Additional Education Finance

If you’ve gone through everything to this point, you’ve covered all the financial aid options we recommend.

There are additional ways to pay for school, but we cannot recommend them. They are last resorts, and even then we strongly urge that you go back through the prior sections and seek more "traditional" financial aid before considering these options.

Credit Cards

Credit card debt is often given as the #1 reason for students to drop out of college! Don’t let that student be you. Credit Cards do have a place: they’re a good way to build your credit. Credit cards allow you to buy things without being physically there (e.g. online), and they are convenient for making small purchases, which you pay back at the end of the month. HOWEVER, especially when considering large payments such as involved with your education, they have major drawbacks: Credit cards require immediate repayment and have very high interest rates. They offer no deferral, grace period or other "student friendly" factors. If you’re tempted to use your credit card to pay for education expenses, think twice, then think again. Almost any option in this guide (even the two listed below) is better than credit cards.

HELOC

Stands for Home Equity Line of Credit. This means borrowing money against your house. It’s something that parents often consider to pay for college. One small problem, if you can’t pay them back, the bank can take your house away. The PLUS loan or a CampusDoor.com private student loan are probably better options. They offer similar (and arguably better, in the case of CampusDoor.com) terms and don’t put your house at risk.

Signature Loans

A "signature" loan is a generic term meaning any loan given to you, usually by your local bank, just based on your "signature." They often carry quite high interest rates and payment normally starts immediately. Private Student Loans, with a repayment grace period, are a better option.