There are several routes to go by to pay for your college education. If you are the parent of a child you plan to one day enroll in a prestigious university, it's time to start a savings plan. Many ivy league schools in America have a staggering $20,000 to $45,000 a year tuition bill. By putting away a small amount of money each month into secure fund is a steady approach.
In the United States of America there is financial aid available to citizens that qualify as low income students and its disbursed on a needs basis. Only students that actually have the strongest need for it will be qualified to receive it. American citizens can apply online at fafsa.ed.gov.
Many college students have to take out loans to pay for college. College loan programs can be subsidized or unsubsidized.
Subsidized loansPerkins loans and Subsidized Stafford Loans are loans that the government pays interest on while the student attends school.
Unsubsidized loansUnsubsidized loans are loans that don't require the student to have any financial hardships. The repayment period on these loans include time in school.
Work Study ProgramsAs part of a financial aid package awarded by the government, work study programs allow student to earn the extra money they require for school by working at approved jobs.
Needs basedThere are scholarships available to students with a strong financial need but the amount of funding available is limited by the overwhelming demand.
Role basedSome university school's have scholarships just for a particular major. For example, the school of psychology at a University might have a scholarship for students that major in psychology. If you're interested in psychology degree programs you can find educational psychology programs online.
Merit basedMerit based scholarships are the most competitive scholarships and only the students at the top of their class can qualify for. This type of scholarship is like a tournament. Only the best out of all that apply will get any substantial funding.
If you are raising money for your children's education fund, I wrote an article on different savings plans and interest rates.