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Ways to save money:

Choose a public, in-state school vs a private or out of state school:

  • According to the College Board, the average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities

Consider a 2-year community college before transferring to a 4-year program.

Working during college:

  • Allows you to pay for things out of pocket instead of financing them (books, room/board)
  • Real-world experience while going to school
  • Time management
  • Pay down interest while in school

Types of Loans

  • Subsidized
    • The government pays for interest during schooling
    • Stops 6 months after graduation
    • Can be reinstated during deferment
    • Must show financial need
  • Unsubsidized
    • Borrower accrues interest through all 4 years of schooling
  • Federal student loans
    • Allow for repayment options
    • Lose benefits if refinanced into a private loan
  • Private student loans
  • Parent PLUS Loans
    • Fixed interest rates
    • Flexible amounts

Repayment Methods

  • Income-based repayment options
  • Student Loan Forgiveness
  • Public Service Loan Forgiveness
  • Stafford Loan Forgiveness for Teachers
  • Only eligible for Federal loans
  • Loan consolidation

Things to Avoid:

Borrowing more than you need.

  • Try to pay for books, room, and board in cash. Interest accrues on your student loans for the entire 4 years (or more) of college. The more you pay in school, the less you will owe after.