Five tips for financing college
CASTLE ROCK - When are you eligible to submit a FAFSA? What assets do you need to report on the FAFSA? How do students incur so much student loan debt when there are limits on what they can borrow each year?
The thought of paying for a college education is daunting to parents. Armed with questions and concerns, parents took advantage of the information presented by Wells Fargo in Douglas County School District’s Financing College workshop last week. The workshop was part of the Parent University series, which provides free classes and workshops on a variety of topics for parents throughout the school year.
The decision surrounding where to go to college can be exciting and stressful and, if not careful, can put students and their parents on a path to incurring a large amount of debt.
Here are five tips to get you started off on the right path:
1. All families should complete the FAFSA annually because all federal aid and most state and institutional aid require it.
2. Start applying for scholarships early in high school – before your senior year and continue throughout your college career.
3. Get access to over 7 million scholarships totaling more than $41 billion to help pay for college at tuitionfundingsources.com.
4. Use your college’s Net Price Calculator to help estimate your total college costs. A school you may have initially ruled out due to cost might actually be less expensive than you think.
5. Ideally, your total student loan debt should not exceed the salary you expect to earn your first year working after you graduate from college.