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Plan to Pay

Plan to Pay

Paying for your college education may seem like an overwhelming task. Although your parents may be there to help, it is YOUR education and at least partly YOUR responsibility. Paying for college may require you to borrow student loans and/or work part time. Follow the tips below to help you fund your education.

Get Free Money First
Apply for all types of financial aid, especially scholarships and grants (which do not have to be repaid). Check with your financial aid office for scholarships, grants, work-study or other student employment options for which you may qualify.

Budget
The importance of making a budget and following it can't be stressed enough. Developing a budget isn't hard and is the key to staying in control of your money. Set realistic spending goals and stick to them. Use a budget calculator to help.

Borrow Wisely
If you still need money to cover your college expenses after you have exhausted your other options, student loans can help. Remember, use your loan money for college, not your lifestyle. Student loans are real money that must be repaid -  with interest - so borrow only what you need. Be sure to exhaust your federal loan options before accepting a private loan. Use a student loan calculator to estimate your future monthly loan payments.

Work
You may decide to pay for some of your college expenses by taking a part-time job. The extra income means having to borrow less in student loans. Part-time jobs can include work-study and jobs on and off campus.

Save
Instead of borrowing a loan for spending money, work in the summer and save for the "extras" (going out to eat, movies, etc). Get in the habit of saving all of the time, even if it is only $5 a paycheck. Although money may be tight, you can still save up for special purchases or trips - like Spring Break! It is one habit you will be thankful for later.