Hawthorne Press Tribune
The Weekly Newspaper of Hawthorne
Herald Publications - El Segundo, Hawthorne, Lawndale & Inglewood Community Newspapers Since 1911 - (310) 322-1830 - Vol. 63, No. 25 - June 24, 2021
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Finance
Tips To Pay For Your Child’s College Education
(BPT) - College tuition bills are due right
around the corner. It’s true that college can be
expensive, but knowing all of the different financing
options available and making a plan can
help you and other parents find peace of mind.
However, it’s easy to feel overwhelmed
as you and your child evaluate the options.
According to a recent survey by College Ave
Student Loans, 71% of parents feel overwhelmed
by the cost of college. Fortunately,
you can ease these stressors by exploring
your options and selecting the ones right
for you.
“Even with college funding plans in place,
seeing your first tuition bill can be a shock,”
said Joe DePaulo, CEO and Co-Founder of
College Ave Student Loans. “After all, it’s
one of the biggest investments you can make
for your child’s future. Being aware of all the
financing options that are available to you can
help make the process less stressful and create
a path forward on how to cover college costs.”
The best payment methods will often depend
on your financial situation, but before you
make your decision, here are a few options
to consider:
If your child is looking to apply for
college financial aid, the first thing they should
do is fill out their FAFSA form. The Free
Application for Federal Student Aid (FAFSA)
helps the federal government, states and colleges
determine how much financial aid your
child qualifies for, including accessing federal
student loans.
The new 2021-2022 FAFSA form is available.
And because some states and schools
have limited funds, it’s crucial to fill out and
submit your forms sooner rather than later.
If your family’s financial situation recently
changed due to a job loss or a drop in income,
you may be eligible for adjustments regarding
your financial aid.
Some people think that if their child isn’t
a straight-A student, they won’t qualify for
scholarships. However, that isn’t entirely true.
Grants and scholarships are the most common
methods families use to pay for college, according
to the College Ave survey. There are
many types of nonacademic scholarships that
are available based on things like:
• Extracurricular activities
• Community scholarships
• Random prize drawings
Websites like Fastweb, Scholly, Cappex and
UNIGO all have resources for finding scholarships
that fit your child’s needs. College Ave
Student Loans also offers a $1,000 monthly
scholarship sweepstakes.
Grants are like a scholarship that come from
the federal government. The most well-known
one is the Pell Grant, which offers subsidies
that help students with significant financial
need help pay for college.
With Pell Grants, the amount is dependent
on a student’s expected family contribution,
the cost of attendance, the student’s enrollment
status and whether the student attends for a
full academic year or less.
A lot of students work part-time jobs to
support themselves while attending college.
Many schools will offer on-campus jobs as
a work-study option, which is financed by
government aid and connected to your FAFSA.
If you’ve accomplished the above and
you’re still looking for additional funds, federal
student loans can be a viable option. If
you qualify, you should receive a letter from
your school that details how much money
and the types of loans you can get from the
federal government.
One of the major benefits of federal student
loans in the student’s name is that they come
with a low fixed interest rate and multiple
repayment plans.
While federal loans are a great option, you
may eventually hit the annual borrowing limit,
depending on how much you plan to borrow.
If you do hit that cap, there are ways you can
cover the rest. Private student loans, like those
offered by College Ave Student Loans, can
bridge the gap between the aid you’ve already
received, and the amount you need to cover
the remaining costs.
Every family will follow their own path when
it comes to how they pay for college and will
likely need a variety of sources to help. That’s
why finding payment options that fit your budget
and your child’s future goals is important.
For more information on how to plan and pay
for school, visit collegeavestudentloans.com. •