Given the high charges of education these days, covering expenses of a college education can be a big headache. As per the surveys, costs of undergraduate tuition fees, accommodation and board for the academic year 2017-2018 will tantamount to $25,000 at a public college. The budget is doubled in case of private institutions, which charge you $46,950 per year.
As a parent, I had to plan effectively to cover the expenses of my ward’s college education. I’ll answer some of frequently asked questions about funding college fees in this post.
- What do I need to know about the budget?
Funding a college education is an expensive affair. This is why, you need to start saving for your higher education fund. College education is not just about tuition charges, and you need to consider accommodation, food, college supplies, books, etc. Before you proceed, make sure you have planned your budget effectively.
- Who will pay for my college fees?
There are various ways to cover your college expenses. You can apply for federal Stafford or Direct Loans by completing the Free Application for Federal Student Aid (FAFSA). Make a suitable payment plan by considering all the viable options available to you – parental aids, bank account savings, loans, and incomes.
- Should I consider a work-study program?
Paying your loan can be burdensome task if you don’t have a payment plan. I would suggest a part-time job or a work-study program to help you manage your funds subsequently.