Smart Ways to Make Your Education More Affordable.
December 7, 2017 by Staff
Filed under Education, Money/Business, Weekly Columns
(Akiit.com) College education, as I’m sure you’ll know, doesn’t come cheap. In fact, it could cost as much as $33,480 per year to get yourself educated at one of the best colleges in the country. This makes the prospect of college way too prohibitive for way too many people, and that certainly needs to change. In the meantime, here are some smart ways to make your education more affordable:
File Financial Aid Applications Fast
Filing your financial aid applications as soon as you’ve decided where you’re going to go and what you want to do is really important because, in a lot of states, institutional funding is handed out on a first-come, first-served basis. If you know what you want to do, go and fill it out right now!
Look Into Online Learning
You can study everything from an accountancy to a safety degree online, and you know what? It’s a whole lot cheaper than the cost of learning on campus. If you’re thinking, that might be so, but an online degree isn’t worth a dime – think again. There are lots of really good schools who offer excellent online programs, and they are at least worth considering if the cost of attending college is too much for you to bear.
Lower Your Assets
The more assets you have as a student, the less likely it is that you’ll be able to access aid, and you certainly won’t be able to access as much aid, if you’re entitled to any, as you otherwise would, which is why it can be a good idea to transfer any assets you hold to a trusted person. Ideally, you should do this after applying for financial aid because if your parents transfer some of their assets to you, the Expected Family Contribution will be lower. It might sound a little complicated or a bit of a fuss, but it really isn’t.
Pay Debt Down Fast
Did you know that any consumer debt you may hold isn’t taken into consideration during the EFC calculation – only cash assets are counted. This means that the fewer debts you and your family have, the more aid, you will be eligible for.
Well-Time Those Big Purchases
If you or your family plan to make a big purchase, such as a car or a house, if it is at all possible to do so, waiting until just before you file your financial aid application is a good idea, simply because it will lower your cash assets, which will, of course, help you in the financial aid stakes.
Apply for Scholarships
It takes nothing more than time to apply for scholarships, so even if you don’t think you stand a chance, if you meet the requirements, it makes sense to apply for as many of them as you can. Sure, it’ll take some work, but it’ll be so worth it when you can go to college and minimize your debt burden.
If you can do even a couple of the things in this post, there is a very good chance that you will be able to save a significant sum of money on your education.
Staff Writer; George Watkins