Paying for College
Offers to Help Your Budget

Paying for college can be a challenge, particularly with the rising cost of tuition, housing and books. Fortunately, there are several options available to fund your education, so you don’t have to give up your dream of getting a degree.

Scholarships

Scholarships come in all different shapes and sizes and may cover full or partial tuition. They can be:

• Need-based: awarded to those who have the greatest financial need
• Merit-based: for students with high grades or standardized test scores
• Athletic: for the athletically gifted
• Regional: offered by a local newspaper or other community organization
• Alumni: for students who have a relative who attended the same university

Grants

Grants, like scholarship money, do not have to be paid back. When you fill out your Free Application for Federal Student Aid, or FAFSA, you are also automatically applying for certain grants. Grants may be awarded depending on need, degree program or if you are working or researching within a specific field.

Work-Study Programs

The United States government has established Federal Work-Study Programs to help cover the expenses of students who demonstrate financial need. These Work-Study Programs usually encourage a student to work in their field of study or within the community in which they live. If you participate in a Work-Study Program, your employer is required to pay you directly, unless you request your paycheck be automatically put toward the expenses associated with your college program. Work-Study Programs can be a great way to make paying for college more affordable, while providing you with viable work experience that will look good on your resume.

Federal or Private Student Loans

You may also choose to take out federal or private student loans. Federal loan programs are funded by the United States government, while private loans are funded by banks, corporations or credit unions. Loans may be a good option for financing your education, but remember to shop around for the one that best fulfills your needs. Also, keep in mind that student loans, just like mortgages or car loans, are serious business and you will be expected to repay them.

Editorial is provided by the LendingTree.com Smart Borrower Center.