(ARA) – Even though the economy has slowed down, college applications are up. Many people are enrolling in undergraduate programs or going back to school for an advanced degree.
But, unfortunately, some people don’t consider pursuing a degree because they lack the finances. The costs can be steep. During the 2009-2010 academic year, the average annual cost of a public four-year degree was $7,020 and for a private four-year degree, $26,273, according to The College Board.
The good news is there is money out there to help you pay for tuition and room and board — you just have to find it. Here are some tips:
* Apply for every scholarship or grant you can find.
It may seem like a full-time job searching for and applying for scholarships, but the dollars do add up. And they’re free. Start your search early — many scholarships have deadlines. If you’re a high school student, begin with your high school guidance counselor for a list of local resources, and then move on to the college you plan to attend. Educational websites are also good sources for scholarship information — but remember, the information should always be free. Don’t expect large amounts and the competition will be fierce for these scholarships. But smaller awards of $1,000 or less typically have fewer applicants and are easier to obtain.
* Plan to earn some extra cash.
Working and going to school at the same time is very common for today’s students. Some are earning money for tuition, others for living expenses. You can apply for the Federal Work Study program, find a job on campus or look for something off campus. Graduate students can look for teaching assistant or research positions, which sometimes offer tuition discounts in addition to a salary.
* Apply for federal aid
Student loans are some of the most commonly used financial tools. Use the following steps to apply for financial aid:
1. If you filed an extension for your 2009 taxes, get them finished immediately.
2. Fill out a Free Application for Federal Student Aid (FAFSA form) and submit it as soon as possible.
3. When you receive the Student Aid Report, double check the information, and make corrections if needed. Return the report.
4. You will receive an award letter containing all the details about the financial aid you can receive. Consider your options carefully — look into your anticipated tuition costs, living expenses, and the cost of books and supplies. Reply with your acceptance before the deadline. If you have questions, contact your school’s financial aid office.
* Get a private student loan for the rest of your expenses.
Private loans are often used in addition to federal student loans when you find you still need more financing to cover the cost of your education. U.S. Bank offers a No Fee Education Loan for students enrolled part-time or more and making satisfactory academic progress in a bachelor’s degree or post baccalaureate program at an eligible college or university. Students receive the full approved loan amount, and let’s face it, every penny counts, considering the expense of books, laundry and food. Visit usbank.com/studentloans or call (800) 242-1200 to learn more.
