Step 4: Pay For School

Once you have picked your school, the next step is to determine how to pay for it. Here are some options to explore:

Loans

An education loan is a form of financial aid that must be repaid, with interest. Federal law sets the maximum interest rates and fees lenders may charge for federally guaranteed loans, and nothing prevents a lender from charging lower fees.

Here are three types of education loans:

1. Student Loans

Many students rely on federal government loans to finance their educations. These loans have low interest rates and do not require credit checks or collateral. Student loans also provide a variety of deferment options and extended repayment terms. Student loans include the Federal Stafford and Federal Perkins Loans.

2. Private Loans Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders, and there are no federal forms to complete. Eligibility for private student loans often depends on your credit score.

Scholarships

Undergraduate scholarships and graduate fellowships are forms of aid that help students pay for their education. Unlike student loans, scholarships and fellowships do not have to be repaid. Hundreds of thousands of scholarships and fellowships from several thousand sponsors are awarded each year.

Generally, scholarships and fellowships are reserved for students with special qualifications, such as academic, athletic or artistic talent. Awards are also available for students who are interested in particular fields of study, who are members of underrepresented groups, who live in certain areas of the country or who demonstrate financial need.

School Financial Aid Office Web Sites

Look here for information about your school's financial aid policies and procedures, including application deadlines.

Tuition Payment Plans

Tuition payment plans are short-term installment plans that split your tuition into equal monthly payments.

School-Specific Scholarships and Fellowships

Scholarship and fellowship programs offered only at specific schools, including college-controlled merit scholarships.

College Partnerships Partnerships between certain community colleges and four-year colleges make it easier for students to transfer from a community college into a four-year college. Studying for two years at a community college can save the student a significant amount of money.

Go to step 5 : Manage Your Time

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