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How to Pay for College – 7 Ways

Going to college sounds like a great option  – you will get to live away from home for four years, go to college parties and come out with a degree that will help you to find a good job at the end of it. However, we often forget the high cost that comes with getting a college education. Not only do you need money for rent and to survive, but there are also some pretty hefty tuition fees that need to be paid for.

Some lucky young people will have the support of their parents to fund this higher level of education. But, for those of you who don’t, check out the options below for ideas on how to pay tuition fee costs whilst you are studying at university.

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Review

Financial Aid

Universities are aware of the struggle many students will have in finding the funds to pay for tuition fees. Therefore, all universities will have a range of funding options available. Two common forms of financial aid are scholarship and grants that are offered by the university. These are payments made to students by university organisations and, the best thing about them, they don’t need to be repaid. Once you have been notified that your place at the university has been secured, check the school’s website for more details on The grants and grants available.

Find a Job to Work as you Study

The idea of working as your study may not be that appealing, but this can be an especially lucrative way to fund your college education. Of course, the first thing you will do is think your hourly rate and how much money you can make per week. But, in reality, this could be more than you think.

Many companies employ young people on a part-time basis as they study, however, if you are lucky enough to fall in with the right company, then you may even get some additional costs of your education covered. A lot of the major companies out there have special schemes and programs that enable them to give money towards employee’s education costs.

One of those schemes is called ‘Tuition Reimbursement’. In this scheme, workers (who are also students) are reimbursed for some of their educational costs, such as classes or tuition fees, textbooks or internet fees. The companies offer this incentive both as a way to attract high-quality workers and as a way to save money; $5,250 per employee of tuition reimbursement is tax-deductible annually for companies.

Companies that Support Part-time Workers with Education Costs

  • Home Depot: One of the companies that have a tuition reimbursement scheme. They support part-time workers with up to 1,500 dollars towards the cost of their education.
  • BP (the oil giant): This company pays up to 90% of an employees costs towards tuition, books and fees. Although this means that entry to be eligible is high.
  • Starbucks: Starbucks can cover full-time college tuition if you are an all benefits-eligible US employee of the company. This means that working for Starbucks as you study can get you a free degree! There is one small catch though! Take note: you have to be studying at Arizona State University on one of their online courses.
  • Wells Fargo: Up to $5,000 in tuition costs is offered annually by this company.
  • Verizon: As long as you are on a course related to the business of Verizon, you could get up to $8,000 a year in tuition reimbursement.

Private Scholarships

In addition to The grants on offer from university institutions, there are also a number of private scholarships available. These are offered to students from a variety of organisations for a variety of reasons – and they are not only available to the smartest students.

Some are offered to students for being left-handed or even vegetarians, some ask you to do charity work to be awarded, and others can be entered as competitions with scholarships as the prize!

Get a Loan

Although it may not be seen as the ideal option and tends to be used as more of a last resort, there are loans available to students who are struggling to find the money to cover the costs of their education. If you do decide to get a loan, be sure to choose a federal, not private, loan. These offer lower interest rates and better protection to you as the borrower. Two loans to check out are the FAFSA and PLUS loans.

Pick a Community College

Let’s start with the main differences between a Community College and a University. Community Colleges offer two-year programs whilst universities offer four-year programs. Why are Community College courses half the length of university courses? Well, the first two years of a university course are focused on more general education and the second two years are when you specialise in the specific subject in which you will major.

Compared to university, the annual tuition fee at Community College is estimated to be $3,700 per year cheaper than a yearly tuition fee for the university. One option to make the overall cost of study cheaper is to complete the first two years of higher-level education at a Community College and then transfer to a university to complete your major in the final two years.

Live at Home

I know what you’re probably thinking at this point: no way, I am NOT doing that, I am going to college to get AWAY from home! Sound familiar? Well, although the idea of studying away from home may sound super appealing, the reality is that it puts a lot more strain on those purse strings. Living at home as you study may not be the ideal situation, but it really will save you money during your four years of study.

Think about it this way, at public universities in the USA, the average cost of room and board works out at $9,800 per academic year. On a four year course that racks up to a whopping $39,200!!!!! Now consider that tuition fees in the USA are approximately $10,000 per year. By saving the money on rent, you will be able to use that money to fund your yearly tuition fees.

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