![]() ![]() At a public four-year school, the average cost for an in-state student is $10,560, according to The College Board. The average cost of tuition and school-mandatory fees is dependent on the type of school you choose. When creating a budget, think about the following costs: Once you know what money you can put toward your college budget, you can take a look at your expenses. If you use up all of the federal loan money available to you, private student loans can help pay for the remaining amount. If that’s the case, it’s wise to start with federal student loans since they usually have lower interest rates and more repayment options than private loans. In fact, more than half of graduating college students leave school with student loan debt, according to The College Board. If you’re like most college students, you’ll use student loans for at least some of your costs. ![]() If you choose to work while you’re in college, that can also help offset your expenses. Tapping into that money can reduce how much you need to borrow in student loans throughout your time in school. If you had a part-time job in high school or worked during the summers, you may have saved some of your money for college. Work-study is need-based, so the results of your Free Application for Federal Student Aid ( FAFSA) will determine your eligibility. If your school participates in the federal work-study program, you may be able to get a job on campus and use the money you earn to pay for some of your college costs. Grants are usually awarded based on financial need, and they can be issued by the federal or state government and nonprofit organizations. Like scholarships, grants don’t have to be repaid as long as you meet the program’s criteria. They can range in value from a few hundred dollars to the full cost of your tuition. Scholarships can be awarded by colleges, nonprofit organizations, companies and even individuals. Scholarships-which are typically merit-based awards-can be a valuable resource since they don’t have to be repaid. These can, however, come with higher interest rates and fees and/or less flexible repayment options than federal student loans taken out by undergraduates. If you need to borrow money to pay for school, your family may be willing to take out parent student loans for you. ![]() Your family may have set aside money in a traditional savings account that they can use to cover some of your costs. 529 accounts and custodial accounts are savings tools family members can use to set aside money and invest it to pay for your college tuition and other fees.
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