Effective Ways to Help Students Pay for College

Posted on 10/01/13 4:50 PM by Amelia

Let’s Begin College Savings.

Paying for college can seem like a daunting task. However, whether your family is affluent, middle class, or has limited means, there are many appropriate avenues for you to contribute to your own college finances. The more effort you put forth into finding your own college financial strategy, the easier it will be for you to minimize debts going into your post-graduation life. This will help you achieve your desired career trajectory more quickly and give you the chance to develop the lifestyle you would prefer to enjoy. Difficult as the task may seem, don’t give up! This article will provide you with many leads to help you pay for school. The objective here is for you to achieve your academic goals without having to go broke in the process!

Save Money

The first step toward any major purchase is to save money, and this is equally true when you are working toward preparing for college. The more hours of work you bank in your high school years, the more money you will be able to devote toward your college expenses. This not only gives you the opportunity to pay down tuition and textbook costs, but can also help you with luxuries such as an off-campus apartment, if you find that such an arrangement meets your needs. The jobs you will qualify for at this stage are anything but glamorous, but the cumulative effect will not only help your financial outlook, it will also prepare you for the hard work of college. You might consider getting a savings account or another interest-bearing bank account to help you. Confer with your local bank or an expert to find out what options are the most monetarily beneficial.

Federal Financial Aid

The federal government provides a variety of financial aid options. Most of these options are need-based, meaning that the level of aid you qualify for is based on your or your parents’ finances. Even if you do not feel that you will use federal financial aid, it is still a very good idea to fill out the Free Application for Federal Student Aid online. This application is typically due in April of every year, so it is important to get your taxes done in a timely manner if you are working. If you intend to continue receiving federal financial aid throughout your college years, you will be expected to fill out your FAFSA application and update it once each year. Remember, the more economical the school you choose, the less aid you will require in a given year.

Competitive Scholarships

Competitive scholarships are available that pertain to many different interests and skills. A large number of scholarships provide the opportunity to qualify for a cash prize in exchange for a good essay. These scholarships will give you the time to practice the writing skills that you will need to excel in college. Many of them are highly competitive, offering only a single cash prize among a pool of thousands of applicants. This means it will be necessary to scout out different scholarships and apply to several in order to have a higher chance of receiving a prize worth a few hundred or even thousand dollars. There are scholarships of this kind available for high school students and college students at every level.

Community Resources

There are even scholarship possibilities available in one’s local community. Some of these may be competitive essay scholarships, while others might be merit-based. “Merit-based” scholarships are awarded based on your current level of academic performance. Because fewer applicants have the opportunity to qualify for such scholarships, they can be a good fit for academically talented young people. To find local scholarships, check with organizations such as the nearest American Legion or Rotary Club. You can also check with local and national businesses that have locations in your area. Many major corporations operate charitable foundations that provide scholarship assistance on a competitive basis. If you plan to work while in college, your employer may offer you some type of tuition assistance. Inquire with your Human Resources department if you believe this to be the case.

All Things Considered

Financing your education can be a challenge, but you should never give up on your academic dreams because they seem difficult to reach. By taking concrete steps to achieve your goals, you will be more likely to find a combination of approaches that will help you pay for the college or university you wish to attend. The diligence, perseverance, critical thinking and hard work that you invest in this effort will serve you well when it comes time to reach your potential in your college classes. Financing your education, like graduating from college, is a marathon rather than a sprint. Set realistic goals, but aspire to do everything you can to pay for college without going into debt. The hard work you do now will be worth it in the future, and you are sure to benefit from it for years to come, no matter where your college adventure takes you.

Would you like to find out more about financial assistance programs? Click any of the links below.

  • Free Application for Federal Student Aid: This online application is required in order to qualify for most forms of federal financial aid. It gathers information on your financial background and your college plans, and should be updated by April each year.
  • Federal Student Aid Publications and Materials: This site serves as a central clearinghouse for federal government publications pertaining to financial aid. You can find information on a wide variety of federal programs by using this site.
  • The Fulbright Scholarship Program: Named after United States Senator J. William Fulbright, the Fulbright Scholarship Program is operated by the U.S. Department of State and is active in more than 155 countries. It offers approximately 8,000 grants per year.
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