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Money Monday 8/24: How to Pay for College


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You've heard all the stories and know about student loan debut causing problems for many people down the road. But there are ways for students to help pay for college as they go.

Jade Beckman, VP of Consumer Loans with Mountain America Credit Union is telling us about some of these options.

Beckman urges that beyond picking a school for the program, or the location, cost also has to be a driving factor.

The first step any student needs to take is explore and apply for any scholarship or grant that you are eligible for. Millions of dollars worth of scholarships just go unclaimed each year because people don't apply for them.

Secondly, look at financial aid options, like student loans. There are two main types of student loans: federal and private. There may be a deferment period on student loans, usually while a student is in school, but at some point, you need to start making payments. Most student loans have a variety of repayment options, so make sure you understand all the options.

And third, get creative! You've heard all the stories and know about student loan debut causing problems for many people down the road. But there are ways for students to help pay for college as they go.

Working while attending school is also a good way to cut down on debt later on. But that keeps you busy while in college. Some students even burn out from the stress and don't finish school, especially if they carry a rigorous class load. Do the math. Would it be better to take out some student loans and quickly get through school or reduce the class load a bit and work while attending school. Or commit to taking the summer off and working a full-time job in the summer to pay for some of your school expenses.

As always, you can find more information by going to MACU.com

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