Students interested in Westwood College often have questions about how to pay for college. Norm Blome, Westwood College’s Senior Vice President of Compliance, tackled some of these questions in a Q&A posted on westwood.edu.
Are student loans the main way students pay for their education?
Loans are typically the most significant component but not the only one. Students usually have a mix of multiple funding sources in their plan for paying for college. For new students, the best way to find the right mix is to answer a series of questions:
- Can you get any scholarships or grants to pay for a portion of the costs?
- What can you or your family afford to pay through savings to reduce the amount you borrow?
- And what is the best way to finance the portion that you will pay over time?
Which funding sources are the most beneficial for students to explore?
The first sources of funding that we suggest students look at are scholarships, grants and tuition reimbursement programs because they reduce the amount that the student is responsible for paying. Unlike loans, scholarships and grants do not need to be paid back. Scholarships and grants can come from a variety of sources – including Rotary Clubs, AmeriCorps and the U.S Military – and can dramatically reduce the cost of college.
Westwood offers many scholarships – in fact, 100% of students are eligible for at least one scholarship or award. Information about these available scholarships can be found here.
What other options do students have?
After exploring grants and scholarships, we suggest that students look closely at any savings that they and their families may have set aside for their education. That money helps further reduce the amount that students will have to pay through loans.
The last thing we look at is borrowed money, which is a loan that you pay back with interest. Once students know how much they can pay for with scholarships, grants and savings, the rest can typically be covered by student loans, which we can assist students in securing. We strongly recommend that students utilize federal student loans, as the terms and conditions are more favorable to the student than other sources. We also counsel students on the repayment responsibilities that come with the decision to borrow money and the serious consequences that they will incur if they default on those obligations.
Our student finance team can walk them through the process, taking something that can be very intimidating at first and simplifying it so they can make smart choices.
Read more from Norm about how incoming and current students can pay for college at westwood.edu/qa/paying-for-college and check out more Q&As with Westwood College leaders at westwood.edu/qa.