What does your financial future look like? Do you have loans and scholarships? Have you taken charge of your finances?
Depending on your current finances, you may or may not be in charge of your financial future as a college student. You may have also seen the scary topic of student debt all over the news. Even if your parents are helping you pay for college, you still want to be aware of how that impacts your finances after you earn your degree. If you have to take out loans, apply for scholarships, or work to pay for your college tuition, you’ll find some handy information in this post. It doesn’t hurt to be prepared for your financial future!
1. Putting the “App” in Apply
Did you know that you can apply for financial aid right from your smart phone? The U.S. Department of Education has made it easier to submit your Free Application for Federal Student Aid (FAFSA) with an app! No more excuses because registration opens October 1st.
2. Explore Scholarships
If you need help paying for college, scholarships will help immensely. While it seems like that money can be out of reach, many organizations grant scholarships for many qualifications such as: first generation students, your career field, athletic ability, artistic ability, GPA, etc.
3. Choose Your College Wisely
While financial aid and scholarships can cover some of your tuition, depending on the school, you may be short by thousands of dollars. This is where school choice factors in — also, if you feel your current institution is too expensive, consider transferring. For some colleges, by staying local and living at home, you can cut your expenses in half! Another option is choosing a school where you can earn merit-based aid with your ACT or SAT score. Even if the school you like the most is expensive, some universities have their own grants that will cover a significant portion of the tuition each year.
4. Find a Campus Job or Apply for Work Study
Many colleges and universities offer job opportunities for students who may need extra money for tuition and other expenses. You can find out more about work-study programs through the Federal Student Aid website or through your own institution.
5. Take Advantage of Tax Credits
What is a tax credit, you ask? When you pay for your own tuition and fill out your tax forms, you can apply for one of two tax credits: The American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit. In other words, you can save up to $2,500 per year with these tax refunds!
Come back to the Future Institute Blog for more advice, tips, and tricks to help you get through college!