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Paying for college can be one of the largest expenses a family can incur. Good thing there are many options available to assist you. Options available to consider:
Government and School Sponsored Funding: Scholarships and grants are "free money" options that dont have to be repaid. School sponsored work-study programs involve earning money either on or off campus during the academic year. Scholarships, grants and work-study are typically awarded to students who have demonstrated financial need as determined by the results of their FAFSA. As these options provide a debt-free way of funding all or a portion of your education, you should explore these options first.
Tuition Payment Plans: Tuition payment plans are an interest and debt-free way to spread tuition payments over several months. This option is best for families who have discretionary income that will cover all of, or a portion of, the gap between the cost of attendance and the financial aid received. When evaluating this option, consider that an enrollment fee or participation fee is often required. Compare this fee to the fee or tax implications of liquidating an asset or the interest associated with a loan.
Student Loans: Federal Student Loans are low interest, long-term loans for undergraduate and graduate students, which offers attractive repayment options including the ability to postpone payments if you are having difficulty during repayment. The Federal Student Loan program includes loans for both parents and students.
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