There are very few things that can reduce the cost of a university’s tuition rate. However, there are some ways that you can reduce the amount you owe or at the very least, arrange it so that you’re not stuck with a hefty monthly student loan bill when you graduate. The earlier you start managing your student loan finances, the easier it will be for you post-graduation.
As a college student, you’ll already have a considerable amount of responsibility meeting mid-term, final-term, assignment deadlines and other academic projects. Florida National University (FNU), a regionally accredited educational institution located in the South Florida area, strives to challenge our students in order to properly prepare them for the professional world. On top of college studies, being able to pay your student loans while still enrolled should be another top priority. To soften the blow, it’s best to do what you can now in order to reduce future payments.
Here is a list of some of the actions you can take to reduce the cost of your tuition payments:
- Pay the Interest
If you’re taking out a federal loan, you will receive a statement that displays how much interest is being put toward your loan. This statement is meant to update you on your account as changes occur. No payment is due at the time, unless you want to pay. Since students don’t usually have a high income, most of them choose to pay the interest later combined with the principle amount after graduation.
If you choose to pay the interest as it’s being added to your principle loan, then you’ll reduce the monthly payment and the overall balance of your federal student loan.
- Dual Enrollment Program
To be extremely proactive, you can reduce the cost of your college tuition by enrolling in FNU as a high school student through our Dual Enrollment Program. Through this program, high school students can enroll in any of our credited freshmen courses like English Composition I, College Algebra I, Fundamentals of Oral Communications, or Introduction to Information Technology.
The credits for these courses can be transferred to a FNU college degree program of your choosing.
High School students will be able to enroll in two credit courses per academic year giving them up to a 6-credits head start on their college career. This means that there are 6 less credit hours that will need to be paid for as a college freshman. Learn more about how high school students can prepare for FNU’s Dual Enrollment program here.
- Get a Job
Receiving income every month is a surefire way to help pay for your tuition. It won’t reduce the cost, but being able to pay your tuition while you’re currently enrolled in college will also reduce the amount of loans you’ll have to pay back. Cash is king. The more cash that you can put toward your tuition during your college years, the fewer federal loans you’ll need to take out. By the time you graduate, the total loan amount will not be as much as it would be if you didn’t pay your tuition in advance.
Some students may think that it’s impossible to earn a college degree while working, but it is possible. That doesn’t mean that you won’t have challenges and obstacles to get over. Scheduling your work hours around your classes every semester will be a challenge, but this is all part of life. Once you graduate, you’ll be faced with time management dilemmas. You’ll have to make responsible judgment calls that will affect your career and your future. So it is with juggling the responsibilities of a job and college life. You can do it! Be encouraged and read a few of our student success stories here.
- Look for Scholarships
They say that there isn’t such a thing as free money, but if you’re able to earn a scholarship, that comes pretty close!
A scholarship is money awarded to a student to further his or her education. The scholarship can be based on academics or need. Some scholarships are student specific and can be based on gender, race, religion, or even geography location. Colleges and universities will also offer their own scholarships, but of course, the most popular scholarship that most people are familiar with is athletics.
If you are athletically gifted, many colleges and universities will recruit you. In exchange for your athletic talent, you may receive a generous tuition discount or even a full ride. This needs to be negotiated between yourself and the college. Every school’s athletic tuition rates vary.
Other types of scholarships include brand—where a company is trying to attract attention, and creative scholarships—where a financial award is based on creative submissions such as writing contests for the university’s press.
- Apply for a Pell Grant
A Pell Grant is a government form of financial aid that is awarded to the student that does not have to be paid back. This form of financial aid is available to students who are in financial need based on their annual household income.
- Use Additional Income
This option may be more for non-traditional students who are a bit more mature.
If you’re lucky, you may already have some money saved away. You may have inherited money or maybe are even receiving alimony. Perhaps your stock investments are giving you a generous ROI. In such a case, you may want to cash out that profit and put it toward your education.
You don’t have to wait until you graduate from college to start paying back your student loans. The earlier you start paying for your college education, the less you’ll have to pay in the future. Contact an FNU advisor to learn what you can do about making your college education affordable today. Our main campus is in Hialeah, Florida with another in Miami along with an Online and Training Center.
We also offer online courses.
Come visit us today!