Investing in yourself and your future through education should be a simple choice, 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. Here’s a list of seven ways people commonly pay for school that could help you!
Grants are a type of financial aid that are awarded by colleges, states and the federal government. If you meet grant requirements, you don’t need to pay them back. Grants are often awarded based on need.
2. Institutional Grants
Yes, we know, we just mentioned grants, but institutional grants are worth mentioning on their own. These grants are awarded by the school itself and are additional funds available beyond what state and federal governments may offer. Be sure to ask the school’s financial aid office about institutional grants.
3. Federal Work-Study
Work 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.
4. Federal Loans
Federal loans typically offer a lower interest rate than private loans. They are loans, meaning that 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 in federal loans. Federal loans are a common way that students pay for school.
5. 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.
6. 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.
7. 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.
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 employment. To learn more about Southern Careers Institute and ways to pay for school, just opt-in here.
This article was published on: 08/8/19 8:00 AM