If high school is coming to an end, you might question the next best
step to take in your career. As you might have limited money in the bank, you may
believe you don’t have the finances to fund a college education.
However, there is a misconception that you will need a large nest egg
to earn a degree and improve your career opportunities. So don’t set your
professional dreams aside and learn how to pay for college in four easy steps.
Step 1: Find an Affordable Online Degree Program
An online degree program could help you achieve your professional and
academic goals without blowing your finances. It doesn’t matter if you want to
become a nurse, social worker, or business consultant; you can pick an affordable online program in Michigan to gain the knowledge and skills to thrive in a role. Plus, you can
choose from various flexible payment options to match your finances, so you can
study and pay for a program at a time and pace that suits your needs.
Step 2: Pay for a Program with a Part- or
Full-Time Job
If money is a problem, find a part- or full-time job to boost
your income while studying for a college degree. As it can help you pay for a
program, it will remove some of the financial pressure off your shoulders and allow
you to focus your attention on your studies. While juggling an education with a
job will not always feel easy, you could receive 24/7 support from online
tutors and a support plan to achieve your academic goals without stress.
Step 3: Apply for a Grant
Online students are entitled to the same grants, financial aid, and
loans as on-campus students. Most grants are awarded by a college, state, or
federal government and are based on your financial needs. To apply for a grant,
you will need to fill in the Free Application for Federal Student Aid (FAFSA) and report your
income.
If an application for a grant is approved, it will be listed on the
financial aid award letter, which may arrive with your college acceptance
letter. You do not
need to repay a grant, and you could receive an average of $5,000. If you are
applying for a Federal Pell Grant, it is
capped at $5,920 per year and available for families who have an annual income
below $30,000.
Step 4: Consider a Loan as a Last Resort
If a part- or full-time job and/or a grant doesn’t cover all the cost
of tuition, you could apply for a loan to pay the remaining fee. Most students
use loans to fund 20% of their degree, but it should be a last resort when paying
for an education. To secure the lowest interest rate and borrower protection,
apply for a loan from the federal government over a private investor. Again,
you will need to submit a FAFSA form to apply for a student loan.