If you’re a prospective college student—or the parent of one—you’re probably suffering from sticker shock as you discover the cost of tuition, room and board, books, and other expenses. According to collegeboard.org, the average public four-year college costs $9,139 for tuition and fees alone (2014-2015), while the average private four-year school costs a staggering $31,231. With numbers like these, chances are you’ll need loans to supplement your savings and any grants or scholarships awarded. Here are a few things to consider to pay for tuition and expenses:
Always tap in to free money first. Investigate what federal aid, then federal loans, you can apply for. If you’re confused about what can help best, high schools and colleges have counselors that can help. After a diligent search for scholarships and grants (the free money), you’ll want to investigate federal loans because of their lower interest rates and fees. With some, the government even pays the interest while a student is in college.
Bridge the gap. If your federal student loans don’t cover all of your education expenses, and you’ve used up all other sources of education assistance such as scholarships and savings, Liberty Savings has multiple loan options to help make up the difference.
Depending on your situation and loan needs, funds from Liberty Savings can be very flexible to assist where it works best for you–from tuition and housing, to other college expenses such as study abroad.
Loan considerations:
• Review the entire cost of the loan—fees and interest rate, plus any loan discounts
• Understand credit criteria, interest rates and approval procedures
• Budget for monthly payment requirements and repayment options
• Reputation of the lender and customer service
• Easy of use for things like auto-payments and online banking
For the best rates and repayment options for your current or future college needs, ask any Liberty Savings Service Representative. We’ll help you understand all the options, and work to find the loan that is the right fit for you.