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Thursday, February 12, 2009

Three Ways You Can Pay For College

By Steve Sheehan

So, you're getting ready to go to college. Great choice, but have you checked out the prices recently? Wild stuff. So, you're probably wondering where you are going to come up with this sort of cash. That is the topic of this article.

Basically, there are several ways of funding a college education One is to save up enough money in the first place. This, as we know, isn't very easy. Another way is to get others to give you money for college in the form of scholarships and grants. The final way is to borrow the money, either through government backed loans or from private lenders.

First, let us discuss the savings options. To save enough money for college, you need time. Starting early is the best way to go if you possible can (and I know many can't). You also want to make sure your money is tax sheltered, so look into getting a so called 529 savings plan. These can be set up at many banks and financial institutions.

The best way to get money for college is through scholarships and grants since these will give you free money. The biggest key to getting this is to apply! So many people do not apply for scholarships, and thus leave a lot of money on the table. Don't let this be you.

If you can't come up with the money by any other means, you'll need to check into getting student loans. Student loans are one of the nicer types of loans you can have, but being debt free is so much better if you can pull it off. There are two types of loans, government and private. Read on to learn the difference.

The standard Stafford loan is a typical example of a government backed loan. These loans are easily obtained, but may not have enough money to cover all students. A private loan, on the other hand, is just a normal loan from a financial institution that will come with its own interest rates and terms. These types of loans aren't as nice as the government ones. Therefore, you should use these only if needed.

So, I hope you can see that there are a myriad of options to help you pay for college. Good luck!

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