Call Us: 1-800-031-7979

Military Resources: Paying for College

February 3, 2012

As college costs continue to grow, you may think it’s impossible to find a way to pay for college, especially with a bad economy. High tuition and a tough job market are not the only determining factors for paying tuition. Getting a college degree is worth the cost. Statistics show that those who don’t graduate with a degree are not eligible for the highest paying jobs available. The U.S. Census Bureau released a report last September that showed how education level changes your paycheck. A bachelor’s degree can help a person earn between $681,000 and $1.2 million more than if you simply have a high school diploma.

Where’s the Free Money?

Even if you’re living with your parents, you can get financial aid for school. You can always start the process through filling out a Federal Application for Federal Student Aid. Each school should give you an idea of what you qualify for based on this application. FAFSA is only the beginning, but it unlocks all types of federal aid, from federal grants to work study programs. That’s why this is the most important step in getting your college funding. Money also doesn’t have to be repaid when you go through FAFSA, though you can sign up to receive loans.

Should You Get a Loan?

Average college costs are over $10,000 per year, including living expenses. It’s not usually enough to rely on free money. Direct loans are a good idea if you’re looking for a low interest rate with several benefits. For one, you can defer or ask for forbearance multiple times, and for various reasons, including unemployment. You receive more money for school and you can deduct up to $2,500 in student loan interest if you learn less than $75,000 or $150,000 if married and filing jointly. However, you do begin a career with debt that you have to work off.

How Does Military Service Help?

Military service can change your life completely. There’s no questioning that. However, it can give you the funding for a good education as well. The Armed Forces tuition assistance is only one incentive included with your G.I. Bill. Enlisted and office military members can receive up to $4,500 for tuition per year. That’s a good chunk of money that you can make up with grants and scholarships. There are also plenty of these available specifically for military vets.

blog comments powered by Disqus

Find Post-Military Education

Many schools set up entire veterans communities with transition assistance, tutoring, prep courses and stable support system. Finding a college that provides services for veterans is simple.

Use our FREE custom search tool to find great military-friendly schools:

Latest Posts

Top Five Degrees for Military Spouse

Oct 31, 2012

Military personnel are not the only military individuals who may be seeking a degree. Military spouses actually make up a large portion of the military degree seekers.

Top Five Military Degrees

Oct 30, 2012

There are several hundreds types of military degrees with subtypes and minors.