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How Much Does College Cost and How Can I Pay For it?

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How Much Does College Cost and How Can I Pay For it? 5/25/2018

How Much Does College Cost?

The cost of college has been steadily rising for years, and a four-year degree is no small expense. For the 2017-18 school year the average cost of a bachelor’s degree ranged from $9,970 for an in-state public school to $34,740 for a private school degree. This estimate only covers the cost of tuition, but there are many other expenses to consider when paying for college, like fees, supplies, room and board, and everyday living expenses. For example, for a private college in New York City, they estimate you will have to spend an extra $10,00 - $20,000 a year to cover room and board and all other associated college costs. As you can see, the cost of college can vary greatly, but no matter where you go, college is not cheap. So, how can you pay for college?

Get Creative with Paying for College

No matter how you plan on paying for college you can always get creative. Part-time jobs, or a student-work exchange can help pay for college, just make sure to inquire about this option when you receive your financial aid package. You can also use the equity in your home to help cover the costs through a Home Equity Line of Credit. Cut costs by buying used textbooks and supplies, being a commuter student, and sometimes just asking the financial aid office can yield the results you want! If there are still gaps in your college costs you should consider two popular options — scholarships and loans.

College Scholarships

Scholarships, a grant that does not need to be repaid, are a great way to pay for college and in 2016 nearly half of all students received scholarships. Scholarships can be given for a variety of reasons, from merit-based scholarships to scholarships for exceptional skills. There are corporate scholarships, disability scholarships, and Palisades Credit Union even offers a scholarship for high school seniors! Schools will often provide merit-based scholarships as part of your financial aid package; however, you can apply to as many third-party scholarships as you would like to help cover the cost of college. If you do receive a scholarship from a third party, like PCU, you can use that money not just to cover tuition but for any other cost, like car insurance and gas to get to and from class!

Student Loans

Many students get loans through the federal government and can take out up to $5,500 as freshman. After that private lenders are a popular option, like PCU. Student loans at PCU offer competitive rates to our members and benefits like .25% interest rate reduction when you enroll in automatic payments. You can apply online and receive quick approval, so you can have peace of kind that your education will be covered.

If you need help covering the cost of college PCU is here to help. Our student loans are a great option for any student or you can meet with one of our financial advisors to see what will best meet your needs.

 



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