Ways to pay for college

Published: Jul. 28, 2021 at 7:01 AM EDT|Updated: Jul. 28, 2021 at 8:51 AM EDT
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RICHMOND, Va. (WWBT) -If you’re making minimum wage and trying to pay for college, you’re going to have a hard time covering all of the costs according to our partners at the financial website Nerdwallet.

In 50 years, college costs have increased by 1,473%, while minimum wage only went up by 353%.

If you make the federal minimum wage of $7.25 an hour, you’d have to work 52 hours a week to cover the costs of attending college.

If you have to take out a loan, fill out the FAFSA first. That’s the federal student aid document. Do this on time, every year to qualify for federal, state and school grants and need-based aid.

Experts say prioritize federal loans over personal loans. Federal loans typically have lower interest rates, income-driven repayment and loan forgiveness.

Apply for grants and scholarships or look for a work/ study job.

And consider a part-time job if your course load allows.

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