College Education Costs Got You Worried? Try These Options to Pay for School

Following your ideal career path starts with choosing the best college and degree program to make that dream a reality. The admissions process can be lengthy and nerve-wracking, but that acceptance letter can make it all worthwhile. Then you have an even more daunting task on your hands: How are you going to pay for school?

Top Options to Pay for School

Before you can start that first day of classes, you have to get things squared away with the financial aid office. Start that process early by taking the first steps to apply for federal student aid.

Start with the Free Application for Federal Student Aid

The FAFSA is an application that details your financial means in order to determine how much federal money you are eligible to receive. This money is meant to help you pay for your college education. The FAFSA can be filled out online, and might take several weeks to process.

What can you get from the FAFSA? There are varying types of financial assistance you might be eligible to receive:

• Loans. Several different types of loans are available, including subsidized and unsubsidized. Interest rates and repayment options vary depending upon the type of loan you accept.
• Grants and Scholarships. Grants and scholarships are financial awards that don't have to be repaid. They can be used for tuition and other college expenses, including supplies, books, and even housing.
• Work Study. The Federal Work Study program offers on- or off-campus employment to help pay for your college expenses. Qualifying students are paired up with available jobs and sent on interviews.

Move to Other Options to Pay for Your Education

Once you have determined what kind of financial assistance you are eligible for through the FAFSA, look at your total costs. Do you need additional money to cover your tuition and other college expenses? It's time to look at other options to help pay for your education.

• Land a Great Scholarship. If you didn't get enough in scholarship money from the FAFSA process, there are other avenues. Some colleges award their own scholarships, and several states have scholarships in place for residents who choose to pursue their degree at a school based in the state. Community and civic groups might also offer scholarships.
• Tax Credits and Deductions. Many states offer tax credits and deductions that can help you pay for school. A tax deduction decreases the amount of your taxable income, which means you might pay less in taxes due. A tax credit reduces the amount of tax owed, and can potentially increase your tax refund.
• Tuition Assistance. Many employers offer tuition assistance to their full-time employees. Some pay for a certain number of courses per semester or year, while others might pay a percentage or certain part of your tuition expenses.
• Work Income. Sometimes even the maximum assistance you qualify for is not enough, and it can be necessary to dip into your own pocket. If you think you might have to pay out of pocket, start saving money immediately.

Finding the money to pay for traditional and online schools can be done. It takes plenty of research, paperwork, and patience, but the funds are out there.