Paying for College

Whether you are eighteen and just starting your college career or thirty and heading back for another degree, it makes sense to plan out your future. Gone are the days when college was a place to figure out life. With the cost of higher education going up and up, a little thought before you start just might save you from a life of debt and regret.

1.) Be Decisive: Establish some goals before going back to school. Meet with a career counselor and discuss what degree is worth your time and money. Think about where you might like to live and decide if the career path you are choosing fits into that region.

2.) Get College Credit Elsewhere: If you are just getting out of high school, maybe you can use an AP credit towards your degree. This could save you real money and time. If you are an older student, see what CLEP (College Level Examination Program) tests are available.

3.) Give Financial Aid a Chance: Applying for financial aid doesn’t have to be a nightmare. Whether you are going for your first semester or starting graduate school, all are eligible for Federal Student Aid. The form can be filled out online at www.fafsa.ed.gov in about 30 minutes. If you are still a dependent, you will need some help from your parents. If you are older, all you will need is your tax returns and basic information.

4.) Take Advantage of Tax Breaks: Tax credits could be a substantial savings for your parents or yourself. These breaks come in many varieties, whether it is the Lifetime Learning Credit, HOPE credit, or just deducting the cost of tuition. Furthermore, any interest you pay on student loans after graduation can also be used to your advantage.

5.) Spread Out Your Expenses: While conventional wisdom has always been to get it done as quickly as possible, slow and steady is another approach. Going to school half-time will give you tax deductions for twice as many years and will allow you to work your way through school instead of devoting all your time to it. If you don’t have a sure-thing job waiting on the other end, don’t be afraid to take a little longer to get that degree. If you have subsidized loans, the interest doesn’t start to accrue until after you graduate, so a little extra time won’t hurt you financially.

6.) Get Assistance from your Employer: Many jobs will offer some kind of stipend for taking college classes. This is more applicable for the older student, but might also apply to many younger working students. Take advantage of any work related assistance if offered.

7.) Be Realistic about your Financial Situation: Take the time to talk with the people in your life about what you can realistically afford. Take this information to financial aid officers and let them help you figure out if it will work at their school. Choose a school that fits both your long-term goals and the financial position you are in. There are many options, so keep them open and be real about which will work for you.

8.) Consider Online Education: A four year degree from a traditional college is not right for everyone. It is also not the only option. Perhaps a two-year Associates Degree is better for you. Maybe specific training or a certification program will meet your needs. There is nothing wrong with choosing an online institution that will ultimately get you the degree you need to make yourself more employable. Just be sure that they are recognized U.S. Department of Education or the Council for Higher Education Accreditation.

I hope this has been helpful. Every student, regardless of age, should be able to get a degree and achieve the goals they desire. The more thought you put into it before you head off to school, the better off you will be.

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