Student loan debt is becoming an increasingly bigger problem for many people. if you are looking to fund your higher education without resorting to them, here are four options you might want to consider.
1. Institutional Aid and Scholarships
Most schools, from local community colleges to private universities, have some form of institutional aid and scholarships. These may be for students enrolled in a specific program, or they could be based on other factors like academic performance or financial need. The great news is that most of these do not need to be repaid. Check with a college financial advisor to see what they offer.
If you want to avoid interest continuing to accumulate on your student loan balances, you might want to look at other borrowing options such as Simple Path Financial. If you don’t mind making payments while you are in school, personal or home equity loans can be a viable option for college funding. Lenders like Simple Path Financial can help you determine what type of loans might work to help fund your education.
3. Federal Financial Aid Funding
Many students overlook federal aid because they are sure they won’t qualify. You might be surprised how many other programs are tied to the Free Application for Federal Student Aid (FAFSA). Take the time to fill it out and have your school choices listed.
4. A 529 Savings Plan
If you have money in a qualified 529 savings plan or another type of education savings account then you are ahead of a lot of your peers. Try to use this money to pay for costs that are not covered by other sources of grants and scholarships.
Whether you have money saved up or you will need to borrow to cover your whole tuition, there are options available that won’t leave you buried under mountains of debt. Ask questions and talk to financial aid counselors at schools to find what fits best in your plans.