The Ultimate Guide to Paying for College

College Loans

College is expensive, that’s a given. Of course you can do take out a loan and have the insurance that you’re not paying out of pocket, but that loan will come back for you at some point or another. I wanted to write this article simply to showcase the alternatives of college loan insurance and other variations of paying for school, without paying hundreds of thousands of dollars out of pocket.



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Let’s go back to basics. You’re going to need textbooks, school supplies, and housing to even survive on campus before classes begin. Some campus’ allow you to have your car on campus, my one and only tip is to make sure that you have adequate car insurance if you keep your car on campus. Many college students in a rush to class will be reckless and park wherever their car will fit, so if you’re proper ally covered by a reliable car insurance company then you’re all set.

Now, let’s move on to one of the most notorious topics of college education to date, loans. Over 80% of students attending universities have taken out college loans. The best type of loan that a college could receive is a fixed rate secured base loan. Whether you’re a freshman in a 4 year university, or you’re in graduate school, loans are almost always surrounding you and hovering over your head slowly dropping checks down for your to keep up on your payments. The best way to go about gaining a college loan to search for scholarships, there are a ton out there! If you’re passionate enough about a certain hobbies and can prove that it truly applies to your education then chances are you can find one or two scholarships to support your efforts and throw you a little cash to put towards furthering your education. There are some very popular scholarship programs such as the Parent PLUS Loan, or the Perkins loan. The Parent PLUS Loan offers interests rates as low as 7.21%, and the Perkins Loans has an interest rate of 5%. However, the maximum amount for this loan is $4,000 a year with an maximum of $20,000 per student. Which although is extremely helpful, depending on the school you go to it might just be a drop in the bucket.

Another option the spotlight isn’t always on is mortgage and home equity loans. I know this might sound far fetched but hear me out. Many times parents will take out a new mortgage on their home to have the liquid funds to pay for college. Then again, many parents money is tied up in 401K’s an inaccessible by any means until a certain date (which might be for the best), but by them mortgaging their home, and freeing up some cash for college, depending on the program and degree that you’re going to school for, it just might pay off.

Insurance

insurance-management



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Lastly, let’s be honest, college can get a bit crazy sometimes. I mentioned earlier that having proper car insurance to cover any type of accidentally fees from a car crash can help, from somebody nicking your door in the parking lot to t-boning you rushing to class. Of course we’re just college students trying to have fun, but throughout your four years at a university, you’ll most likely run into a student or two who has had some legal trouble on campus. Having a criminal lawyer or any type of criminal deference lawyer on speed dial could be a good idea. Renters insurance is also something to consider incase you have a shady landlord or even worse something gets stolen from your house off campus, which then you should be able to claim it under renters insurance, providing that you can show valid police report documents reporting the case if reported. Either way, considering any type of insurance is a great idea to stay safe throughout college.

Graduating on time:

Graduation

As a senior in the fall, I cannot stress enough getting the classes that are required out of the way as soon as possible. Online classes can be your best friend early in college or in your concluding years. Online classes give you the freedom to travel and not be stuck inside of a classroom for hours on end. Many times, online courses can also be quite challenging, due to them being strictly online with concrete deadlines and limited instructions based on the professor. Online colleges are the same way, but depending on the type of lifestyle schedule you have, it can work in your favor or against it.



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