Yes, college costs a ton of money; and you may be one of the unlucky students to not have a household back home that can provide that money for you and your future. But don’t fear — although it’s a whole lot of money for you to even step foot inside your dorm room, there are plenty of great ways to get your college education paid off. First of….
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Apply For Scholarships and Loans
It’s pretty self-explanatory. By January 1st, you can apply for some grants, a FAFSA loan, and as many scholarships as you can find. And the best part? Your loans almost always get approved. Scholarships are a lot harder to manage, but most students can probably get by with a loan or two from the government. Maybe even pay for their textbooks!
Save in the Parents’ Names
This is a tricky one, but a beneficial one. Know that if you save money in an account registered in your name (if you’re the student), that’ll actually impact the amount of financial aid you’ll receive. If you’re in a crunch for money to pay off your tuition, that can put you in a bind. Make sure that you have an account that’s in your parents’ names! It’s simple, but clever.
Grandparents Can Help, Too!
Grandpa and Grandma can also help the grandson or granddaughter out by gifting a bit of money to help with the educational costs! There’s no gift tax for any 529 plan under $13,000 for individuals. Married couples can even gift money up to $26,000 without shouldering an extra tax on their records.