Preparing your college funding can be very difficult. Both excitement and anticipation are not the worst problems that student can face. In 2013, middle price for a bachelor’s degree was $35,000. Efficient utilization of the time you have before college will prepare you for the cost you will face. Here are five useful college financial planning recommendations to help you in paying for your education.
The sooner you learn how to start saving your money for college the better it is for you. To supplement your education you will need a source of income. As high school student, you can work partly during school year or fully in the summer.
Even if your wage will be on the minimum level, you can accumulate necessary sum of money little by little. Put some part of your paycheck into the savings account and it will start earn interest immediately. After that, you can use these to buy an annuity with which you can pay monthly during college years. Here you can find good summer jobs for college students.
2. File an application for scholarship
The best way to save your college funding is to pay for your school with the help of the scholarship, which doesn’t require you a repayment. Search for merit- and need-based scholarships proposed by the school you are entering to and also in the outside organizations. Scholarship search services are useful tool that provides access to special opportunities with possibility based on your unique abilities, skills, talents and traits.
3. Consider the Financial Value of Your Major
Your future level of income depends on the type of major you will choose. Therefore, you need to think twice before signing up for some major that you merely find interesting. Make your previous research and answer yourself to this question: Can I find available job out there in the sphere I picked in as my major? Is this the suitable major to have a job in this field? Have I considered all possible colleges that prepare you for this job?
Very often students are waiting to think about the financial matter of their specialty till either a few years in the school – putting efforts into studying and money into tuition – or even after several years in their field.
4. Study Everything About Your Financial Aid
The best your next step will be to consider financial aid possibilities. You can start by filling out the Free Application for Student Aid and consulting with your guidance counselor and the financial aid offices at the school of your choice.
5. You need to consider the cheapest Non-Traditional Ways
As your budget is not very huge, limit your college choices only to local colleges. I think that paying state tuition, housing and traveling cost greatly increases your spending on school. Additionally, your search request should not involve only 4-year college courses. Estimate community colleges, find out online courses, and take the measure of technical schools, in case they propose courses in your specialty.
Don’t pay more than you need to for the degree that is available cheaper just because it is not a traditional way.
Staying open to all possible options and advancing your financial management skills early on can guarantee you opportunity to a good education without paying too much debt for your college.