How to Pay for College

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How to Pay for College by Mind Map: How to Pay for College

1. Get a Scholarship

1.1. Getting a scholarship can motivate the student to continue to get good grades.

1.2. It is prestigious to receive a scholarship.

1.3. Scholarships do not need to be payed back.

1.4. Universities have a limited number of scholarships that they can award.

1.5. Many scholarships will not cover all of the costs of going to a university.

2. Take out a Student Loan

2.1. Many student loans do not have to be repaid until after the student graduates.

2.2. Having a student loan gives you the opportunity to build your credit score if you make the monthly payments.

2.3. Student loans rates tend to be much lower than your standard credit card rate.

2.4. Loans can be very expensive in the long run due to the cost of paying back both the initial cost of the loan plus the cost of the interest.

2.5. Having too much debt can be stressful for the student. This stress can be compounds if they are also worried about making house and car payments.

3. Get A Job

3.1. Having a job can will build your resume.

3.2. The student may gain experiences and talents that complements what they are being taught in school.

3.3. The company that the individual works for may offer to help pay for some of the costs that are associated with going to school.

3.4. Having a job can make balancing school and work difficult.

3.5. You may not be able to find a job.

4. Have your Family pay for College

4.1. The student doesn't have to worry about the cost of school.

4.2. The family may be ale to write off the cost of paying for college and receive a reduction in their taxes.

4.3. The student can just focus on schoolwork and getting good grades.

4.4. The family may not be able to afford to pay for college, or it could be a burden for the family.

4.5. The student might not appreciate or understand all of the costs associated with going to college.