22 JUNE 10, 2021 RIDGEWOOD TIMES WWW.QNS.COM
College tuition bills are due right
around the corner. It’s true that
college can be expensive, but
knowing all of the different financing
options available and making a
plan can help you and other parents
find peace of mind.
However, it’s easy to feel overwhelmed
as you and your child
evaluate the options. According
to a recent survey by College Ave
Student Loans, 71% of parents feel
overwhelmed by the cost of college.
Fortunately, you can ease these stressors
by exploring your options and
selecting the ones right for you.
“Even with college funding plans
in place, seeing your first tuition
bill can be a shock,” said Joe DePaulo,
CEO and Co-Founder of College Ave
Student Loans. “After all, it’s one
of the biggest investments you can
make for your child’s future. Being
aware of all the financing options
that are available to you can help
make the process less stressful and
create a path forward on how to
cover college costs.”
The best payment methods will
often depend on your financial
situation, but before you make your
decision, here are a few options to
consider:
FEDERAL STUDENT AID
(FAFSA)
If your child is looking to apply
for college financial aid, the first
thing they should do is fill out their
FAFSA form. The Free Application
for Federal Student Aid (FAFSA)
helps the federal government, states
and colleges determine how much
financial aid your child qualifies for,
including accessing federal student
loans.
The new 2021-2022 FAFSA form is
available. And because some states
and schools have limited funds, it’s
crucial to fill out and submit your
forms sooner rather than later.
If your family’s financial situation
recently changed due to a job
loss or a drop in income, you may be
eligible for adjustments regarding
your financial aid.
SCHOLARSHIPS
Some people think that if their
child isn’t a straight-A student, they
won’t qualify for scholarships. However,
that isn’t entirely true. Grants
and scholarships are the most common
methods families use to pay
for college, according to the College
Ave survey. There are many types of
nonacademic scholarships that are
available based on things like:
* Extracurricular activities
* Community scholarships
* Random prize drawings
Websites like Fastweb, Scholly,
Cappex and UNIGO all have resources
for finding scholarships that
fit your child’s needs. College Ave
Student Loans also offers a $1,000
monthly scholarship sweepstakes.
GRANTS
Grants are like a scholarship that
come from the federal government.
The most well-known one is the
Pell Grant, which offers subsidies
that help students with significant
financial need help pay for college.
With Pell Grants, the amount is
dependent on a student’s expected
family contribution, the cost of attendance,
the student’s enrollment
status and whether the student
attends for a full academic year or
less.
States offer educational grants
as well, so check out your state’s
department of education website to
see what’s available.
The best way to access the grants
is to fill out the FAFSA.
WORK-STUDY JOBS
A lot of students work part-time jobs
to support themselves while attending
college. Many schools will offer oncampus
jobs as a work-study option,
which is fi nanced by government aid
and connected to your FAFSA.
Work-study can cover various jobs
on your college campus, including
positions like:
* A teacher’s assistant (TA)
* A campus tour guide
* A tutor for diff erent subjects like
math, science and writing
FEDERAL STUDENT LOANS
If you’ve accomplished the above and
you’re still looking for additional funds,
federal student loans can be a viable option.
If you qualify, you should receive a
letter from your school that details how
much money and the types of loans you
can get from the federal government.
One of the major benefi ts of federal
student loans in the student’s name is
that they come with a low fi xed interest
rate and multiple repayment plans.
PRIVATE STUDENT LOANS
While federal loans are a great option,
you may eventually hit the annual borrowing
limit, depending on how much
you plan to borrow. If you do hit that
cap, there are ways you can cover the
rest. Private student loans, like those offered
by College Ave Student Loans, can
bridge the gap between the aid you’ve
already received, and the amount you
need to cover the remaining costs.
HAVING OPTIONS CAN
OPEN UP OPPORTUNITIES
Every family will follow their own
path when it comes to how they pay for
college and will likely need a variety of
sources to help. That’s why fi nding payment
options that fi t your budget and
your child’s future goals is important.
For more information on how to plan
and pay for school, visit collegeavestudentloans.
com.
— Courtesy of BPT
GRADUATION
Six tips to pay for your child’s college education
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