As more studies come out documenting recent student-graduates’ struggle to escape loan-incurred debt, future students are increasingly looking at other ways to fund their studies. But how do you pay for college without loans?
Some amount of loan debt — whether it be through credit cards and more traditional school loans — are likely to be a part of the story. But you can reduce the number of loans you and your child take out. Here are some resources for parents hunting for financial aid.
1. Get a Scholarship
Easier said than done, but securing a scholarship is one of the best ways to fund your child’s degree while simultaneously avoiding the stresses that student loans bring. These financial aids differ from student loans in the sense that you never have to pay them back.
Scholarships can be accessed through various means: academic/merit-based performance, athletic ability, demand for a desired area of study, and even professional experience. What’s more, thanks to the internet, you can easily sift through several websites which cater specifically to offering the latest scholarships available. Here are five great resources.
Don’t wait too long to start researching scholarships. Some of them have very early deadlines or require a lot of work when submitting. You don’t want to end up spotting an opportunity after it’s already gone.