How to pay for college

How to pay for college

November 23, 2019 0 By Kody Olson


[Music] Loan Consultant, Wells Fargo Stephanie Ruby: Hi, I’m Stephanie Ruby. I am a Wells Fargo Student Loan Consultant. Stephanie Ruby: Every day I get to work with students and their families to ensure that they are prepared for their college with their funding. [Music] The first thing you would
want to do is apply for the free application for federal student aid or you may know it
as the FAFSA. This will allow you to qualify for federal loans, grants and scholarships from your school as well. [Music] You should definitely do scholarships before you do, or take out federal student loans
or even private student loans. Small amounts of scholarships can add up. Don’t be discouraged if you do receive a smaller amount … while others may receive larger amounts. They add up over time. [Music] So once you have finished your FAFSA and gotten back any scholarships that you may have received by now, now it
is time to crunch your numbers and figure out what exactly we will be needing. The Federal loans do have many benefits. They also have fixed interest rates, so you don’t ever have to worry about
the interest rates rising on the loans that you do have. You will not have to worry about paying on your federal student loans while you are enrolled in school. So you can worry about focusing on your schooling and doing well. [Music] Stephanie Ruby: Private student loans are
built to cover the remaining balance that you didn’t receive from your federal aid,
grants and scholarships. Private student loans may differ from each different bank based off
of your credit and financial situation. So you always want to make
sure that you are looking into the terms of the loans and the interest rates, as well. One of the best things to ask about is what can I expect for a monthly payment? That way you can budget or keep a financial idea of what you’re expected to pay once you’re done with your schooling. [Music] Copyright 2019 Wells Fargo Bank, N.A.
All rights reserved.