FP/101-Foundations of Personal Finance
April, 8th 2013
Funding Your Education
There are many options you have when it comes to funding your education, but it does bring many questions to mind. It is important to use all resources in finding what your expenses will be and what your options are for helping make sure you can afford to fund your education in the most responsible way. There are choices you can make to reduce the amount of money you borrowed. Cost of My Goal
My goal is to obtain a Bachelor’s degree in Human Services and Management. If I do this at the University of Phoenix it will the original cost will be $74,000 which is more than I thought it would be, which is why you need to use your resources and figure things out in black and white, making sure you really know the facts. Grants
There are ways you can find funding to help pay for your education. With my current financial situation and the information I used I know that I am eligible for Pell grant which will help reduce the cost by a lot over the next five years. I will only owe $46,250 instead of the $74,000. There are also other grants and scholarships you can receive too. Federal Loans. It is important to be careful and not take more out than you can afford. Federal Loans are a great way to help you pay for your schooling you might not otherwise be able to afford but at the same time you want to be sure you don’t take out more than you need because in the end you will have to account for this. I learned by doing this my repayment amount on my loan will be $532.00 a month, which is more than I would like to be obligated to. I will find ways to not have to take so much out by trimming expenses wherever I can. More Manageable Repayment. By making sure you don’t take out to much loan money you are ensuring your loans will be more manageable to pay back. Also you can see if there is tuition reimbursement through your employer and also...