Are There Other Ways To Pay For College?

November 8, 2013 3:57 PM
Are There Other Ways To Pay For College?
" BOSTON (CBS) – If your kid is a senior this year and there is nothing set aside for a college education it’s too late to do much more than stick whatever extra cash you can in a savings account.

Colleges will look at your assets and your income to determine Financial Aid. Aid consists of grants, which do not have to be repaid, loans, or work-study programs. If your income is over $80,000 it will be tough to qualify for grants unless you have more than one child attending college.

Work-study programs are good for the kids for they will need to learn to manage their time studying, working, and playing. Which may be a key lesson in college.

College sponsored loan programs usually require payments to start in September of freshmen year. There are several federal loan programs, the Perkins loan, Stafford loans and there is the PLUS, Parent Loans for Undergraduate Students.

Start your search with the Massachusetts Educational Financing Authority’s website.

You could consider using some of the equity in your home if you have any. I am not a big fan of using your home as a revolving bank account "

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