Paying for College
Paying for College is as easy as 1, 2, 3…
1. Scholarships & Grant Money – Money you do NOT have to pay back
- Awarded based on merit or financial need
- Apply throughout college career
- Awarded based on financial need
- Typically funded by federal and state government
- Post 9/11 benefits
- Montgomery G.I. Bill
- Yellow Ribbon Program
> Tuition Assistance
- Tuition reimbursement from employer
2. Your Money – Money paid out of YOUR pocket from savings or earnings
>Earnings from work
>Support from family or friends
>Personal savings
3. Borrowed Money – Money that YOU PAY BACK with interest
>Federal Loans – your first choice
- -Multiple repayment options
- Stafford Loans – non-credit based
- Parent PLUS Loans – based on family credit history
-Lowest interest rate
– Direct
– FFELP
> Private of Bank Loans
- Based on financial history (requires good credit)
– Co-borrower is often required
– Higher interest rate
3. Institutional Financing (APEX)
- Available when all other options have been exhausted
– Co-borrower may be required
– Higher interest rate