College is an essential part of life. Obtaining a degree has never been more important than it is today. Though many people want to attend a university, they don’t always have the money to do so.
Fortunately, there is a wide range of financial options available. We’ll focus on three ways to finance your college studies.
1. Scholarships
In today’s world, a college degree is needed. No matter the field of study, many employers won’t hire individuals if they don’t have a degree from a four-year college in their arsenal. Many individuals seek out a college degree, understanding the importance of attending either a four-year college or vocational-technical school. Only after receiving a satisfactory academic performance will an individual be that much closer to obtaining a degree or certification. The unfortunate thing about this process, though, is that attending college in the U.S. can be expensive.
In these circumstances, it helps to seek out different forms of financial assistance. One of the ways to finance your college education is through scholarships. Scholarships are financial aid accolades for students heading to college. You can find scholarships just about everywhere with different organizations. Though you’ll more than likely learn about everything student loan-related on websites such as TuitionHero, you can offset any loans you take out with scholarships.
Between the period of 2019 and 2020, college students received approximately an average of $7,626 in scholarships and grants. These funds were used to fund about 25 percent of total college costs. When students complete the FAFSA application process, they are considered for state and institutional scholarships. People can also seek out other scholarships through nonprofit organizations and other groups. High school seniors would do well to also apply to local scholarship programs in their areas. This might include scholarship funds provided by employers and local businesses.
There are also scholarships that are directed at specific communities within the United States. In some cases, these might be focused on students going into a specific field of study. In other cases, these scholarships can focus on race, sex, sexual orientation, and even religious affiliation. Therefore, it helps to seek out financial assistance wherever you can by looking everywhere. Consider scholarships to finance your college studies.
2. Work-Study & Part-Time Jobs
Another way that you can finance your college career is through work-study jobs. After seeking out the assistance of such scholarship opportunities as Scholarship America, consider doing work-study. Work-study jobs are employment opportunities for four-year college students who are on or near campuses. These part-time jobs are available for eligible undergraduate students depending on their finances.
To be eligible for this type of financing, you will have to submit a FAFSA application to qualify. Qualified applicants for such jobs are paid directly once a month for their work. The other choice that undergraduate students have is to apply for part-time jobs. Businesses that are near universities realize that many students need work for financial assistance. They will focus on hiring such applicants. Current students should seek out part-time jobs that will allow them to balance their work and school schedules.
3. Loans
When you apply for FAFSA as an undergraduate student, you’ll more than likely be seeking out loans. Loans are forms of financial assistance that you must payback. Though loans are often your last resort, you’ll need them eventually. Scholarships will only cover so much of your college expenses.
Loans can come from the federal government and private lenders. Federal loans offer lower interest rates and more borrower protections. First-year undergraduates can receive up to $5,500 in loan amounts. Once you graduate, you’ll have to pay back the financial aid that you received. Add loans to the list of financial funding that you can use for your college education.