Tag: financial aid

Getting Your Finances Back on Track Post-COVID

A young man writes in his notebook in front of an open laptop.

It’s safe to say 2020 was a pretty hard year for everyone financially.

Even if your wallet hasn’t taken a hit in the last few months it’s likely either your employer or someone in your family has found themselves stretched financially by the effects of COVID.

No point dwelling on the past, though. We may not be able to go back in time and stop COVID happening and ruining our 2020, but we can ensure we’re at least in a better position financially in 2021, avoiding bad credit scores and getting our savings back on track.

There’s no better time than now to start planning for post-COVID life, so here are our essential financial tips.

Tips for Getting Your Finances Back on Track

  • Draw Up a Budget That Fits Your Lifestyle
  • Secure All the Incomings You Can
  • Have a Plan for Deferred Payments
  • Start Saving Now
  • Tips for Businessowners

Draw Up a Budget That Fits Your Lifestyle

Throughout the pandemic, your monthly budget probably changed quite dramatically.

You probably saved on fuel, travel, and evenings out with so many offices and restaurants closed—but no doubt spent a whole lot more on your utility bills.

As the economy reopens and some sense of normality resumes, you need to restructure your budget to a post-COVID world.

Now, this doesn’t mean penny-pinching. COVID may have been kind to you, and reassessing your budget is simply a matter of moving funds that you would have spent on your home into your socializing budget. However, if you’re one of the many people no longer getting some kind of financial support on top of your diminished wage, you need to figure out how you’re going to pay rent, buy food, and cover all the other essentials.

The end of remote working, catching up on vacations, covering childcare—these are all real-world requirements your budget will need to be able to answer for.

Secure All the Incomings You Can

A huge part of getting your finances back on track properly is about making sure you’re making the most of every incoming payment available to you.

With so many people across the world struggling with a lack of work caused by the pandemic, it’s important to be aware of any possible financial aid available to you.

Most importantly, you should check if there are systems unique to your personal circumstances or line of work. There are businesses and charities with systems in place to provide or acquire support for everyone from professional actors unable to perform throughout the pandemic (such as Actors Fund) to retired veterans who have returned from tours with physical or invisible injuries and conditions (such as Vet Comp & Pen). Whatever line of work you are or were in, there will likely be some level of support available for you.

Likewise, you should start to consider how your talents could be put to good use to make that budget stretch a little further.

Side hustles such as running an Etsy store or becoming an online tutor become massively popular alternative revenue streams for out of work professionals during the height of lockdown. This is still a highly viable way of rebuilding your finances post-COVID. If you have a little bit of cash to invest, it can go a long way.

Have a Plan for Deferred Payments

Pandemic solutions have seen governments, banks, and landlords offering mortgage, loan, and rent deferrals to people who cannot pay them.

As things return to normal, people are going to need a plan to pay off these debts.

First, start by referring to the deferment terms so you know exactly what payment will be expected and if it can be broken up into installments. This will massively affect the overall structure of your budget.

These are perhaps the most important payments you’ll be making, as they concern your home, so make sure they’re priority number one post-COVID.

Start Saving Now

After all, any savings are good savings.

No one can be sure where we’ll be in six months or even a year. If we see another major spike across the world it could mean your finances take another hit and you need to dip into those rainy day funds to stay ahead.

Find the right savings account for you

Start working out a savings plan that works for you now. Don’t plan to give up everything you love for a year to get some extra cash, but, much like a budget, notice where you can cut back.

 Online banks and apps like Monzo and Chime are a great way to save within even realizing it. These apps allow you to set a monthly budget on different types of purchases, sending you alerts when you’re about to break them. So much of budgeting is about self-control and being across your financial situation, so why not take responsibility out of your hands?

Tips for Businessowners

Before we go, here are a few tips for small businessowners who may be worried about how they can secure their enterprise’s financial security as well as their personal one.

  • Find alternative revenue streams for your business. Is there a second service your business could offer to bring in some extra cash, such as gift wrapping for a small online store during the holiday period?
  • Make sure you’re not overspending on digital tools. They may have stepped up and helped us host meetings, manage teams, and schedule inspirational social content remotely, but are you paying a subscription fee for an app that doesn’t actually boost your business all that much?
  • Use freelancers rather than employing new staff. The freelance sector could really use a hand up right now, and freelancers present a cheaper, less permanent way for you to pick up lucrative contracts and projects without investing in hiring and training staff on permanent contracts.

It’s important to be realistic when financially planning for the end of COVID. We don’t know when that will be, and you can’t expect yourself to come out of this in better financial shape than you’ve ever been. That’s an unrealistic pressure.

Follow these tips and make sure you’re making the most of this period of reflection to ensure a healthy financial future for you and your loved ones.

Rodney Laws is an ecommerce consultant with EcommercePlatform.io. He has more than a decade of experience providing marketing advice to online entrepreneurs and businesses. He’s set up and marketed his own businesses and consulted on crafting campaigns for established companies.

Interested in submitting a guest post to Credit.com? Review our guest post guidelines.

The post Getting Your Finances Back on Track Post-COVID appeared first on Credit.com.

Source: credit.com

The Highest Paying Trade Jobs On the Market

Pursuing a four-year degree or higher isn’t for everyone. If you fall into that group, it doesn’t mean you can’t get a high-paying job. There are a surprising number of trade jobs that pay salaries at or above careers that require a four-year degree. They pay well because they’re in demand and are expected to grow for the foreseeable future.

To earn that kind of money, you’ll need to land one of the best trade jobs. And while they may not require a four-year degree, most do require some type of specialized education, typically an associate’s degree (which you can often get from an online college). That has a lot of advantages by itself, because a two-year education is a lot less expensive than a full four-year program.

I covered the best jobs with no college degree previously, and this post is specifically about trade jobs. Choose one that interests you – and fits within your income expectations – then read the description for it. I’ve given you the requirements to enter the trade, the income, working conditions, employment projections and any required education. After reading this guide, you’ll already be on your way to your new career!

Benefits of Pursuing Trade Jobs

For a lot of young people, going to a four-year college is the default choice. But when you see how well the trade jobs pay, and how much less education they require, I think you’ll be interested.

Apart from income, here are other benefits to the best trade jobs:

  • You’ll need only a two-year degree or less, so you’ll save tens of thousands of dollars on your education.
  • You’ll graduate and begin earning money in half as much time as it will take you to complete a four-year degree.
  • Since trade jobs are highly specialized, you’ll mainly be taking courses related to the job, and less of the general courses that are required with a four-year degree.
  • Some schools provide job placement assistance to help you land that first position.
  • Since most of these jobs are in strong demand, the likelihood of finding a job quickly after graduation is very high.

Still another major benefit is geographic mobility, if that’s important to you. Since the best trade jobs are in demand virtually everywhere in the country, you’ll be able to choose where you want to live. Or if life takes one of those strange turns – that it tends to do – you’ll be able to make a move easily without needing to worry about finding a job. There’s an excellent chance one will be waiting for you wherever you go.

The Best Paying Trade Jobs

The table below shows some of the highest paying trades you can enter without a bachelor’s degree or higher. However, most do require at least an associate’s degree (AA) or equivalent education. Not surprisingly, occupations in the medical field are the most common.

The salary indicated is the median for the entire country. But there are large differences from one area of the country to another. Salary information is taken from the US Bureau of Labor Statistics, Occupational Outlook Handbook.

Trade Median Salary Education Requirement
Air traffic controllers $122,990 AA or BS from Air Traffic Collegiate Training Initiative Program
Radiation therapists $85,560 AA degree
Nuclear technicians (nuclear research and energy) $82,080 AA degree
Nuclear medicine technologists $77,950 AA degree
Dental hygienists $76,220 AA degree
Web developers $73,760 AA degree
Diagnostic medical sonographers $68,750 AA degree
MRI technologists $62,280 AA degree
Paralegals $51,740 AA degree
Licensed practical nurses $47,480 AA degree or state approved educational program

The table doesn’t list other common trades, like electricians, plumbers, elevator repair techs, welders or mechanics. To enter those fields you’ll usually need to participate in an apprentice program sponsored by an employer, though there may be certain courses you’ll need to complete.

The Best Trade Jobs in Detail

The table above summarized the best trade jobs, as well as the median salary and the basic educational requirements. Below is additional information specific to each job – and more important – why it’s a career worth considering.

Air Traffic Controller

Air traffic controllers coordinate aircraft both on the ground and in the air around airports. They work in control towers, approach control facilities or route centers. The pay is nearly $123,000 per year, and the job outlook is stable.

Education/Training Required: You’ll need at least an associate’s degree, and sometimes a bachelor’s degree, that must be issued by the Air Traffic Collegiate Training Initiative Program. There are only 29 colleges across the country that offer the program. Some of the more recognizable names include Arizona State University, Kent State University, Purdue University, Southern New Hampshire University (SHNU), and the University of Oklahoma.

Job Challenges: The limited number of colleges offering the program may be inconvenient for you. The job also requires complete concentration, which can be difficult to maintain over a full shift. You’ll also be required to work nights, weekends, and even rotating shifts. And since the pay is high and demand for air traffic controllers expected to be flat over the next few years, there’s a lot of competition for the positions.

Why you may want to become an air traffic controller:

  • The pay is an obvious factor – it’s much higher than most jobs that require a bachelor’s degree.
  • You have a love for aviation and want to be in the middle of where the action is.
  • Jobs are available at small private and commercial airports, as well as major metropolitan airports.

Radiation Therapists

Radiation therapists are critical in the treatment of cancer and other diseases that require radiation treatments. The work is performed mostly in hospitals and outpatient centers, but can also be in physician offices. Income is well over $85,000 per year, and the field is expected to grow by 9% over the next decade, which is faster than average for the job market at large.

Education/Training Required: You’ll need either an associate’s or bachelor’s degree in radiation therapy, and licensing is required in most states. That usually involves passing a national certification exam.

Job Challenges: You’ll be working largely with cancer patients, so you’ll need a keen sensitivity to the patient’s you’re working with. You’ll need to be able to explain the treatment process and answer questions patients might have. There may also be the need to provide some degree of emotional support. Also, if you’re working in a hospital, the position may involve working nights and weekends.

Why you may want to become a radiation therapist:

  • You have a genuine desire to help in the fight against cancer.
  • The medical field offers a high degree of career and job stability.
  • The position pays well and typically comes with a strong benefits package.

Nuclear Technicians

Nuclear technicians work in nuclear research and energy. They provide assistance to physicists, engineers, and other professionals in the field. Work will be performed in offices and control rooms of nuclear power plants, using computers and other equipment to monitor and operate nuclear reactors. The pay level is about $82,000 per year, and job growth is expected to be slightly negative.

Education/Training Required: You’ll need an associate’s degree in nuclear science or a nuclear related technology. But you’ll also need to complete extensive on-the-job training once you enter the field.

Job Challenges: There is some risk of exposure to radiation, though all possible precautions are taken to keep that from happening. And because nuclear power plants run continuously, you should expect to do shift work that may also include a variable schedule. The biggest challenge may be that the field is expected to decline slightly over the next 10 years. But that may be affected by public attitudes toward nuclear energy, especially as alternative energy sources are developed.

Why you may want to become a nuclear technician:

  • You get to be on the cutting edge of nuclear research.
  • Compensation is consistent with the better paying college jobs, even though it requires only half as much education.
  • There may be opportunities to work in other fields where nuclear technician experience is a job requirement.
  • It’s the perfect career if you prefer not dealing with the general public.

Nuclear Medicine Technologists

Nuclear medicine technologists prepare radioactive drugs that are administered to patients for imaging or therapeutic procedures. You’ll typically be working in a hospital, but other possibilities are imaging clinics, diagnostic laboratories, and physician’s offices. The position pays an average of $78,000 per year, and demand is expected to increase by 7% over the next decade.

Education/Training Required: You’ll need an Associates degree from an accredited nuclear medicine technology program. In most states, you’ll also be required to become certified.

Job Challenges: Similar to radiation therapists, you’ll need to be sensitive to patient needs, and be able to explain procedures and therapies. If you’re working in a hospital, you may be required to work shifts, including nights, weekends, and holidays.

Why you may want to become a nuclear medicine technologist:

  • You have a strong desire to work in the healthcare field, participating in the healing process.
  • Nuclear medicine technologists are in demand across the country, so you can choose your location.
  • The field has an unusual level of job stability, as well as generous compensation and benefits.

Dental Hygienist

Dental hygienists provide dental preventative care and examine patients for various types of oral disease. They work almost entirely in dentists offices, and can be either full-time or part-time. The annual income is over $76,000, and the Bureau of Labor Statistics projects a healthy 11% growth rate over the next decade.

Education/Training Required: An associate’s degree in dental hygiene, though it usually takes three years to complete rather than the usual two. Virtually all states require dental hygienists to be licensed, though requirements vary by state.

Job Challenges: You’ll need to be comfortable working in people’s mouths, some of whom may have extensive gum disease or poor dental hygiene. But you also need to have a warm bedside manner. Many people are not comfortable going to the dentist, let alone having their teeth cleaned, and you’ll need to be able to keep them calm during the process.

Why you may want to become a dental hygienist:

  • Dental hygienists have relatively regular hours. Though some offices may offer early evening hours and limited Saturday hours, you’ll typically be working during regular business hours only.
  • You can work either full-time or part-time. Part-time is very common, as well as rewarding with an average hourly pay of $36.65.
  • Dental hygienists can work anywhere there’s a dental office, which is pretty much everywhere in the Western world.

Web Developers

Web developers design and create websites, making the work a nice mix of technical and creative. They work in all types of environments, including large and small companies, government agencies, small businesses, and advertising agencies. Some are even self-employed. With an average annual income of nearly $74,000, jobs in the field are expected to grow by 13% over the next decade. That means web developers have a promising future.

Education/Training Required: Typically an associates degree, but that’s not hard and fast. Large companies may require a bachelor’s degree, but it’s also possible to enter the field with a high school diploma and plenty of experience designing websites. It requires a knowledge of both programming and graphic design.

Job Challenges: You’ll need the ability to concentrate for long stretches, as well as to follow through with both editing and troubleshooting of the web platforms you develop. Good customer service skills and a lot of patience are required, since employers and clients are given to change direction, often with little notice.

Why you may want to become a web developer:

  • It’s an excellent field for anyone who enjoys working with computers, and has a strong creative streak.
  • Web designers are needed in just about every area of the economy, giving you a wide choice of jobs and industries, as well as geographic locations.
  • This is one occupation that can lead to self-employment. It can be done as a full-time business, but it can also make the perfect side hustle.

Diagnostic Medical Sonographers

Diagnostic medical sonographers operate special imaging equipment designed to create images for aid in patient diagnoses. Most work in hospitals where the greatest need is, but some also work in diagnostic labs and physician’s offices. The pay is nearly $69,000 per year, and the field is expected to expand by 14%, which is much faster than the rest of the job market.

Education/Training Required: Most typically only an associate’s degree in the field, or at least a postsecondary certificate from a school specializing in diagnostic medical sonography.

Job Challenges: Similar to other health related fields, you’ll need to have a calm disposition at all times. Many of the people you’ll be working with have serious health issues, and you may need to be a source of comfort while you’re doing your job. You’ll need to develop a genuine compassion for the patients you’ll be working with.

Why you may want to become a diagnostic medical sonographer

  • The field has an exceptionally high growth rate, promising career stability.
  • As a diagnostic medical sonographer, you’ll be able to find work in just about any community you choose to live in.
  • It’s an opportunity to earn a college level income with just a two-year degree.

MRI Technologists

As an MRI technologist, you’ll be performing diagnostic imaging exams and operating magnetic resonance imaging scanners. About half of all positions are in hospitals, with the rest employed in other healthcare facilities, including outpatient clinics, diagnostic labs, and physician’s offices. The average pay is over $62,000 per year, and the field is expected to grow by 9% over the next 10 years.

Education/Training Required: You’ll need an associate’s degree in MRI technology, and even though very few states require licensing, employers often prefer candidates who are. MRI technologists often start out as radiologic technologists, eventually transitioning into MRI technologists.

Job Challenges: Similar to other healthcare occupations, you’ll need to have both patience and compassion in working with patients. You’ll also need to be comfortable working in windowless offices and labs during the workday.

Why you may want to become an MRI technologist:

  • With more than 250,000 jobs across the country, you’re pretty much guaranteed of finding work on your own terms.
  • You’ll typically be working regular business hours, though you may do shift work and weekends and holidays if you work at a hospital.
  • Solid job growth means you can look forward to career stability and generous benefits.

Paralegals

Paralegals assist lawyers, mostly by doing research and preparing legal documents. Client contact can range between frequent and nonexistent, depending on the law office you’re working in. But while most paralegals do work for law firms, many are also employed in corporate legal departments and government agencies. The position averages nearly $52,000 per year and is expected to grow by 12% over the next 10 years.

Education/Training Required: Technically speaking there are no specific education requirements for a paralegal. But most employers won’t hire you unless you have at least an associate’s degree, as well as a paralegal certification.

Job Challenges: You’ll need to have a willingness to perform deep research. And since you’ll often be involved in preparing legal documents, you’ll need a serious eye for detail. You’ll also need to be comfortable with the reality that much of what takes place in a law office involves conflict between parties. You may find yourself in the peacemaker role more than occasionally. There’s also a strong variation in pay between states and even cities. For example, while average pay in Washington DC is over $70,000 per year, it’s only about $48,000 in Tampa.

Why you may want to become a paralegal:

  • There are plenty of jobs in the field, with more than 325,000. That means you’ll probably be able to find a job anywhere in the country.
  • You’ll have a choice of work environments, whether it’s a law office, large company, or government agency.
  • You can even choose the specialization since many law firms work in specific niches. For example, one firm may specialize in real estate, another in family law, and still another in disability cases.

Licensed Practical Nurses

Licensed practical nurses provide basic nursing care, often assisting registered nurses. There are more than 700,000 positions nationwide, and jobs are available in hospitals, doctor’s offices, nursing homes, extended care facilities, and even private homes. With an average pay level of over $47,000 per year, the field is expected to grow by 11% over the next decade.

Education/Training Required: At a minimum, you’ll need to complete a state approved LPN education program, which will take a year to complete. But many employers prefer candidates to have an associate’s degree, and will likely pay more if you do. As medical caregivers, LPNs must also be licensed in all states.

Job Challenges: As an LPN, just as is the case with registered nurses, you’ll be on the front line of the healthcare industry. That means constant contact with patients and family members. You’ll need to be able to provide both care and comfort to all. If you’re working in a hospital, nursing home, or extended care facility, you’ll be doing shift work, including nights and weekends.

Why you may want to become a licensed practical nurse:

  • With jobs available at hospitals and care facilities across the country, you’ll have complete geographic mobility as well as a choice of facilities.
  • You may be able to parlay your position into registered nursing by completing the additional education requirements while working as an LPN.
  • Though most positions are full-time, it may be possible to get a part-time situation if that’s your preference.

Start On Your Career Path by Enrolling in a Trade School

If you want to enter any of the trades above, or one of the many others that also have above average pay and opportunity, you’ll need to enroll in a trade school. However, in many cases it will be better to get the necessary education – especially an associate’s degree – at a local community college. Not only are they usually the least expensive places to get higher education, but there’s probably one close to your home.

Steps to enrolling in a trade school

Whether you go to a community college, a trade school, or enroll in a certificate program, use the following strategy:

  1. Develop a short list of the schools you want to attend to give yourself some choices.
    Make sure any school you’re considering is accredited.
  2. Do some digging and make sure the school you want to attend has a job placement office with a solid record of success.
  3. Complete an application form with the school, but be sure to do it well in advance of the beginning of the semester or school year.
  4. Apply for any financial aid that may be available. You can use the tool below to get started.
  5. Consider whether you want to attend on a full-time or part-time basis. Full-time will be quicker, but part-time will enable you to earn money while you’re getting your certificate or degree, as well as spread the cost of your schooling over several years.

Tax credits can help you afford your education

Even if you don’t qualify for financial aid, the government may still be able to help by providing tax credits. Tax credits can be even better than tax deductions, because they provide a direct reduction of your tax liability.

For example, the American Opportunity Credit is available for students for qualified education expenses paid for the first four years of higher education. The credit is $2,500 per year, covering 100% of the first $2,000 in qualified education expenses, plus 25% of the next $2,000.

Another credit is the Lifetime Learning Credit. It’s a credit for tuition and other education expenses paid for courses taken to acquire or improve job skills, including formal degree programs. The credit is worth up to $2,000 per tax return, based on 20% of education expenses up to $10,000 paid.

What to watch out for when looking for trade schools

When choosing a trade school it pays not to be too trusting. While that shouldn’t be a problem with community colleges, since they’re publicly accredited, there are a large number of for-profit trade schools that are not only expensive, but they often don’t have the best reputations. That isn’t to say all for-profit schools are scam artists, but the possibility is real.

Make sure the school is accredited by your state.
Don’t rely on assurances by the school that they’re accredited by some poorly known and totally unrecognized industry trade group.

Check out the school with reliable third-party sources.
This can include your state Department of Education, the Better Business Bureau, and even reviews on Yelp or other social media sites. If the school has burned others, you could be a future victim.

Interview people already working in your chosen field.
They’re likely to know which schools are legitimate, and which have a less than savory reputation.

Don’t ignore cost!
Don’t pay $30,000 at a for-profit school when you can get the same education for half as much at a community college. This will be even more important if you will be using student loans to pay for your education. Overpaying for school means you’ll be overpaying on your student loan.

How We Found the Best Trade Jobs of 2021

Just so you know our list of the best trade jobs isn’t just our opinion, we used the following methodology in including the occupations we did:

  • The occupations frequently appear on published lists of “the best jobs without a college degree”.
  • We focused on those occupations that appeared frequently across several lists.
  • We specifically chose fields that could best be considered semi-professional. That means that while they don’t require a four-year degree or higher, they do require at least some form of education, and in most cases, a certification. We consider this an important criteria, because career fields with a low entry bar can easily become saturated, forcing pay levels down.
  • As the table at the beginning of this guide discloses, statistical information for each of these occupations was obtained from the US Bureau of Labor Statistics, Occupational Outlook Handbook.

Summary: The Best Trade Jobs

If you’re a high school student, a recent high school graduate, or you’re already in the workforce and looking to make a career change, take a close look at these trade jobs. They pay salaries comparable to jobs that require a four-year college degree, but you can enter with just a two-year degree or less.

That will not only cut the time, cost, and effort in getting your education in half, but it will also enable you to begin earning high pay in only one or two years.

Pick the field that’s right for you, choose a reputable trade school or community college, then get started in time for the next semester.

The post The Highest Paying Trade Jobs On the Market appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

Student Loans vs. Financial Aid

A young woman stands outside in front of a green tree, holding her books and wearing a backpack, smiling off into the distance.

As of early 2020, student loan debt in the nation had reached more than $1.5 trillion. More than 44 million individuals have student loan debt, and the average person with student loans owes a bit over $32,000—which is more than half of the average household income in the United States. As a new school year approaches, more individuals are searching for ways to fund their education without going into debt for years. Luckily, student loans aren’t the only way to get help paying for college.

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Learn more about student loans vs. financial aid below,
and get some information about various ways to help fund your education.

Student Loans vs. Financial Aid: What’s the Difference?

Both student loans and financial aid can come from the federal government or the private sector. The main difference between student loans and financial aid is whether or not you need to pay back the money you are given. Student loans generally require that you pay back the loan with interest, while financial aid packages like scholarships and grants typically do not need to be paid back.

That distinction can make a big difference. “Every dollar you receive in scholarship or grant form is a dollar you don’t have to pay interest on,” says Zina Kumok, an editor at Dollar Sprout. And saving that money opens up possibilities after graduation, too. “Students who don’t have to take out as many loans will have more career options and afford to start their own businesses, work in lower-paying fields, or even take time off to travel abroad.”

But as with any financial agreement, make sure you
understand the terms upfront before signing anything. Not all financial aid
comes without strings.

How to Apply for Financial Aid

To qualify for federal loans and other types of federal financial aid, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). You might need to complete the FAFSA with some of your parents’ income information if you are still a dependent.

To apply for private loans and financial aid, you must
research the program in question and complete the appropriate application
process. For example, academic or extracurricular scholarships are often
offered by various colleges and universities. You’ll have to look on those
university websites or contact financial aid departments at various schools to
find out about how to apply to these programs. Scholarships offered by private
organizations will have their own processes as well.

Student Loans

Student loans provide credit extended to you or your parents for the purpose of paying for college. Student loans do have to be repaid, but typically not until you’re out of school. In some cases, such as if you’re going to work in certain public sectors, you might be able to apply for a student loan forgiveness program.

Subsidized and Unsubsidized Federal
Loans

When you apply with the FAFSA, you may find out you qualify for federal loans. Subsidized federal loans tend to have slightly better terms than unsubsidized loans. Another benefit of a subsidized loan is that the interest on it is covered by the Department of Education as long as you meet enrollment requirements. The amount you can borrow is limited, and interest rates range from 2.75 to 4.3%.

Learn more about federal student loans and economic protections from COVID-19: What You Need to Know about CARES, HEROES, and HEALS.

Private Student Loans

If you don’t qualify for federal student loans or want another option, you can apply for private student loans from commercial lenders. Whether you can get approved for these loans or get favorable terms and rates might depend on your credit score.

Don’t know your credit score? Sign up for ExtraCredit to find out.

Sign Up for ExtraCredit

Financial Aid

Financial aid
takes many forms, and most often does not need to be paid back after you
graduate. These types of aid can be offered by your school, other private
institutions, or the government. They are most often divided into needs-based
aid and merit-based aid.

When applying for
any type of financial aid, you will need to research the deadlines,
requirements, and payment specifics carefully.

Be wary of scholarship and other aid programs that charge fees. “Fees are a dead giveaway of scholarship scams,” says Doug Whiteman, editor-in-chief at MoneyWise.com. “Be very careful about handing over a credit card number or other personal information.”

Scholarships

Scholarships are awarded for need or merit, and they’re offered by a wide range of organizations. Schools, private businesses, local and national associations, religious organizations, and charities are all potential sources for scholarships. Most scholarships do not require you to pay them back.

“Students should be more aggressive about applying for scholarships,” says Kumok. Whiteman agrees, citing a recent New York Times article that estimates there are 44,000 private scholarship programs. “The typical student probably has no idea that there’s so much money available,” he says. “Too often students and their families have seen student loans as an easy fallback, before they’ve fully explored scholarship and other financial aid possibilities.”

Grants

Grants are a type of financial aid that you typically don’t have to pay back. Federal and state governments offer grants, as do private and nonprofit organizations. Make sure to do ample research to ensure you get your application right, and pay attention to the grant terms. While many grants don’t have to be repaid, some do.

Be careful not to depend fully on grants, though. “Grants might not be available for the length of your degree program,” advises Anna Serio, a staff writer at Finder.com. “Some only cover the first year, while others are only available during the second, third, or fourth year of school. Even if a grant program covers all four years, you might have to reapply every year to be considered.”

Work-Study Jobs

Work-study jobs help you pay your way through school or
cover expenses. Some work-study jobs are paid internships, where you practice
skills and knowledge you’re learning in school or for your future career.
Others might simply be on-campus jobs in dining halls, fitness centers,
tutoring or writing centers, or other areas.

“Work-study
programs are best for students who want to build up their resume,” says Serio. “Work-study
makes it easier to land a job without experience or in a new field if you’re in
graduate school. Sometimes, work-study jobs can turn into a regular part-time
or even full-time position.”

Tax Credits

If you pay qualifying expenses for school, you may be able to claim a certain amount as a tax credit to reduce your tax burden or even get a refund. The American Opportunity Credit, for example, allows up to $2,500 credit per eligible student, while the Lifetime Learning Credit allows qualified individuals to claim up to $2,000 for qualified education expenses per tax year.

State Aid Programs

Almost every state offers grants or other financial aid opportunities for college students. The National Association of Student Financial Aid Administrators provides a detailed list of state financial aid opportunities.

Institutional Assistance

Schools may offer many of their own programs, but they
aren’t always well published. When you’re in the process of considering and
visiting schools, during the application process or even after you’ve been
accepted, make it a point to visit the financial aid office. School financial
aid officers can help ensure you’ve applied for all applicable financial aid.

Employer Education Assistance

If you’re already working, your employ might offer
funding for education. Some employers have programs that cover all or part of
the cost of degree programs if you agree to work for them for a certain amount
of time. Others pay for training seminars, workshops, and one-off classes that
are likely to make you a more valuable employee. Talk to your supervisor or human
resources department to find out if your employer offers such benefits.

Other Programs

Leave no stone unturned when seeking financial aid for
college. Numerous programs exist to help fund education for people in specific
situations.

For example, the Educational and Training Vouchers Program provides assistance to those who are or were in foster care. The National Health Service Corps Loan Repayment Program helps pay for student loans for those who work at Indian Health Services facilities. Be creative! The Tall Clubs International Foundation has a scholarship program for college women who are 5’10” tall and men who are at least 6’2”. Consider what makes you unique and look for scholarship opportunities that may reward you for it.

Tuition-Free Schools

Did you know that there are also some tuition-free schools around the United States? Residents of certain states may qualify for free tuition programs. Be sure to do your research into these schools, as you would with any other. “The programs in the US often require you to work in exchange for your degree,” says Serio. “This can help you develop valuable skills and gives you a leg up entering the job market after you graduate.”

Get the Financial Aid You Need

If you need help paying for schooling, there are plenty of financial aid options available to you. Reach out to your school’s financial aid office for assistance and direction. If you’re interested in learning more about student loan options, you can look through our resource center for more information.

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