Have you ever wondered how to pay for college without going broke? Paying for a college education can be a very expensive endeavor. Thankfully, to those with a bit of foresight and a clever streak, there are ways to pay for it without going broke. Here are a few suggestions on just how to do this.
Residency
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To get the best tuition rates at any college, you must be a resident of the state in which the school is located. If you need to start college immediately after high school, it makes sense to focus on schools within your home state to get the lowest tuition. If you are focused on out-of-state schools and are able to wait before enrolling, move to the state the school is located in and establish yourself as a legal resident. The length of time required will vary by state, so inquire to the college first.
Graduation Rates
When a school has a low graduation rate, it means there are issues with the student body either graduating on time or graduating at all. Keep in mind that any additional length of time past 4 years that it takes for you to graduate is money wasted on extra tuition, books, and other fees that need not be spent if you had graduated on time. It also means wasted time that you are not in the workforce earning money. Before submitting any applications to a school, make sure to verify what their graduation rate actually is.
Private Loans
While it may be easier to get a government-backed student loan because there is no credit check, you should still try and get a student loan from a private lender if at all possible. Not only are the repayment options more flexible than with the popular alternative, but a private lender may also allow you to skip a payment once a year with no negative effect on your credit score or standing with them.
Stay Home If Possible
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While living on your own when you are in college may sound quite exciting, in reality, it is also quite expensive. Covering your dorm fees with loan money just means all the more money that has to be repaid after graduation. While it may not be ideal for your social life, continuing to live with your parents while still in college is certainly an economical way to having a roof over your head. Besides, suppose you are an expert in a particular subject. In that case, you can offer tutoring services online and earn money by helping other students to improve their understanding of the study material. If this is simply not a feasible option, look for scholarships that also cover the cost of housing on campus.
Employer-Matched Funds
If you are already working for an employer in an industry that you are interested in going into, ask if they have a tuition reimbursement program. This allows you to work and earn money while that same employer pays for a portion of your schooling so you can advance in the company. Each employer will have different requirements when entering into such a program so make sure to ask what the specific rules are before entering into any kind of agreement. This can be a great option for those students who already know what they want to do.
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