SUMMARY: Tackling how you finance higher education takes some work, but resources are available to help you fund and then pay off your loans after you get your degree.

In 2023, the average federal student loan debt balance was just under $38,000. Students entering school in 2024 will likely graduate with an even higher debt load thanks to rising educational costs. The good news is that there are some smart approaches you can use to both finance your education and pay down any debt faster when you accept that first post-graduation job offer.

Here are five financing tips that will help you navigate your educational finances:

1. Complete your FAFSA early. The Free Application for Federal Student Aid (FAFSA) is an important form to fill out even if you’re not expecting any federal aid. It’s the form the government and schools use to award federal grants, work-study positions, student loans and both school- and state-based aid opportunities. Because some of the funds are available on a first-come, first-served basis, be sure to submit your FAFSA as soon as possible. The FAFSA filing deadline is June 30, 2024, for the 2023-24 award year. 
        
2. Dig deep for scholarships. Putting time and effort into finding scholarships you qualify for can really pay off. Start your search at the Department of Labor’s CareerOneStop Scholarship Finder, where you can search more than 8,000 scholarships, fellowships, grants and other financial aid award opportunities. There are also independent scholarship engines, most of which require registration for a database search. Scholarships.com, for example, says its database of 3.7 million scholarships is worth roughly $19 billion in financial aid.
   
   
3. Take advantage of grant opportunities. According to the National College Attainment Network, the high school graduating class of ’21 left $3.75 billion in Pell grants on the table by not completing the FAFSA. The Pell is need-based, but Uncle Sam offers numerous other grant opportunities, most of which don’t have to be paid back. States also offer their own need- and merit-based grant programs. CollegeScholarships.org is one resource that provides a full list of links to state-based opportunities.        
   
   
4. Get some college credits under your belt early. Another way to chip away at your educational costs is by getting college coursework completed while you’re still in high school. If your school doesn’t offer a dual credit program, sign up for one or more advanced placement (AP) courses. In most cases, universities award college course credits for high AP test scores and/or place those students in higher-level courses once they’re enrolled in college. 
   
   
5. Once you graduate, develop a loan-payoff program. Paying the minimum due on your student loan may keep you in good graces with lenders, but it will prolong the time it takes to pay off those debts. Once you’re in the financial position to do so, start making extra payments, allocate any extra cash to the cause and consider making biweekly payments (versus monthly). Be sure to enroll in autopay, which may come with a discount (ask your lender about this).

The Credit Union offers several options for current and former students. If you’re currently attending a secondary or private school, college or trade school, an education line of credit makes it easier to manage common expenses such as tuition, books and room and board. After graduating, we offer refinance and consolidation options to get a better rate while making one manageable payment. Learn more here.

Source: This article originally appeared on centsmagazine.com.