Ways to pay for college
Last time, we discussed the importance of filling out the FAFSA to best determine what kind of aid a student should use.
This week, we’ll talk about how to pay for graduate school. The job market for recent graduates is still a tough one and many are choosing to continue to grad school rather than accept a position of under-employment.
Grants/ Loans: Start by filling out the FAFSA and look at sites such as fastweb.com and cos.com to search for private scholarships in your field of study. National foundations for fields of study that are lacking interest from students, such as math and engineering, also offer many grants. Federal loans are still the cheapest loans, but the interest rates are more expensive than undergrad. A subsidized Stafford loan for a graduate program carries a rate of 6.8 percent versus 3.4 percent for undergrad.
Loan forgiveness programs: There are many loan forgiveness programs through state and federal governments for certain graduate programs in fields such as education, medical, law and social work.
Employer assistance programs: Many large companies have tuition assistance programs that are not widely utilized. If your employer does not offer tuition reimbursement, the Wall Street Journal suggests presenting a case as to why an advanced degree would help you contribute more to the company, not to mention the tax breaks on the money they spend on your education.
And as always, borrow wisely for your educational investment.
The SIFE Financial Corner is created by members of UMKC Students in Free Enterprise.
For more information, find us on Facebook and Twitter, or attend our weekly 7 p.m. Tuesday meetings in the Brookside Room of the Administrative Center.