Earning a spot in college takes hard work. But writing that check to pay for college can be even more challenging. Tuition keeps climbing, and disposable income keeps diminishing. Finding ways to pay for an expensive education can be difficult.
Financial Aid and Institutional Grants
The first step to paying for college is filling out the Free Application for Federal Student Aid (FAFSA). Even if you think you don’t qualify, submit it. This will not only help you with federal grants but with institutional grants. These grants do not have to be paid back.- Pell Grants
- Federal Supplemental Educational Opportunity Grants (FSEOG)
- Teacher Education Assistance for College and Higher Education (TEACH) Grants
- Iraq and Afghanistan Service Grants
Appeal Financial Aid
Once you’ve filled out the FAFSA and completed any school-specific forms, you’ll receive an award letter from the school. It will inform you as to how much aid you’ve received.Work-Study Programs
The Federal Work-Study Program is part of the federal financial aid program. It allows you to earn income for school by working part-time. Although you will make at least federal minimum wage, there may be an opportunity to earn more based on the job.The work-study award depends on your financial need, the college’s funding, and when you apply.
Scholarships Offer Help
While in high school, take advantage of scholarship opportunities. But don’t give up once you are an undergraduate. There are many scholarships available for college students. This should be an ongoing process.When in high school, start with the guidance counselor. Look to local organizations. Check with your parents’ employers. If a national chain employs you, there may be scholarship monies available.
You don’t necessarily have to have the grades or need, but you will usually need to write an essay to qualify for various scholarships.
Start With a Community College
The first two years of college are usually filled with general studies coursework. But you don’t necessarily need to take basic English or math from your chosen college. Instead, enroll in a community college to take these basic classes.Explore ROTC Scholarships
The Reserve Officer Training Corp program (ROTC) includes the U.S Army, Air Force, and Navy. All three have scholarship opportunities.The Army ROTC is one of the largest scholarship providers. But just because you’re in the ROTC doesn’t necessarily mean you’ll receive a scholarship. You’ll also be commissioned into one of the branches after graduation.
Summer Courses Less Expensive
There are limited numbers of classes during the summer term. And although they are usually more intensive, they are often less expensive than the regular school year.Employer Reimbursement Programs
You may work for a company that provides reimbursement for college. Many national corporations will pay half or all of an employee’s college education.Some of these companies include IBM, UPS, Chipotle, and Starbucks. Many of these companies don’t require the employee to remain after graduation.
Student Loans an Option
Student loans are an option. These are not like scholarships or grants. Student loans must be paid back with interest.There are two types of student loans: direct subsidized loans and direct unsubsidized loans. These are available to undergraduate students with financial need.
The school determines the loan type and the amount that you are eligible to borrow. There is an aggregate loan amount. If you reach that amount, you cannot borrow additional funds.
Choose College Based on Price
You want a good education, but at what cost? There are ways to pay for college, but consider your intended college’s tuition and room and board costs.Fill out the FAFSA, but also research and apply for scholarships. If you must go the loan route, ensure you stay within your future means.
