Financing College Degrees

The double-edged sword in today's economy is that while you need a college education for nearly any professional field, it also costs a lot of money to go to college. On top of that fact, finding information regarding financial aid for college can be a confusing, difficult, and frustrating process. This guide is meant to inform you how to better navigate the tricky world of loans, how to avoid getting burned, and, most importantly, finding the funding that best suits your lifestyle.

Tip number one: NEVER pay any money to apply for a scholarship. There is never an application fee for a legitimate scholarship.

Tip number two: Before you fill out an application regarding loans, you will need to fill out a FAFSA (Free Application for Financial Student Aid) at www.fafsa.gov. Be prepared to fill out your FAFSA by having these materials on-hand. Have your State ID and your most recent W-4 with you when you fill out the application. You'll need your tax information in order to fill out the application accurately. If you're under the age of 24, be sure to have your parents' information as well, including their taxes and state ID's.

Tip number three: Financial aid for college may be available through private loans if grants, scholarships, and government loans are not enough. If you have not yet established good credit, or your credit is not in good standing, you will need to have your parents co-sign your loan if you are approved. Be certain to compare the rates of your private student loans -- just because it's a private student loan doesn't mean that you will be given the lowest interest rate.

Tip number four: Always check with the school you are interested in attending regarding their financial aid for college information. Schools have a financial aid office specifically dedicated to giving advice about financing your education. College degrees are something that most people need help with financing. Nowadays it's very rare if a student or his or her parents have enough money to fully fund their college degrees.

On a bit of lighter news, if a borrower can make consistent loan repayments each month for 20 years, their remaining loan balances for their college degrees may be forgiven and wiped clean. For student loan borrowers who pursued career paths in public service and/or government, loans may be forgiven after just 10 years of consistent repayment.

Yes, the financial aid for college process can be very intimidating. However, taking the time to evaluate all of your options will lead you into your college degree program, and optimistic of what lays on the other side of graduation. Also, be mindful that the government loans will always have lower interest rates and sometimes no interest rate at all. Be honest about your financial situation; the government has a number of programs in place to help you in many situations. Congratulations and good luck on your journey!