There are startling differences ranging from $4,500 to $45,000/year for tuition and fees alone. Books, transportation and living expenses (often another $10,000 to $15,000) will add to the yearly cost of a college education. As such, for a full-time student the cost of attendance can easily range from $15,000 to $60,000 per year.
• Pay As You Go (working your way through college) - allows a person to earn a degree without incurring any college-related debt.
• Using Deferred Payment Plans Available Through Most Colleges - allow a semester’s worth of tuition to be paid in several equal installments.
• Scholarships - Colleges and universities typically have a wide range of both merit and need based scholarships ranging in size from $250 to several thousand dollars.
• Grants (both state and federal) - The primary difference between a grant and a loan is that money received as a grant does not need to be paid back; the grant is a gift of sorts.
• Work Study - Work study is a federal grant program that allocates dollars to colleges for use in employing students with financial need at the college.
• Employer Tuition Reimbursement Programs - Many employers offer their employees a tuition reimbursement program as part of their fringe benefits package.
• Guaranteed Federal Loans - These types of loans must be repaid after one completes or stops attending school in 10 to 25 years depending upon the type of loan.
• Alternative Student Loans (Private or Bank Loans) - Some families and individuals prefer to work with their local lending agency and independently borrow the funds necessary to pay for college.
• Credit Cards - With interest rates running from 10-24 percent per year, paying for college with a credit card can be the most expensive method of financing a college education unless one has the means to pay the balance due in full each month
• The FAFSA - Free Application for Federal Student Aid
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