Financial Friday: Alternative ways to pay for college

HUNTSVILLE, Ala. (WAFF) - Graduation is around the corner, but the process never ends with finding ways to pay for college expenses. Redstone Federal Credit Union’s, April James shared some alternative ways to pay for college and the expenses that come along with it.

• Scholarships – Apply for all scholarships! No matter how big or small any amount will help with the many costs of your college expenses. Start checking local resources and expand nationwide. Also, check with your school’s financial aid office for recommendations. Meet deadlines and follow up.
• Private and Federal Grants - This is usually part of the financial aid process when applying for a school. If you are eligible for grants, only utilize grants over student loans for your
• Part-Time Job – Set aside a portion of your earnings from a part-time job to cover school expenses. Also, check if your employer has tuition reimbursement programs. Some employers will help pay certain college expenses.
• Tuition Payment Plans – Schedule an appointment with your Financial Aid office to see if they offer payment plans. Sometimes conversing with one of their counselors can help you understand all the benefits that may be available to you.
• Student Loans – If you have exhausted all of your resources and you must utilize student loans only borrow what you need. Sometimes access to these funds is tempting to use for things other than school. But ultimately you do not want to be tied to making student loan payments for the remainder of your life. Also, payments usually start when you are no longer enrolled in school. Always communicate with your lender if the payments are not affordable for you or if you may need additional assistance with your loans

Bottom Line: Paying for education may be a costly expense. However, trying to seek more than one way to fund your education will ease the burden you your family now and your family in the future.

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