Best Smart Ways to Pay for School

Do you know you can make decisions on smart ways to pay for school? No matter what school you attend, college is expensive. In this article, the Wall St. CheatSheet compiled the following options you have when it comes to approaching your tuition. Keep reading to know more about the best smart ways to pay for school instead of piling on student debt. 

Here are some tips on the best smart ways to pay for school:

  • Apply for Scholarships: Fastweb’s database has scholarships for every type of student so you just need to let us find them and apply. You can’t win if you don’t apply, so apply for as many scholarships as possible. Scholarships are also one of the smart ways to pay for school.
  • Enter Contests: Similar to scholarships; entering contests is another smart way to pay for school. From essay contests to sweepstakes and promotions, there are endless options available for every student. While some may take a little more effort, it will definitely seem worth it once your tuition bill arrives!
  • Negotiate Your Tuition Rates: Believe it or not, contacting your admissions office and asking for a better rate can actually work. You never know until you try! The worst they can say is no and- if they say yes, you’ll save on tuition.
  • Start a 529 or Coverdell Plan: This method is for those thinking about attending college in the future, but is still far off. Starting a 529 or Coverdell plan allows savings to be set aside for college through a section of the tax code. Consult with a professional when considering one of these plans, since plans vary based on the state you live in.
  • Arrange for an Employer to Pay the Tuition Cost: There are several different options when it comes to employers covering the cost of college tuition – and they include students of all ages. For instance, younger students can join the military, since members of the ROTC are qualified to have their college costs covered. For older students returning to school, employers will frequently pay for loyal employees to earn higher degrees, like an MBA, when the employee makes a dedication to work for the employer for a certain period of time. If you are not sure if your employer is willing to cover the cost of a degree, you are free to ask! It’s an advantage for the company to invest in its employees, so more employers are willing to cover costs than you might think.
  • Prepay the Cost of Tuition: Financial hardships can make it difficult to use this option but, when planned for, it can be very helpful. However, if you decide to prepay tuition, many schools allow you to lock current rates which means, if the cost of your college rises, you still won’t have to pay more, which is actually good news.
  • Apply for Student Debt Forgiveness: If you have already obtained student debt this is the option for you. It’s most vital for those who have already graduated since you apply through certain employers. Employers affiliated with charities or the governments are your best bet- since many allow workers to apply for student loan forgiveness. If you’re a recent graduate and are looking for ways to reduce your student debt, try looking for employment at companies, like Teach for America or working for the government. If you are also looking to reduce your debt quickly, some firms are even willing to pay off student debt in exchange for a salary reduction.
  • Apply for Government Aid: Ever heard of a fun-filled document called the FAFSA? While filling it out may not be a blast but it is a great way to get government assistance to pay for school. You can learn more about the FAFSA here which includes basics like what it is, where to apply, and how to fill out a FAFSA form.

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