Hey guys! I was just looking at MoneyGeek.com and thought you might like to see their newly published guide titled 11 Ways to Pay for College. It focuses on minimizing student debt by using a mix of financial resources, offering a practical roadmap for making college more affordable. Besides getting a part-time job or asking your parents for money, 11 Ways to Pay for College has a lot more ideas – including some I would never have even thought about if it weren’t for this guide!
Here are their examples of 11 ways to pay for college:
- 529 College Savings Plans: Tax-advantaged investment accounts to save for education expenses.
- Federal Financial Aid: Includes grants, loans, and work-study programs.
- Grants and Scholarships: Financial aid that doesn’t need to be repaid.
- Work-Study Programs: Part-time jobs to help pay for education expenses.
- No-Loan Schools: These schools typically have substantial endowments, allowing them to offer generous financial aid packages.
- Employer Tuition Assistance: Some employers offer tuition assistance not just to their employees but also to their employees’ children.
- ROTC Programs: These programs offer significant financial assistance in exchange for a commitment to serve in the military after graduation.
- Tuition Payment Plans: Monthly payment plans offered by colleges do not charge interest.
- Federal Student Loans: Loans subsidized by the federal government enable students to use the funds interest-free until they leave school.
- Private Student Loans: These are offered by banks, credit unions and other financial institutions.
- Regional Tuition Exchanges: These programs allow students to attend out-of-state colleges and universities at a reduced tuition rate.
Other Ways to Reduce College Costs
The best way to make college more affordable is to reduce the overall cost before you start. These methods can help lower the financial burden of pursuing higher education:
- Advanced Placement Courses: Students can receive college credit based on their AP exam score.
- Dual-Enrollment Credits: High school students can take college courses and simultaneously earn high school and college credit.
- Prior Learning Assessments: Academic credits may be awarded for learning acquired outside the traditional classroom.
- Military Benefits: Education benefits for veterans and active-duty military.
- Community College: Start at a community college for the first two years to reduce the overall costs of a four-year degree.
Combining these options can help minimize debt and make college more affordable. Do any of these options stand out to you?
You can find more details about all of the above and more in the 11 Ways to Pay for College guide at MoneyGeek.com!
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Life is full of tough financial decisions we make every day, from budgeting and major home purchases to retirement planning. But we often make these decisions in the dark, not knowing if we’re making the best decisions for what we need. Doug Jones and Dan Schuessler started MoneyGeek in 2016 to make personal finance easier and more accessible — so that anyone can be a “geek” when it comes to their finances.
Doug Jones started his first business at 12 years old: a neighborhood snow removal, lawn and fence service. His professional career began at Intel Corporation, while moonlighting as a Princeton Review GMAT and SAT instructor. He has a BS in Finance from Carnegie Mellon and an MBA from ASU. Dan Schuessler is all about improving people’s financial fitness. He believes there is a gap in personal finance education and feels MoneyGeek’s wide variety of financial resources can help. He holds a Bachelor of Science in finance from Cal Poly.
