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.
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