How To Pay For College

Determining how you are going to pay for college is a huge stressor for students all over the world. Students gain tons of valuable knowledge and experience in their college years to prepare them for life after school, but how do we make it affordable? Take a look at the various ways to tackle rising college costs.

Scholarships

Scholarships are one of the best ways to pay for college because it’s free money! A scholarship is usually given based on academic merit and financial need. When receiving a scholarship, you are generally expected to have a solid GPA, good writing skills, and some level of academic achievement. Starting as a junior, you can benefit big time from looking into scholarships early. This allows you to start finding out what scholarships you qualify for and get ahead on writing your essays. Then, once you hit the beginning of your senior year, it’s go time!

Tips When Applying For Scholarships

  • Don’t ignore small awards: Smaller scholarships can add up quickly over time and they often have less competition than other larger scholarships.
  • Essays: Prioritize writing one or two really good essays and then reusing those over and over again for multiple applications.
  • Meet all deadlines: Missing a deadline by even just one day can disqualify you from that scholarship. Use a calendar or planner to keep yourself on track.
  • Apply, apply, apply: The main tip when applying for scholarships is to apply for as many as you possibly can. There are students all over America fighting for these scholarships, so increase your chances of getting one or multiple by applying to all that you qualify for.

Federal Aid (FAFSA)

FAFSA, which stands for Free Application for Federal Student Aid, is a free form students can fill out to receive federal aid like grants, work-study opportunities, loans, and more. FAFSA is not only highly recommended to receive financial aid, but many colleges will require the FAFSA form to be filled out when you apply to that school. Don’t procrastinate filling out the FAFSA form! Filling it out early maximizes your chance of securing more possible federal aid than someone who applies later.

Loans

A loan is money borrowed that is expected to be paid back with interest. Always search for loans with the lowest interest rates – most of these are federal student loans. When you fill out the FAFSA, you can see what different federal loans you qualify for. Along with federal student loans, you also have the opportunity to take out private loans.

What To Be Careful Of When It Comes To Loans

When it comes to private loans, you need to be cautious and always make sure you read and understand what the agreement is. One thing to watch for is predatory lending. Predatory lending is any type of lending practice where the borrower is taken advantage of by the lender, through imposing unfair, deceptive, or abusive loan terms on borrowers. Some companies have fallen into this and have taken advantage of students using these unfair lending practices. It is important that you always read the fine print.

Grants

Different from a loan, a grant is money that doesn’t need to be paid back (aka free money.) While grants are very similar to scholarships, there is one main difference. In general, grants are given based on need, while scholarships tend to be more merit-based and are awarded to students for their academic achievements, extracurricular activities, and more. There are a variety of federal grants available, including:

  • Pell Grants: A Pell Grant is a type of financial aid that is awarded to eligible undergraduate students who demonstrate financial need.
  • Teacher Education Assistance for College and Higher Education (TEACH) grants: A “TEACH” grant is a type of financial aid given to students who are pursuing a teaching degree.

Jobs

Work-Study

Did you know that around 600,000 students in America participate in the Federal Work-Study program each year? This is a financial aid program that provides part-time jobs for students who demonstrate financial need. Students benefit from this program in many ways. One, they get to gain valuable work experience, and two, it helps students pay for college. Here’s how it works:

  • Students can work on or off campus and their jobs are usually related to their field of study, earning them real world experience.
  • Students will work a set number of hours each week.
  • When they receive the paycheck, the program subsidizes the student’s hourly wage.

Part-Time Jobs

As you know, colleges highly value work experience. So, why not kill two birds with one stone and get a part-time job? You can gain work experience and money for college at the same time. It’s never too late to look at adding a part-time job to your high school schedule. To gain even more funds, you can work summers between your school years. Many students take the opportunity to work full-time over the summer since school isn’t in session and their schedules are more open.

College is an amazing experience for you to grow in many parts of your life. You will start to gain more independence. You will be immersed in a community where you get to connect with all kinds of people. You get to engage in your passions and chase after them. Money doesn’t have to hold you back from all the benefits you will gain during your time in college.