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How to finance college without drowning in debt
Tuesday, 06 July 2010 10:00
As any consumer who has tried to pay their own or someone else's way through higher education can attest, getting a degree is expensive.But there is a way for consumers to pay for college without taking on large amounts of credit card debt and massive private student loans, according to television station KNDO in Yakima, Washington. The first and most important step, the report said, is understanding the "true cost" of a college degree. Tuition is expensive everywhere - though public universities are more than $11,000 cheaper than private schools per year, on average - and those costs don't include things like housing, meals, textbooks and supplies.
The station also recommends consumers look into getting help from the federal government to pay for tuition. Filling out the Free Application for Federal Student Aid can open the door for nine federal student aid programs and more than 600 others administered by states and various institutions. Students can also seek scholarships, and not just those for academics. The report says that there are scholarships for everything from left-handed people to those whose parents work in certain professions. Anyone interested in getting a scholarship should seek them out online.
The report says that there are long-term savings accounts called 529 education savings plans that can help those who want to plan for the future education of young family members. The earnings of these accounts are tax-free in every state but Alabama. Further, there is grant money available for some students, though these are often not big enough to cover the entire cost of an education. A recent law was passed that limited federal Pell Grants to $5,500. The upside of these grants, though, is that they do not have to be paid back.
And for those currently in college looking to save some money, the report says that reining in credit card spending, or cutting it out entirely, is the best way to do it. Credit card debt is not easy to pay off thanks to high interest rates, and, because of the soaring cost of education, bills can pile up in a hurry even if students try to live within their means.
A 2009 poll from Sally Mae said that 92 percent of undergraduate students with credit cards use them to pay for things like books, supplies, and other school-related expenses. Thirty percent use them to pay their tuition as well.
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Top Articles to Help You Lead A Debt-Free Life
- Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
- Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
- Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
- Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
- Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
- How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
- 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
- Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
- Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
- Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.
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