Financial Friday: Scholarships and Other Ways to Pay for College

Financial Friday with Haley Baker

HUNTSVILLE, Ala. (WAFF) - The average cost of college in the United States is $32,889 per student. The cost has doubled in 20 years, with an annual growth rate of 5.2%, according to educationdata.org.

So it’s no secret the cost of college isn’t cheap.

WAFF spoke to Briana Cousins, a Financial Education Coordinator at Redstone Federal Credit Union.

She says, in addition to scholarships, parents and students should also look at other ways to keep down the cost of college.

  • · Start a college savings account when your child is young.
  • · Go to Community College first
  • · Get Grants
  • · Live off campus, preferably at home
  • · Work during school

Families concerned about how to pay for college should also complete the Free Application for Federal Student Aid, called the FAFSA, because it opens the door to a range of financial aid options. Here is a link to apply: https://studentaid.gov/h/apply-for-aid/fafsa

Also, Redstone Federal Credit Union opened its scholarship application process. The essay-based scholarship is open to members accepted into or already attending college. Members can apply online. The deadline to apply is February 28 and the application must be completed online. Here is a link to apply: redfcu.org/scholarship

For more ways to save be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.

Copyright 2021 WAFF. All rights reserved.