16 OCTOBER 3, 2019 RIDGEWOOD TIMES WWW.QNS.COM
Total student loan debt has
surpassed $1.5 trillion, with
4 in 10 students carrying over
$30K in outstanding student loans.
Getting accepted into college or
graduate school is an exciting time
for students and parents. As college
continues to get more expensive,
determining how you’ll fund your
education is a big decision. Review
these tips to help keep costs down as
you navigate this exciting time in a
student’s life.
Stay in state
Consider attending school near
home. In-state tuition is much less
expensive than attending school out
of state. Plus, you’ll save on transportation
- and even room and board if
you live at home. Public universities
are also generally more affordable
than private universities.
Additionally, you might be able
to save on tuition and related costs
by taking classes at a local community
college before school begins or
during summer breaks. Be sure to
confirm that the credits will transfer
to the college or university of your
choice prior to enrolling in these
community classes.
Take advantage of financial aid
Some students and parents are
able to finance college or graduate
school with their savings, while
others may qualify for federal student
loans, grants, scholarships and
work-study programs.
“A student loan is often the first
loan product for a young borrower,”
said Carrie Foran Sepulveda, manager
of education lending at Navy
Federal Credit Union. “It can have
a significant impact on their postschool
financial life, so it’s important
to do your due diligence and explore
all of your financial aid options.”
If your student aid award or the
federal student loan amount granted
to you doesn’t cover all your college
expenses, private student loans can
help fill the gap. For example, at Navy
Federal Credit Union, members can
apply for student loans with variable
rates as low as 5.32% APR or fixed
rates as low as 5.99% APR with automatic
payments - both for 10-year
terms, up to the school-certified cost
of attendance.
“We give a 0.25% interest rate
reduction by signing up for automatic
payments,” added Foran Sepulveda.
“This is a great way to establish
good financial habits that will help
you build your credit history while
you’re in school.”
Whether you choose federal
or private student loans, make
sure you fully grasp the loan’s
terms, conditions, and repayment
requirements.
Gain college credits in high school
If your high school offers Advanced
Placement (AP) programs, you may
be able to receive college credits at no
cost or test out of some requirements
- saving money that would have been
spent taking the class during college.
Check with the school for their rules
on granting AP credits.
Earn money while in school
Apply for on-campus jobs if you
have work study granted to you by
the school, or look for part-time
jobs off-campus to earn extra cash.
During school breaks, consider
finding a job with full-time hours,
but on a short-term basis, to make the
most of your time off.
Whether you’re a student or a
parent, paying for your education
can be doable with these tips in
mind.
— BPT
EDUCATION
How to help lower education costs
/WWW.QNS.COM
