How to Pay for College – Tips and Tricks To Pay Less and Pay It Off Faster

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Paying for college is stressful and can be a very overwhelming process. On the bright side, there are numerous ways to get money for school. Check out these tips and tricks on how to pay for college.

Six tips on how to pay for college while you’re in college.

1.Try to get a job on campus

There are tons of jobs on campus through work-study programs or at a shop in town. Working part-time while taking classes will help you have extra money to pay for expenses and tuition. Apply to be a Resident Advisor because you get to live on campus for free and you get paid!

2.Apply for scholarships

Thousands and thousands of scholarships are available to students that will help cover the cost of tuition and other school expenses. Make sure you do some research and apply for them because the money really adds up. Check out Unigo, Scholly, and FastWeb. Scholarships make a difference each year because the amount of school aid students receive tends to drop as the student progresses beyond freshman year.

3.Make sure that you claim your financial aid

Over two billion in aid goes unclaimed every year because many students fail to apply for financial aid. Students should make sure to file their FAFSA every year that they’re in school in order to claim any federal and in many cases state aid that they are eligible for.

4.Consider negotiating a lower tuition with the school.

Depending on your circumstances, you can try to appeal your aid award and ask for more financial aid from your school. Explain your family and financial situation to the office and why you can’t afford the net price out of pocket.

5.Reduce your expenses.

Try to cut down on spending by buying or renting used textbooks, walking instead of driving on campus, cooking your own food or using your meal plan.

6. Start paying off your loan early.

If you start paying interest on your loans while you’re in school or right after you graduate, you’ll have a smaller bill when you graduate. Talk to your loan provider about your options. This will aleve some of the stress!

Five tips on how to pay for college after you graduate.

1.Choose the best repayment plan for you.

Make sure you pick a plan that you can actually afford to pay. There are many types of plans, such as income-based repayment, income-contingent repayment, and extended repayment to name a few. You can also consider refinancing your loan to get a better rate.

2.Find a company that offers to pay off some of your loans.

A lot of companies are coming up with new incentives and perks for employees. Free food and gym discounts are awesome, but money to pay off your loans is even better.

3.Create a budget for yourself.

Make sure you have a budget for yourself so that you do not become overwhelmed with all the bills you have to pay. You should be aware of the money you have coming in and all of the money you have going out towards expenses. Mint is a great budgeting app to help you visualize all of your incoming and outgoing payments. It keeps all of your expenses organized for you by linking your bank account!

4.Use your extra income.

If you have extra income, whether it be from a side job or tips, use that money to prepay your student loans so that your interest is reduced over time. It will help you pay off your loans faster. Start by organizing your budget and having a second savings pool that you can use to pay off some of your loan. For example, if you got a bonus at work or an extra large tip, use some of that money to pay extra on your loan.

5.Work on paying your most expensive loan first.

If you pay off the loan with the highest interest rate first, you’ll benefit in the long run. A loan payment with a high interest means you’ll be paying more over time, so by paying this one off as quickly as possible, you’ll save more money. Create a spreadsheet to organize your loans to understand how much interest is tied to each loan and what your monthly payments would be.