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Let's begin with some general advice:
Beware of
Sticker Shock: Undoubtedly, there are going to be
large numbers thrown around in your research and discussions
with schools. Don't dismiss a school because of its
high cost. Learn more about the school's financial aid
policies and consider the benefits of an education from that
institution. Then, relate those factors to your
resources and how you might meet the costs.
Do as much
as you can: Really get a handle on your financial
circumstances. Develop a budget of your monthly income
and expenses and figure out if you can pay educational costs
from assets, savings or cash. Remember, every dollar you pay (rather
than borrowing) will save on repayment and interest charges.
Always
consider "Cheapest" options: We do not
mean the cheapest, lowest cost school - You should be
looking for the best deal. That includes considering
the total costs and the total financial aid package,
including the types of loans offered to you. Everyone's
goal should be to minimize the amount of finance and
interest charges associated with your education. With
that in mind, choose scholarships and grants over loans, pay
as much as you comfortably can from your income and assets
and choose the lowest cost loans that you can afford.
Never stop
looking for aid: There are numerous scholarship
searches, organizations and foundations that may be able to
help. Take an active role in seeking these resources
and start with our Scholarship
Search page.
The
Department of Education provides a wonderful online
resource -- "Funding Your Education". Click here
for details.
Click
here for the next page>>
Calculating costs and financial
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