So, you got into the college of your dreams. Congratulations! But now you need to figure out how you’re going to pay for it. And as well all know, college doesn’t come cheap. After factoring in scholarships, grants and other forms of financial aid, it’s still more than likely that you’ll turn up short. That’s where student loans come in.
You should think over student loans very carefully before deciding to apply for or accept them. According to StudentLoanHero, Americans owe more than $1.48 trillion in student loan debt, and the average student loan debt for Class of 2017 graduates was $39,400. It’s easy to let them pile up, and they can plague you long, long into your adulthood. (Just check out these horror stories if you don’t believe us.)
Apply for financial aid and scholarships before considering loans
While many might think they don’t qualify for financial aid, it’s always worth applying, especially because it’s free. Students should be sure to fill out the FAFSA (Free Application for Federal Student Aid) every single year. This can help them qualify for grants from their schools, as well as from the federal government, such as Pell grants and Supplemental Educational Opportunity Grants.
Those who don’t qualify for grants, which are need-based, might still qualify for scholarships, which are merit-based. Students who don’t have much luck with scholarships from their colleges aren’t out of luck yet. There are plenty of privately funded scholarships out there. Scholarships, like grants, are great because they’re basically free money – they don’t have to be paid back.
Sites like Niche and Scholarships are great for finding available scholarships. It’s best for applicants to cast their net wide and apply for anything they think they might be eligible for; these scholarships are typically pretty competitive, so it’s best to apply to a lot.Continue reading