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MVCU, cash, college
Home / Tools / Cash for College: Options for THIS Fall
Cash for College: Options for THIS Fall on 7/11/2020

Cash for College: Options for THIS Fall

So you’re college-bound, and before you even step foot on campus, your bank account is already worthy of “starving student” status.  You need money for tuition and expenses, but it’s too late to start saving now. Is there any hope? Yes!

Most important, complete the Free Application for Federal Student Aid, if you haven’t already. The FAFSA opens the door to federal student loans, which are the cheapest for most borrowers. You must complete this form to receive federal, state, or college money and some scholarships and grants require it as well. The FAFSA asks basic information regarding the borrower’s income, dependency status, and savings to determine financial need.
Apply for scholarships and grants. This is a good place to start looking for college funds, because you don’t have to pay them back. While most application deadlines have already passed, it’s possible that not all scholarship money has been awarded. Or you might find a program you qualify for with a late deadline.

Employers are another resource for college help. If you have a job, it’s worth asking if your employer offers tuition assistance or reimbursement. Your company also might have an employee scholarship program. If you’re a minor, ask your parents to check with their own employers. Many companies offer scholarships to their employee’s children.

Your school’s financial aid office should be one of the first places you call. Find out if there are funds available that might have otherwise gone to students who decided not to attend. There might be a work study opportunity available that can help off-set expenses. The financial aid folks are the ones in the know about existing resources, and they might even be able to help you figure out a tuition payment plan that works to your advantage.

No matter where you seek out grants or scholarships, if you can’t get the money in time for this semester or school year, look ahead to the next. Maximize all the opportunities for free money first!

If you decide that taking out loans is necessary, borrow wisely. Working during the school year, picking a second job, or working summers and weekends is better than paying off loans years down the line. Still, there are many options for students and parents to take out loans to pay for a college education. The federal government offers low-interest loans to help cover the cost of a four-year college or university, community college, or trade, career, or technical school.

Private loans are available as well, and we can help you determine which options are best for your situation. The benefit of financing your education this way is the loan is with an institution you already trust, not a corporate financial giant.

Thinking about paying for four years of college can be overwhelming. Take a deep breath, and take it in steps. Right now, focus on the first semester.  Check out mvcu.studentchoice.org   for advice, tools, information, and loan applications. We want to see you succeed!

 

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