Cash for College Tips

April 1, 2010

Lee Rhodes,

The College Foundation of North Carolina advises:

1. Open a N.C. 529 college savings plan. In addition to federal tax advantages, the state offers a tax deduction for contributions.

2. Look for grants and scholarships. North Carolina has more than $500 million available in state programs each year for students with financial need.

3. Consider part-time work. Colleges offer work-study programs for students receiving financial aid, but even for students who do not qualify for a work-study program, working a few hours a week can help pay for college expenses and earn students real-world experience.

4. Check out low-interest federal loans. Remember, however, to borrow only the amount that’s needed.

5. Borrow alternative loans only as a last resort. Often easier to get than federal loans, these loans usually have much higher interest rates.