How Much Does it Cost to Attend a College Nowadays?

The cost of attending college is often a big hurdle for a lot of undergraduates. Students always talk about having a full-time job, working long hours at the job, or double shifts while attending college to be able to cover the expenses. How much does college cost, though?

how much does college cost

Most colleges charge a tuition fee of around $10,000, which is affordable for a good number of people. Consider that this $10,000 is essentially an investment in your education as well as your career and it may not seem as bad. Of course, there are more expensive, private college options if you are prepared to shell out big bucks for them. They are, more often than not, at least three times the cost of the average college, coming in at over $32,000 each year. Remember that high tuition costs of these colleges also mean that more need-based grants are available to attend these institutions.

Money is no more than one part of the equation. More importantly, you need to make up your mind about what you want from a college, and if it can give you the best education and experience you are looking for. For all you know, you may sway towards the culture, special clubs, or programs. Assuming your grades and test scores make the cut, you can finally have a chat with the family to discuss how much college is going to cost.

PLUS – A vital student financial aid component

Parents of dependent undergraduates can now borrow any amount up to the total cost of college tuition with the help of federal parent loans also known as Parent Loan for Undergraduate Students (PLUS.)

PLUS is a need-based loan program; however, unlike other loan programs, it does require a credit check. Therefore, it is not always guaranteed in the same sense as other loans. You can be eligible for the loan only if you’re either natural, adoptive or step-parent of the dependent student. You can simply provide information on the FAFSA application in order to access college loans for parents.

Similar to other need-based loan programs, funds from PLUS are disbursed after loan and insurance fees have been deducted. However, there’s one exception: with PLUS, the amount of loan borrowed in excess of the student’s account balance at the time of disbursement will be refunded to the parent borrower instead of the student. The refunds are intended for the sole purpose of supporting the dependent student while in school. That said, some schools may have a by-request option allowing the funds to go directly to the student with parent borrower permission.

When it comes to paying for college education through financial aid, federal parent loans should not be overlooked. However, you must keep in mind that PLUS is a non-need based aid program and should be accessed only after all need-based programs are exhausted for the student.

Tips For Students Who Want to Know How to Pay for College

In today’s economic conditions, saving is most important than ever. Savvy customers always compare prices beforehand while shopping for everything. The same should be for college loans too.  There are many financial institutions that make college loans available to students who want to know how to pay for college. But how do you really get the best loan rates? Well, the first thing you need to do is to start comparing the loans. You should use a comparing tool to choose a lender and a loan program. When you are using a tool, apply for each of the programs you are eligible for. It is always attractive to choose a lender with whom you already have a relationship or a lender who is offering you the lowest rate of interest.

college loans for parents

The most vital factor in determining whether you will be approved for a loan or not is your ability to pay the loan you will borrow.  The college loans for parents are available on both variables as well as a fixed rate of interest. The variable interest rates may change over the lifespan of the loan whereas the fixed rates do not change. You might have observed that the promoted rates for variable rate programs are always lower than the fixed rate of interest. But, it is all up to you to decide which type of rate you choose and what repayment option you choose.

Explore all available options if you are keen to know how to pay for college. This will help you in making the right choice.

Three common ways to cover college costs

A college education today is outrageously expensive, what with the monstrous tuition costs, the expense of books, miscellaneous campus fees, transportation, dorm fees, and food. With the availability of plenty of ways to bring in the funds to cover college costs, however, paying for college is actually not all that challenging any longer.

Paying with loans

The most popular means of covering college expenses is by borrowing the funds from a bank. Every bank has a program that grants educational advances, even if you don’t yet have any established credit. Look around for loans with the lowest rates of interest and those that don’t start increasing until you finish your education. The college to which you are enrolling may also have a specific loan program that they would prefer you use.

Paying with work-study Jobs

Most colleges have certain job openings that are only available to undergraduates who need aid paying for their college costs. These jobs are at the college you go to, mostly pay well, and often enable you to study while on the job.

Paying with scholarships

There are hundreds, if not thousands of scholarships, going from $50 to full coverage. Corporations and noncommercial bodies alike offer scholarships to help students enroll at the college.

“How much does college cost?” you ask? The answer is a lot. Thankfully, with the right loan, work-study job, or scholarship, you can study at the college of your choice.

Help Your Kids Cover Their College Expenses by Applying For a Parent Loan

Attending college is not always trouble-free. Monthly expenditures are increased, and tuition and other college fees must be paid. If your kids are already in college, or they will be in the near future, they have most likely already applied for any kind of financial aid, either Federal or private like student credit cards or student loans.

Having said that, with federal aid, often the amount been awarded is less than the amount actually needed. Parent loan or a PLUS loan can help here. It can be borrowed to provide for the difference between a Federal loan and your kids’ uncovered expenditures.

college loans for parents

What are parent loans?

Parent loans are offered to dependent student’s parents. They can be used in combination with other financial aid or, to bear the expense of the whole college education.

Requirements to apply

As with any other loan, college loans for parents require an up to the mark credit history to be eligible. If you want to apply for a PLUS loan, you will need to fill out the application and sign a promissory note. If you are in favor to apply for a private parent loan, other documentation may be required depending on the lender.

How much can you borrow?

With a parent loan, you may borrow up to the estimated amount of what is the tuition fee minus any other financial aid your kids may already have. For example, if the estimated annual education cost is around $5000 and your kid has a Federal student loan worth $3000, you may borrow up to $2000 yearly with a parent loan.