There are right and wrong ways to pay for the high cost of modern education. Whether you’re headed to college or already a graduate, there are several effective ways to minimize the bite of tuition and other school-related expenses. Many working adults are still paying on one or more student loans, some of which are decades old. For them, refinancing is the solution that tends to work best. For those who are getting ready to attend college, one of the most potent tactics to keep costs down is to apply for scholarships.
However, the incremental approach also works well. That’s when students attend classes part-time for a few years while holding down a job at the same time. Graduates who still owe money can attempt to borrow against their homes to pay off loans or attempt to negotiate lower rates with lenders, but those tactics are last-resort methods. Here are the pertinent facts about the most reliable ways to cover the cost of college, either before or after attending.
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Refinance Existing Student Loans
Without a doubt, for those who have graduated from college and still carry student loan debt, refinancing is the smartest move of all. That’s because refinancing loans after graduation gives you a whole new agreement in place of the old ones. By refinancing student loans with NaviRefi, it can result in more favorable rates, additional time to repay the full balance, better terms, and lower monthly payments. This is especially important for working adults who need extra room in their budgets that comes with smaller monthly payments on a new, refinanced loan.
Apply for Scholarships
Choose one of the many scholarship search platforms, being careful to avoid the ones that charge fees. The companies who operate the websites offer a streamlined way to not only search for scholarships but also apply for them all at once through a single digital application form. Most are surprised at the amount of scholarship money that’s out there just waiting for eligible candidates. If you’re headed to college in the next year or two, spend time exploring the many opportunities for which you might be qualified.
Borrow Against Your Home
Since it might be tough to save money while in college and fund your educational costs at the same time, some homeowners consider borrowing against their homes to pay for an education. Unless you can get a phenomenal rate and are unable to refinance, taking out a second mortgage is not an ideal way to cover education debt. But some do it if all the circumstances are right. Refinancing your existing student loans can be a smarter method.
Take a Few Classes at a Time
One of the oldest and most efficient ways of paying for an education is the incremental approach. That’s when you take only the classes you can afford and work part time while attending school. For students who choose online learning, this can be an excellent way to acquire a degree, even though it usually takes between six and eight years to complete all the required classes. Consider starting out at a community college, where tuition rates are the lowest. After you accumulate two years of credits, move on to a four-year institution and continue using the incremental method until you graduate.