The dreaded tuition and the stressful loans to pay for it.
By Lizzie Babashova
Staff Writer
At Anoka-Ramsey, we have the lowest tuition in the Minnesota State system, making it a little bit easier to pay for schooling. However, if you find yourself needing some help, here are some tips for some assistance with tuition using federal programs and loans.
How to Help With The Cost of Tuition * Apply for FAFSA (Free Application for Federal Student Aid). This form determines eligibility for student financial aid. You’ll never know if you qualify if you don’t apply. * According to a study by NerdScholar, high school graduates in the U.S. left more than $2.9 billion in free federal grant money unused over the 2014 academic year.
* Apply for as many scholarships as you can, including the ones offered at Anoka-Ramsey. Many students don’t bother applying for scholarships because they think they will never get one, but it’s surprising how many scholarships are out there.
* It’s in your best interest to go to college within the state in which you reside, as you’ll avoid the high out-of-state tuition costs.
* If both a public university and private college have the program you’re looking for, it’s a good idea to go with the public university. Public schools receive government funding, making it possible for them to have lower tuition rates than private schools.
* Consider getting a job that offers tuition reimbursement.
* Rent your books if you can. You’re never going to touch them once you’re finished with the classes. Otherwise always buy used rather than new of course.
* Consider signing up for Student Amazon Prime. You get it for free the first six months and then after that it’s half off their annual fee. So while others pay $100 a year, you’ll only be paying $50. Amazon has tons of textbooks available for rental. Plus, you’ll get free two-day shipping on the many items that are eligible for prime, as well as Prime Video which is a streaming network similar to Netflix or Hulu Plus.
How to Take a Loan Out and Other Important Information
* Do not take out a loan unless you absolutely have to, but don’t feel bad about it. Tons of people need to take out loans to make it through school. But do borrow as little as possible, borrow just enough to pay for your legitimate college costs. A student loan should be your last resort.
* When you have the choice, only take out subsidized loans. Unsubsidized loans begin accumulating interest while you’re still in school, while subsidized loans only begin accumulating interest once you’re finished with school.
* Always investigate the loan interest rate and if there is a late fee, early payoff, or any other unusual language that you feel uncomfortable with.
* Make sure you fully understand the cost and other terms of the loan before signing. The best options will come from the federal government.
* Ask someone who is more informed than you before taking out any loan. Most banks will explain things to you if you ask. Credit unions are non-profit organizations with their primary
objective being helping their members succeed financially. So they will definitely help you in every way they can.
* Loans and interest rates are dependent on your credit score and credit history. You are allowed to check your credit score once per year from each credit bureau, so take advantage of this.
* Taking the maximum loan time available will lower your monthly payment, however this will increase the amount of interest you pay. Although, you can always make additional payments to reduce the loan amount. This will allow you to float your money when times are tough because of the lower payment amount. Take the approach that is most beneficial for you.