest you accrue.

Financial Aid

Every school has a financial aid department. Apply for assistance and see how much you can get. Typically, the lower you and your family’s income is the more help you will get.

Scholarships

Stellar athletes may get a free ride for four years at the university of their choice. But there are other scholarships that don’t rely on how good of a jumpshot you have. If you have good grades you may be able to qualify for a variety of scholarships that may not pay for all of your tuition, but can certainly help.

Student Loans

If you’ve exhausted all other options up to this point, your last resort is to take out a loan. The good thing about a student loan though is that you don’t have to pay it back until you’re done with your studies.

Trimming Expenses

You can save while you’re in college in a wide variety of ways. You can reduce your entertainment expenses by renting movies via RedBox for $1 rather than buying the DVD. You can listen to music for free on Pandora.

About The Author

Edwin is a marketer, social media influencer and head writer here at Stack The Chips. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.


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3 Comments

  1. Stock Market Education

    Seems to be a lot of news surrounding this subject at the moment with tuition fee’s on the rise. great subject matter. great post!

  2. Ryan Paredez

    This was a good post. I am currently in college now and the only option I had was to get student loans. I dont make enough money to save.. I had never heard of this 529 savings account. I’ll have to take a look into it.
    Thanks for the great article

  3. tony lee

    Scholarships is a great way to earning some “free” money, and it is going to really help pay for college. Sometimes I wish I did that, and took that a little more serious.

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