How to Pay For College

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Face it, going to college is expensive, but if you are in a low-paying or dead in job, can you afford not to return to school?

It is important to understand the different types of student aid that is available, so here is a quick overview of terms:

• Grants/Scholarships. This is the "free money". This money does not have to be paid back and is usually based on need or merit. If you can show a financial need, then you can receive the grant. If you qualify for a scholarship based on merit, then you will be in line to receive that money.


• Work study. Here the school will set you up with a job in which you will be paid just like any other job. You will be given the check, and it is up to you to spend it wisely.


• Loans. Loans is when you are given money that has to be paid back. Usually the student loans carry a lower interest rate than your typical loan and paying them back may not start until after you have graduated. Sometimes you can even ask for an extension if you have some changes in your life such as the birth of a baby.

It is important to know the basics when you are trying to figure out how to pay for college.