Free College Event for Parents and Teens

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The Basics About Financing Higher Education

By Mathew Jade

Education costs have grown rapidly over the years, and students are finding it increasingly difficult to manage their finances. Funding for education is a challenging task, particularly for high school students who want to attend top-notch universities and unemployed individuals who wish to pursue different lines of work. Instead of settling for mediocre alternatives, you can still aim big by paying for your education in the following ways:

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Education Grants

You may consider applying for financial grants for educational purposes. Students can acquire educational grants from the financial aid office of their universities. The best thing about grants is that you don’t have to pay them back. The only hurdle is qualifying — which isn’t necessarily easy.

Scholarships

Excellent high school students are frequently awarded merit-based scholarships, which also do not need to be repaid. The qualification for these scholarships varies, but often requires the student to have great grades and high scores on scholastic aptitude tests.

Work-Study Employment Plans

Some students work on a part-time basis to generate funds for their education. To this end, you may consider applying to your university to see if employment opportunities are available. The U.S. Government currently provides a 60 percent wage subsidy to employers of students engaged in work-study programs.

Internships and Trainings

On-the-job training opportunities and internships may allow you to to combine class attendance with full-time work. Although internships do not provide big financial compensation, they do allow students to gain practical experience, enabling them to decide about their major and possibly resulting in a job offer from the company they worked for.

Private Loans

By requesting private education loans from your friends and family, as well as from various other private sources, you may be able to cover hefty fees and pay them back in installments. Student loans can usually be arranged at either fixed or compound interest rates, which normally require a financially sound co-signer and a credit check if the loan provider is not satisfied with or unaware of your credit history. Many people believe that it is nearly impossible to repay students loans, but that’s not true; there are organizations that provide counseling for students to help them with their repayment structure.

Tax Breaks

Students may be able to get tax deductions in addition to credits towards tuition, costs, fees, and interest from student loans. However, these options are only available after paying tuition fees, and are more like rebates than discounted tuition. You can learn more about education tax breaks on the internet at government tax sites. Families can also qualify for tax breaks for their children’s education.

Mathew Jade is a passionate blogger who loves to write on Economics and finance-related topics. For further updates follow @Mathew_Jade

 


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Looking for Money for College? Check Out These Suggestions

By Ruth Ann Monti

Unless you never take your earbuds out, you’ve no doubt heard the horror stories about student loan debt. The average college graduate left school in 2012 with $29,400 in student loan debt, according to the Institute for College Access & Success. That’s a lot of debt for people just starting out. If you’re entering college or considering it, think about how you will pay for tuition without going into (much) debt. It is possible, but you need to research and plan.

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Is Relief in Sight? Top Tips to Manage Your Student Loan Debt

By Chris Gates.

Total student loan debt in the United States was $1.2 trillion last May, before the 2013-14 school year even began, according to the Consumer Financial Protection Bureau. The Institute for College Access and Success reports that the class of 2012 carried an average debt load of $29,400, nearly $3,000 more than the class of 2011.

Congress attempted to throw current college students a lifeline this past summer, passing the Bipartisan Student Loan Certainty Act of 2013. The bill, signed into law by President Obama on Aug. 9, lowers interest rates on nearly all new student loans taken out after July 1, 2013. Some in Congress believe more needs to be done—for example, Sen. Elizabeth Warren, D-Mass., wants students to get the same 0.75 percent rate on loans that the Federal Reserve gives to big banks. While Congress tries to figure out a solution, borrowers need to address their individual situations. A few ideas to get you started:

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