Paying for College: The Basics Explained

 

The average college student in the US graduates with over $30,000 in student debt. It’s a lot of money, and that figure continues to increase.

Paying for college is a huge (and understandable) stressor for many wannabe students. To continue your studies, pursue your goals, and get your dream job, you need to be able to pay for the privilege first.

But all is not lost. There are lots of ways to figure out how to pay for college no matter your current financial situation. These tips for college students (or future college students!) will help you get started.

Federal Student Aid (FAFSA)

For American students, the first port of call should always be the Free Application for Federal Student Aid (FAFSA). It opens in early October every year and anyone can apply.

You have no idea what financial aid or government grants you might qualify for unless you check.

Scholarships and Grants

Two of the more preferable ways of paying for college are scholarships and grants. Another name institutions use is “bursary” but they all mean the same thing; money for college that you don’t need to pay back.

Scholarships are available from your state and the federal government, high school, and/or college. Others come from charities and organizations that award them to the LGBTQ+, minority, or military communities.

Apply for as many scholarships and grants (that you qualify for) as you can!

Federal and Private Student Loans

Student loans are the most common method of paying college tuition and expenses. Federal student loans offered by the government are flexible and have low-interest rates, but they may not cover all your costs.

Private student loans offered by banks can cover all your costs but they all offer different terms. So, make sure you know what you are signing up for before taking out one of these loans.

Part-Time Jobs

Some professions and companies offer work-study jobs. These are jobs that allow you to study for a college education while you work and they will often cover all your expenses.

But if you’re attending college full time, there are plenty of great part-time jobs for college students.

Some of the best side gigs are in the hospitality and service industry. And if you want to work for yourself at college, some of the best side hustles are teaching English online or joining a service like Uber.

There are also plenty of seasonal jobs available through the National Park Service. Seasonal jobs allow you to be productive in your vacation time so you can concentrate on studying during semesters.

What’s the Best Way of Paying for College for You?

Paying for college might be expensive in most cases, but the good news is that you have a lot of options. Don’t start your working life with thousands in debt if you have other choices.

Apply for as many scholarships as possible, work hard, and you might even be able to graduate debt-free.

If you’re going to college and working your way through it, you’ll need tons of study and business tips. Check out our education section for lots of useful articles and advice!