According to an article on WallStreetJournal.org, despite the current credit crunch, students may have an easier time finding sufficient funding for their educational goals. The article highlights often overlooked yet effective ways to get the loans you need to pursue your education.
Ask & You Will Receive
Even the most stubborn students should recognize when they need help financially and ask for assistance from the right people. Before applying for either private or federal student loans, individuals should contact their schools first. Finacial aid personnel at institutions work around the clock with current and potential students, enabling many of whom without aid could not reach their educational goals. A school's financial aid office quickly determines who is qualified for federal and private loans and works to negotiate a fair, managable repayment plan.
Make An Offer
For many potential students, securing a loan on your own can be difficult, if not impossible. In order to expediate the loan process, many loan institutions recommend applying with a creditworthy co-signer. As an alternative to federal PLUS loans, students are encouraged to draft an official document stating the student will split or repay all of the loan with their co-signer.
Work Hard for the Money
Though it is a less desireable option for many, students should consider applying for a federal work-study program at their educational institution or an outside part time job. Beginning a job while still in school will alleviate much of the financial burden awaiting a student upon graduation. However, students must devote enough time to their studies.
If you've found our tips helpful, or if you have your own tips on financial aid, let us know! Post your comments below.
It's no secret that tuition for college or advanced degrees can be a big financial burden for parents and students alike. What you probably didn't know is that there are ways to fund your educational goals without taking out loans. Here's how!
1. Ask the IRS
You may loathe the IRS come springtime, but the International Revenue Service may come in handy when you're looking for money for tuition. For a single person with an income of less than $55,000 a year, or a couple who makes less than $110,000 a year, you can potentially qualify for a Hope and Liftetime Learning credit.
2. Grants Galore
These assistance awards are generally given due to outstanding education performance or if a student is enrolling in a specific program and needs assistance. Unlike loans, grants do not have to be repaid! For comprehensive list of available grants, go to EducationAlert.com.
3. There's a Scholarship For That?
Scholarships are available for practically everything under the sun. If you're left-handed, tall, short, enjoy skateboarding, or are just plain studious, there is a scholarship for you! Be sure to check Scholarshipsearch.com and FastWeb.com to research the qualifications for your scholarships.
4. Call 'Em Up
If you're panicking because you've gotten into your dream school and desperately want to attend but can't afford tuition, call the school! They don't know who needs money and who doesn't. Chances are, if you explain your situation, you might be able to negotiate a payment plan, or their Admissions office can help you find additional financial assistance.
If you're a working professional and are planning to attend college or enroll in an advanced degree, check out these pointers beforehand!
Check Your Company's Policy
Many companies offer tuition reimbursement programs. Prior to enrolling, contact the necessary personel (like human resources) to find out the percentage of tuition covered, if applicable. If your company does not cover most or all of your financial needs, grants, scholarships and loans can cover the remaining tuition costs.
Choose Courses Wisely
When considering what course you'd like to study, keep your employer in mind. If you're looking to advance the skills you use in your daily job, your empolyer will most likely provide tuition reimbursement. He or she will view the money spent towards education as an investment in you as a long-term employee, which will ultimately benefit the company. If, however, you're looking to move into a totally new career, consider other means for financial assistance.
Hit the Books, Earn More Bucks
If you're lucky enough to be in a tuition reimbursement program, be sure to study hard! Many programs give a percentage of the tuition based on the grades earned (such as a 'B' in one course = 75% reimbursement for that course). Earn those A's and you'll earn back the money!
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