How can I pay for college?
Investing in yourself and your future through education can be a simple choice for some, but sometimes it is still difficult to justify the short-term expense for the long-term reward, especially when you aren’t sure how to make your education affordable. Knowing your financial aid options is a great place to start when learning how to pay for college. Here’s a list of seven ways people commonly pay for school that could help you!
Government Grants
Government grants are a type of financial aid that are awarded by states and the federal government. If you meet grant requirements, you don’t need to pay them back. Grants are typically awarded based on financial need. Some of the most common types of grants are Pell Grants and Supplemental Education Opportunity Grants.
Institutional Grants
Government grants are a great option for students who prefer not to have student loan debt, and institutional grants are worth mentioning as well. These grants are awarded to students by the school itself and provide additional funds available beyond what state and federal governments may offer. Be sure to ask the school’s financial aid office about institutional grants.
Federal Work-Study
Federal work-study programs are another option for students who qualify for federal financial assistance. This involves working part-time in a community service position or in a related field of study to access these funds. It will need to be reviewed by your school’s financial aid office first.
Federal Loans
Federal loans are a common way that students pay for school. Federal loans typically offer a lower interest rate than private loans. It’s important to note that unlike grants, they are loans, meaning you’ll need to pay them back over time. You will need to complete the FASFA (Federal Application for Student Financial Aid) to see what you qualify for federal loans.
Tax Benefit
Educational expenses can qualify you for a tax credit. Currently, there are two types of education credits available, the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits further reduce the overall cost of education.
Veterans’ Benefits
If you served in the military, you can use your benefits to pay for tuition, housing, and other expenses. Keep in mind that schools often accept benefits for military spouses and dependents, too. SCI supports our military members, veterans, and their families. That’s why we offer military financial assistance for those seeking to further their education through one of our programs.
Payment Plans
Making school affordable is an individual pursuit. Paying for school can be a little different for everyone. To understand how you can invest in yourself through education, work on a plan with a financial aid officer at the school. Need to speak to a SCI financial aid representative? You can call 1-800-SCI-TEXAS or visit us online to schedule an appointment.
Financial Aid Options at Southern Careers Institute
While this list includes several ways to pay for school, there are additional options. Don’t let money prevent you from improving yourself, your life, and your career opportunities. To learn more about Southern Careers Institute and ways to pay for school, request more info today.
