How can I pay for college on my own?
Anyway, I am going to a college which is about $20,000 a year, a bargain as far as schools go. In the event my parents did stop paying for my education, what options do I have to continue payment wise? I don’t know a lot about loans, etc.
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That’s as far as you can go unfortunately. Try and seek some local scholarships if you can. Note that if you get some local scholarships, I think the less a school will be willing to give you grant aid. Everything else you will need to borrow out in loans unless if you can flexible payment plans from your univ.
Also I would HIGHLY recommend that you get good grades. Better grades usually mean that you’ll get more grant aid. If you’re doing horrendously in school but tremendously improve then usually schools will note this and give you a lot of aid.
BTW I agree that 20K is not a bargain- that’s a little under the cost of an out of state tuition. The University of Kansas offers in-state tuition at 16K and thats even with room and board. I would highly research public universities that offer built in payment plans (most do) that don’t require signing up. Also look for public universities and see what their percentage is in terms of meeting students’ aid needs. At Iowa State University, where I’m going, they have it set up so that you pay up in six installments per year which is quite nice and I think their aid % met is around 80%-90%. I would inquire universities about this.
With some luck you should be able to get a sizable amount in aid.
If you want, you could delay going for a semester to save up some money that helps but… then again some people may be a bit sensitive about this option.
Get a job if you don’t have one. I would highly recommend it. If you want me to tell you some of the stuff in detail, then feel free to contact me.
Also, I would consider the military as a last resort…
Start by going to http://www.fafsa.ed.gov/ and filling out the online form for federal student aid. After finding out what you are eligible for in terms of subsidized stafford loans, you can figure out if that is enough to finance your tuition and expenses. In most cases, it isn’t. If you find that you need more money then you are offered, you may want to try a private student loan.
The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestudentloans.phtml
Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.
1) Fill out the FAFSA. You can find it here:
http://www.fafsa.ed.gov/
2) Once you get approved. Try and get a government student loan without a cosigner. The best type of loan to get is a Federal Perkins Loan. It has low interest and the government will pay the interest as long as you are enrolled in school. Read more here:
http://www.studentfinancedomain.com/student_loans/perkins_student_loans.aspx
3) If you can’t get a Perkins loan, try for a Subsidized Stafford Loan. It has many of the same benefits as a Perkins Loan. Read more here:
http://www.studentfinancedomain.com/student_loans/subsidized_stafford_loan.aspx
4) You really shouldn’t try to get a private loan unless you have no other choice. They have high interest rates and need cosigners with good credit. If you can get someone to cosign and share their good credit with you, go for it. Read more here:
http://www.studentfinancedomain.com/student_loans/private_student_loans.aspx
5) For loan alternatives, try and get a grant or scholarship. Free money is good money! You can look here:
http://apps.collegeboard.com/cbsearch_ss/welcome.jsp
http://www.freegovmoney.net/
Good luck!
