Tight on money? Here are some tips to save on college tuition - wave3.com-Louisville News, Weather & Sports

Tight on money? Here are some tips to save on college tuition

LOUISVILLE, KY (WAVE) - College move in day is right around the corner leaving thousands excited and others worried about paying for it.

If scholarships and grants do not cover everything, financial experts say there are other options.

Federal loans in which students borrow are different from loans parents borrow and private loans.   

Experts say to start with federal loans for students. Those come with low interest rates and flexible repayment options. Plus, students are automatically eligible regardless of income or credit history.

If the federal student loan isn't enough, the federal plus loan for parents can help. The interest rate is fixed and stays the same for each borrower. Right now, it's at seven percent, but parents have to pass a credit check for that one.

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The terms and rates vary for private loans and if you need the money soon this may not be the best option as it normally takes longer to get your money.

Tuition around WAVE Country varies for each school.
 
At the University of Louisville, expect to pay around $20,000 a year for instate tuition.

Students can expect to pay around $6,000 a semester at the University of Kentucky, that doesn’t include living expenses.

Western Kentucky University in Bowling Green requires students to pay around $5,000 a semester, which also doesn’t include living expenses.

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