Tuition Bills Are Due
Sallie Mae Offers Tips and Insights to Help Families with Last-Minute Options
NEWARK, Del.--(BUSINESS WIRE)-- Fall semester tuition bills are already due for millions of incoming college freshmen and returning students. As the expenses add up, many of them may be surprised by the full cost of college, according to a national study from Sallie Mae and Ipsos.
"How America Pays for College 2013" found two in five families (40%) reported encountering major expenses in academic year 2012-13 that they did not expect.
For students and their families who need last-minute ways to pay for college, Sallie Mae offers a few tips and insights:
Create a budget. Find free resources that will help you, such as Sallie Mae's Monthly Budget Calculator available on CollegeAnswer.com.
Apply for free money. Sixty-five percent of students were awarded grants or scholarships to pay for college costs, the most frequently used source of funding. If you haven't already, complete the Free Application for Federal Student Aid (FAFSA) and then use a tool like Sallie Mae's Scholarship Search to identify scholarship opportunities available year round.
Borrow wisely. If you need to borrow, explore federal student loans first and then fill the gap with responsible private education loans. Borrow only what you need for your education. Consider those extra expenses that you may be able to live without as a student and better afford later, without borrowing.
Be sure to compare the options, understand not only rates but also fees and total costs, and consider how much you will ultimately need to borrow to complete your degree. Then, make sure the amount fits with your career plans. When asked how knowledgeable they were about loan terms and borrower responsibilities, 81 percent of private education loan users reported that they felt informed about repayment amounts, interest rate and loan fees. The same percentage was reported for federal loans.
Sallie Mae's Smart Option Student Loan offers families the choice of fixed or variable rates with zero origination fees and a choice of payment plans. Sallie Mae encourages students to make payments while in school and graduate with less debt. Fifty-six percent of Smart Option Student Loan customers in academic year 2012-13 chose to make in-school payments.
Join the conversation on how to save, plan and pay for college at Facebook.com/SallieMae.
Sallie Mae (NAS: SLM) is the nation's No. 1 financial services company specializing in education. Celebrating 40 years of making a difference, Sallie Mae continues to turn education dreams into reality for American families, today serving 25 million customers. With products and services that include 529 college savings plans, Upromise rewards, scholarship search and planning tools, education loans, insurance, and online banking, Sallie Mae offers solutions that help families save, plan, and pay for college. Sallie Mae also provides financial services to hundreds of college campuses as well as to federal and state governments. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.
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