Community college tends to be cheaper than a four-year university or college. To fill any funding gaps, however, student loans or other financial aid may be necessary.
These are the four options for paying for community college.
Credible allows you to quickly compare the rates of private student loans from different lenders to find the best rate for you.
How to pay community college
You have many options to pay for community colleges. Community college is generally more affordable. This means that you have access to grants, scholarships, loans and student loans.
Your individual financial situation will determine how much you pay for community college. Here are some options.
1. You might consider tuition-free programmes
The college promise program, also known to be tuition-free, is available in several states. It’s primarily aimed at high-school students who want to go to a two year college. In other words, they are intended to increase the enrollment of students with lower incomes by reducing the cost of higher-education.
These programs can help you save money while living in a state where you are eligible, particularly if you have the opportunity to attend your favorite community college. Be sure to review eligibility requirements, including minimum GPA, field and enrollment status.
You can find tuition-free programs here:
- Nevada Promise Scholarship
- Rhode Island Promise
- Tennessee Promise
2. Get scholarships and grants
Community college students may be eligible to receive scholarships or grants. There are plenty of scholarships and grants out there. Do your research to see if you qualify. The best part? You won’t be required to return any of your money.
Grants can be obtained through the federal or state governments. They are usually based in financial need.
For scholarship opportunities, you can check out foundations, charities, and businesses. Many scholarships are available and can be applied to to cover some of your education costs. Find out if there are any additional scholarship opportunities at your school.
Each scholarship could have unique requirements.
3. Federal student loans available
Applying for federal student aid is a good option if you don’t have the funds to pay tuition at your community colleges or you have exhausted all grants and scholarships.
There are no credit checks required for federal student loans. Also, you don’t need to have a cosigner. Benefits and protections include income-driven repayment plans, loan forgiveness, and forbearance.
To apply to federal student loans, complete the Free Application For Federal Student Aid (FAFSA) for each academic calendar. To determine your eligibility for federal aid, schools use information from the FAFSA. You should submit your FAFSA immediately after the window closes. A lot of federal aid is distributed on a first-come basis.
Federal loans allow you to borrow up to $15,000 depending on your education level, dependent status, and the year you attended school. There are limits on the amount you can borrow in federal loans. This will depend on how much tuition costs.
4. Private student loans can be used to cover any funding needs
Because private loans don’t provide the same benefits as federal student loans, they are often considered last resort funding. However, if all options have been exhausted, this type of student loan could be an option.
Private lenders may require applicants to complete a credit check in order for them to determine their eligibility. Private student loans are often available to borrowers with limited credit histories, or none at all.
Remember that every lender has its own terms and rates. So shop around to find the one that suits your needs, even with bad credit. Prequalification can be granted by certain lenders without impacting your credit score.
You can’t go wrong with a good deal of
When you are ready for a full application, every lender may have their own process. But, the general rule is that you must provide the following:
- Your complete name
- Contact information, including your address and telephone number
- If you’re applying to one of these cosigners, please let us know.
- The school you attend, as well as whether you are attending full- or part-time
- Financial information
- Agreement to allow the lender access to your credit history.
Credible will allow you to compare the rates of private student loans from multiple lenders to help you choose the best private student loan rate for you.
