12 Quick Tips to Help Pay for College (Part 1) March 3, 2010
Paul Partridge discussing 12 tips to help you pay for college
During these difficult times you don’t want to overpay for college. Today I’ll give you six tips to help reduce your college costs, and tomorrow I’ll give you six more. Read on for the first six tips!
- Take steps to help improve your eligibility for college financial aid. If a negative life-changing situation has struck like a job loss, try to avoid dipping into your retirement plan. The higher income will reduce your aid eligibility, not to mention the early distribution penalties and additional income taxes.
- Apply for college financial aid—even if you think you won’t qualify. One, because you never know, and two, because some schools won’t give you merit aid unless you submit the FAFSA. Make sure to apply by the priority deadline.
- Do not rule out colleges you think may be too expensive. Many private colleges increased their financial aid budgets to attract students. But always have a back up plan to either an in-state college or community college in case financial aid won’t cover your costs.
- Take a realistic approach to how much debt you can incur based on the entry-level salary for the major and career you have chosen.
- In addition to aid, take advantage of all education tax benefits you can claim on your taxes; money saved on your taxes is money that can be put toward tuition.
- Start researching college financial aid possibilities now. Do not wait and risk the chance of missing a deadline. Keep in mind that the competition for financial aid has increased greatly due to the weak economy.
