Chances are, if you are a college student, you are struggling with debt. On October 29th, Michelle Harper, a financial advisor for UC Uptown, held a seminar at UC Clermont called “Money Matters.” This seminar was dedicated to teaching students how to pay for college, and how to deal with the debt that often results.
Chances are, if you are a college student, you are struggling with debt. On October 29th, Michelle Harper, a financial advisor for UC Uptown, held a seminar at UC Clermont called “Money Matters.” This seminar was dedicated to teaching students how to pay for college, and how to deal with the debt that often results.
Financial aid is necessary for over 80% of students to get through college. However, too often, Ms. Harper explains, she sees students accrue more debt than they are able to pay off. Not all financial aid is created equal, and she advised those at the seminar to do their research before taking out any loans.
One of the most valuable methods of acquiring financial aid is by completing the FAFSA. A student needs to apply every year at www.fafsa.ed.gov, and he or she can use that site to view what financial aid offers are extended. Other forms of financial aid include scholarships, grants, work/study programs, and student loans. Even though she agrees that student loans are useful, Ms. Harper warns students to be careful when taking one out, because many have a higher rate of interest than expected. Scholarships and grants, however, do not need to be repaid. Furthermore, work/study programs, rather than giving money to a student directly, allow a student to work on-campus in order to pay off their debt.
In short, students need to have a plan for how they want to pay for college as early as possible, and should prioritize meeting with a financial advisor. By being smart with money matters, students can avoid large sums of debt and the stress that comes with it.
