3 Tips for Paying for College

Top 3 Tips for Paying Off College Debt

With the cost of college averaging at $25,290 per academic school year, many students find it challenging to cover all of their education expenses. From tuition to course materials, plus room and board expenses for those no longer living at home, college can easily put a financial strain on anyone looking to further their education. The following tips for paying for college, however, can help you pay for some or all of those expenses:

Fill out a FAFSA

All students are encouraged to fill out a FAFSA (Free Application for Federal Student Aid) in order to check eligibility for financial aid. As long as you maintain good grades, financial aid doesn’t need to be paid back, unlike student loans. In other words, this is free money that can completely or partially cover college expenses.

Apply for Scholarships

Scholarships are another great way to help pay for college. Even if you don’t qualify for financial aid, bear in mind that many of the scholarships out there are merit-based.

While scholarships can certainly be competitive, there is a lot of scholarship money available, ranging widely in award amounts. Some awards may only cover one course, while others may fund an entire college education.

Some scholarships are awarded to students matching specific criteria: for example, those pursuing a particular major. Your high school or college is a perfect place to start; ask your advisor about tips for paying for college and some of the scholarships that you may be eligible for. The internet is also a good way to find scholarships nationwide, with scholarships.com being a good jumping-off point.

Use Money from Your Structured Settlement or Annuity

If you’re receiving structured settlement or annuity payments, using some or all of that money toward your college expenses can potentially eliminate the financial burden of paying for school. Waiting for those periodic payments to arrive and saving up the money for college, however, may not be the most convenient option. It may force you to put your dreams of attending college on hold until you save up enough to cover your expenses. But as an annuitant, you may have other options.

At DRB Capital, we may be able to purchase some or all of your future payments. By doing so, you’d receive that money sooner in a lump sum. Contact us today at 877-894-4541 for more information and to get started.