34 THE QUEENS COURIER • KIDS & EDUCATION • SEPTEMBER 26, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
kids & education
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Paying for college: Four ways to help lower your education costs
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
aff ordable 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 confi rm that the credits
will transfer to the college or university
of your choice prior to enrolling in these
community classes.
Take advantage of fi nancial aid
Some students and parents are able to
fi nance 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 oft en the fi rst loan
product for a young borrower,” said Carrie
Foran Sepulveda, manager of education
lending at Navy Federal Credit Union.
“It can have a signifi cant impact on their
post-school fi nancial life, so it’s important
to do your due diligence and explore all of
your fi nancial 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 fi ll
the gap. For example, at Navy Federal
Credit Union, members can apply for student
loans with variable rates as low as
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5.32% APR or fi xed rates as low as 5.99%
APR with automatic payments - both for
10-year terms, up to the school-certifi ed
cost of attendance.
“We give a 0.25% interest rate reduction
by signing up for automatic payments,”
added Foran Sepulveda. “Th is is a
great way to establish good fi nancial 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 off ers 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 fi nding 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.
— Courtesy BPT
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/myNYCB.com
