Top Tips on Paying for College

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Going to college is likely one of the most expensive things you will ever have to pay for and can be incredibly straining on some individuals and families, but is worth its price to many of those. Paying for college can be challenging, but there are tips you may or may not know that can help you afford this costly step in your life. Here are the top tips to help you pay for college.

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Apply for Financial Aid

The first thing that most people think about is applying for financial aid, which is a very important step. You should immediately apply via FAFSA, Free Application for Federal Student Aid, starting October 1st. While you have until June 30th to fill out your application, many schools give out financial aid on a first-come first-served basis.

What you may not know is that financial aid comes in many different forms, from loans which you have to pay back and should be a last resort, grants and scholarships, which you do not have to pay except for in certain circumstances, and a work-study, which provides part-time employment while in school. Juggling work and college can be very difficult for some people, so evaluate which type of financial aid is best for you.

Apply for Scholarships

While a type of financial aid, applying for scholarships deserves its own section. There are hundreds of scholarships, large and small, that you can take the time to apply for. These include writing, affiliations such as a certain club or religious group, certain majors or professions, and more!

Some may be smaller amounts of $250 or less, while others can be $20,000 or even full tuition. No matter how great or small a scholarship may sound, you should still apply. One of the most helpful mindsets to help you pay for college is that every little bit counts. Remember, scholarships are essentially free money, so there is no harm in looking for and applying for them!

Start Saving Early

You should also consider saving as much as you can as soon as you can. Getting money to save can come in many forms, and we understand it is not always feasible depending on your financial situation. You may need to start budgeting and suggest less costly hangouts with your friends. If you have a job, set aside a certain amount each paycheck into a savings account that is purely a college fund. Do not dip into it early unless absolutely necessary! You can also put aside money from holidays or birthdays towards your college fund. Remember again, every little bit counts.

Consider Multiple Schools

As you likely know, some schools are much cheaper than others, but that does not compromise the education you will receive. While you are trying to afford school, you may not even consider applying to the more expensive schools, but this is a big mistake. Oftentimes, private or more expensive schools give out more financial aid to cover the extra expenses in their tuition. You never know what a private school will offer you to attend as opposed to a cheaper or public school. If it is still too much, then at least you tried!

Where Should You Live?

While tuition itself is expensive, room and board is also a very costly choice. If you live close to your dream school, you may want to stay at home and commute rather than live on campus. Many schools require that first-years live on campus, but make exceptions for commuter students. Not only that, but some schools offer grants for commuter students, which can help you save even more!

If you do not live nearby, an apartment may end up being much more expensive than living on-campus, considering you will have not only the rent, but utilities such as water, gas, electricity, and most importantly, Wi-Fi. It can vary from school to school, so look into the on-campus room and board costs versus living off-campus as well as weigh the pros and cons of each location to determine which is best for you!

What Happens Next?

Paying all of this money can be nerve-wracking. What happens if you fall ill or are unable to finish the semester for whatever reason? Most schools do not offer any kind of reimbursement. Will you lose out on all that money? Luckily, GradGuard tuition insurance has your back. In cases of serious injury, illness, or mental health issues, GradGuard protects your investment by covering costs for tuition and room and board.

Not only that, but GradGuard will keep your family updated, get you home, and arrange for any vehicles to get back home safely. GradGuard Tuition Insurance can take a weight off your shoulders after working so hard to pay for your education! You do not have to worry about completely losing all that money in the worst-case scenario.

By following these tips, you can pay for college and protect yourself!

It’s no secret that college costs a lot of money. Make sure your investment in higher education is protected with GradGuard. Our affordable tuition insurance and renters insurance plans are specifically designed for college students. Customizable plans make it easy to protect your tuition, room and board, laptop, bike, and so much more.