Thursday 8 September 2011

Pay for School in Five Steps

SimpleTuition helps you plan, pay less and pay back smarter on your college expenses.
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Our formula for financial stability

Even though your tuition bill isn't a tractor or a thief, it will plow over you and pick your pocket if you aren't prepared to pay it—so compare private student loan options now and find the money you need to cover what you owe.

But paying for college doesn't need to be so intimidating or dangerous. Here's how to pay for it while keeping more of your money in the bank:

  1. Know what you owe. One of the costliest mistakes new students make is borrowing too much or too little. It pays to crunch the numbers first. Remember that costs don't stop at tuition. You've got books, transportation, and a myriad of small expenses that add up. But don't go overboard because each extra dollar you borrow is an extra dollar you have to pay back with interest.
  2. One mantra to remember: use free money first. Get help from your parents. Use your savings. Give Grandma a hug then steal her purse (but really, don't). Search for scholarships and grants. Call your school's financial aid office and politely ask for more aid if you truly have the need.
  3. Earn and save creatively. Remember your tax deductions for tuition. Apply for work-study. Consider tuition payment plans. Don't play the lottery with your loan disbursement.
  4. Fill out the FAFSA and max out your federal loans. Their low, fixed rates make them a student's best friend—meaning you can get rid of that smelly dog and cuddle with your wallet instead.
  5. If you're considering a private loan, compare your options. Rates and borrowing terms change and the difference in cost over the life of the loan can be substantial. A few clicks can save you thousands.

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