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.
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.
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.
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.
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.
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.