Here are a few quick tips for getting the most for your buck during a recession:
Realism- If the cost of the school you wish to attend is rather pricey and your desired career isn’t high paying. It pay be worth considering schools with lower tuition costs.
Fine Print- When you receive your loan information, read the fine print. With interest rates dropping, the Federal Reserve may make privat loans seem low. However, payments will increase when interest rates rise again.
Federal Loans- If possible, stick with them. If you only borrow with Stafford and Perkins loans, you will avoid heavy debt upon graduation and your interest rates will not jump. You may also be eligible for forgiveness if you opt for a public service career.
Apply Early- It cannot be stressed enough that Federal money is distributed on a first come first serve, need-based basis.
Search for Scholarships- Search everywhere and for everything. Also don’t hesitate to ask around, you may suprised at what others know that can help you.
Apply at various schools- Keep your options open for state schools, out of state schools, and private schools. As well as considering cost. This way you will have options that are also financially suitable for you and your family.
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