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I have spent decades in the workforce earning a "living" at jobs that have been neither challenging nor rewarding. The obvious solution has always been to obtain a degree, but the monthly ritual of paying bills would leave me wondering how I would ever pay for it; until last month that is. When people say that college has become affordable for everyone, they aren't kidding. I am currently enrolled in an online program of a great university, and scheduled to start classes this month.

There are three primary ways to pay for a higher education; loans, grants, and subsidies. Loans are the same as if you're buying a car or a house, with a few important exceptions. For starters, and the biggest one for me, credit doesn't affect eligibility for receiving funds. Interest rates are determined by the Feds, and the current rate is around 6.8%. Outside of credit not being an issue, the biggest deciding factor for me going ahead with a student loan was not having to make a payment until six months after my last class. In other words, I have six months after obtaining my degree to get that better paying job before I have to make a single payment, and then I have ten years to pay it off. Each university will have preferred lenders they deal with, but any reputable institution of higher learning will have Sally Mae as an option. They have a great loan program and I recommend looking at them as an option.

Grants are a means of getting free money. There are a wide variety of grants available to almost anyone perusing a higher education. The most common way of accessing federal grants and subsidies is through FAFSA (Free Application for Federal Student Aid). A great place to start finding out about all the programs and qualifications is studentaid.ed.gov. The application process takes less than an hour. Within 72 hours you will receive a response from FAFSA telling you all the programs you qualify for. Private grants are also available. Your finance counselor from the university will be able to steer you in the right direction in applying for them. Unlike loans that are specifically for tuition, grants can be used for just about anything to help you obtain your degree; books, a new laptop, transportation, etc. And like I said, grants are free money and do not have to be paid back.

Subsidies are like loans in the sense that they are paid out for specific costs. For instance, I qualified for a federal subsidy that pays the interest on my student loan. However, subsidies are like grants in that they do not have to be paid back. Again, FAFSA is a great place to start. Also, your admissions counselor will be able to assist you in tracking down as much of this free money as possible.

The bottom line is a college education truly has become affordable for nearly anyone. If you have ever thought about pursuing a degree, now is the time. Universities are always eager to assist potential students in obtaining as much financial aid as possible. I would encourage you to contact an admissions counselor today, and find out more details on just how easy it can be.

Learn more about this author, Stephen Surgener.
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