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General Resource : Resources for Financial Aid >> 5. Alternative Financial Options

  • Financing higher education without drowning in debt
  • Financing higher education without drowning in debt.

    By Andrew Housser

    Attending college and earning an undergraduate degree is extremely important, and yet many prospective students struggle with how to finance their education. A 2009 study showed that 86 percent of students borrowed to pay for education, and the average graduate owes $23,186.

    However, families where one member has a four-year college degree earn a median $50,000 per year more than do those with only a high school education. (Those with an associate degree earn $20,000 more.) Clearly, college pays off. Unlike many other types of debt, educational debt can be considered healthy, as long as you don't overdo it. Here are some ways to seek out funding for school -- and guidelines for funding the rest of your education.
    FINDING FUNDING

    1) FAFSA
    2) Scholarships
    3) 529 education savings plans
    4) Grants
    5) Student loans
    6) Part-time work
    7) Prior learning credit
    8) Transfer
    9) Skip credit cards


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