What Options Do You Have For College Finance

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Unless you are a trust fund baby, which let’s face it, few of us are, then you need to start thinking about paying for your college education sooner rather than later. Even though there are many people out there who have found incredible success despite not receiving a college education, people like Richard Branson, Bill Gates and Mark Zuckerberg for example, these entrepreneurs are very much in the minority. Generally speaking, those with a college education are far more likely to go on to great things in their career than those without and it is highly recommended that you head to college after high school and study hard.

Tuition fees are not cheap and if you want to finance your college degree then here are the options which you have in front of you.

Save and Work

Let’s start with the most difficult way to put yourself through college, working hard before you start and saving up and then working whilst you are at college. The huge benefit of this method is that you will come out of college without a cent of debt, the downside however is that you are unlikely to have much of a social life and will likely miss out on the life experiences which a college education can give you. You will need to be super organized if you think this route is for you and also be incredibly self-disciplined.

Scholarship

If you fancy yourself as the next Tracy Emin, Lea Michelle or can play football like Mack Prioleau then you could be in for a free education. Scholarships are free education packages which are handed out as a reward for excellence in the arts, sport or for outstanding academic achievement. Whilst these are a great opportunity it should be considered that the term outstanding means exactly what it says and you will need to perform to an incredibly high level in order to be accepted for a scholarship as there are only so many available for each college.

Student Loans

Whilst student loans are the most popular form of financing a college education, they are also the most loathsome as it means that a young student will leave college with a mountain of debt before they even enter the world of work. Student loan repayments are very reasonable and you only pay a small percentage of your salary each month until the loan is repaid. If you haven’t got a job then you won’t pay a cent until you do.

Grants

For those coming from a position of financial hardship they can apply for a grant, this is like a scholarship in terms of it being a paid-for education which does not need to be repaid. You will need to prove your current financial situation and you need to bear in mind that there is not an everlasting pot of money so not everyone will get approved.