Financial Planning for Students: Five Tips for Success

Its no secret that going to college these days is extremely expensive. Graduating students leave with massive amounts of debts and student loans. In a world in which college is free in Germany, why are students struggling to pay for their education?

Financial advice is infinitely available for students, in places like online, at banks and other financial institutions, and even at colleges and universities. Here are some important tips to keep in mind when trying to figure out the financial aspect of going to college:

  • Scholarships. Often easy to attain, so many scholarships go largely ignored. Eligibility is usually for financial need, undergraduate students, and even obscure reasons. The Free Application for Federal Student Aid can be quickly filled out online and can easily match students with scholarship options.
  • Grants. Unlike loans, grants are usually given out by the school or by the government and do not need to be paid back. Filling out the FAFSA allows you to find grants you qualify for.
  • Loans. Federal student loans can be paid once you are out of college and can even sometimes be forgiven if you fill out the paperwork.
  • Tuition reimbursement programsMany employers are now participating in programs in which student employees can be paid back portions of their tuition money if they are studying in certain fields.
  • Work Study ProgramsThrough this work program, students are given funds for part-time employment. Usually the employer or the school will pay 50 percent of the student wages, with the rest covered by the government.

Bottom line is that students need to be persistent in searching for financial aid, because so much money goes untouched each year. With so many students graduating with mountains of debt, its imperative that today’s college students take charge of their financial situation.

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