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Top 10 Tips for Paying for College

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Federal Aid

Federal aid can include money that doesn't have to be paid back, like grants and scholarships, as well as loans that are paid back once a student graduates or finishes school.

If you do end up having to borrow money, federal student loans are the cheapest option. Loans made directly to students often have the best interest rates, with the top rate being 6.8% for a Stafford loan. Federal loans for parents (PLUS loans) are also available, and carry a maximum interest rate of 8.5%.

Visit FAFSA's website to apply for a federal grant, scholarship, or student loan.

Private loans are still available, but can carry double-digit interest rates.

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