A Guide To Funding Your College Education

What Are My Options?

The belief that a student must either work full-time, be extraordinarily academic and/or willing to go into considerable debt to finance their own college education has been debunked throughout the last decade. A host of student-friendly options have become available in the form of federal grants, work-study, departmental and outside scholarships. For me, it was a combination of all these options that has allowed me to nearly entirely finance my college career. By researching what is best for you as a student, you may identify your unique needs and advantages and find the option that is best for you while avoiding an early start debt or the stress of a full-time job. Here’s a look from essay writing site at the benefits and details of some common options.

Federal Financial Aid (Grants)

If you have already applied and been accepted to a college of your choice that participates in the federal financial aid program, the federal student aid website allows you to fill out a free Federal Student Aid (FAFSA) application. If you are still a dependent, the application requires your parents’ income tax information. When completed, your college’s financial aid department will then process the information and report to you if you are eligible for a non repayable grant, and if so, how much.

A potential downside to federal grant aid, however, is the requirement to reapply for aid annually, and fluctuations in parents’ income can seriously impact amount and eligibility, as I once found during my sophomore year.

To get more detailed information, fill out an application, or find a list of participating institutions, visit http://www.fafsa.ed.gov.

Federal Work- Study

Federal Work-study enables a full-time student to earn money while working on the campus of a participating college. Your eligibility for work-study is determined by the FAFSA application, if you indicate you are interested in federal work-study on the application form. However, it is highly advisable to contact your college’s financial aid department before applying and ask about your college’s specific work study program. Hourly wages are varied and determined by college and department according to the amount allotted to them by the federal program. While wages may be typically lower, federal work-study is advantageous in that you are nearly guaranteed to eventually find a work position at a campus department, and work schedules are arranged to fit your class schedule.

Departmental Scholarships

Even if your high school GPA and ACT/SAT scores leave something to be desired, it is still highly possible to earn a scholarship. Evaluate your hobbies and interests apart from your chosen major. Were you the talented piccolo player in high school band? Captain of the drama team? It may not be a bad idea to check with the music or drama departments for scholarship opportunities. As a business major, I found that my interest in music opened opportunity for additional funds. Even if you are not willing to devote major study to that subject, you may find it worthwhile to schedule an application, audition, or tryout, since some departments are satisfied to provide scholarships if the student is willing to minor in that subject or to participate in a certain group such as the marching band or the university theater.

Outside Scholarships

Are you classified as a non-traditional undergraduate student? Special needs? Military or military dependent? A minority? A number of non-performance based scholarships exist for these and are growing in increasing numbers. Contact your own college’s scholarship office to ask about these opportunities, or research scholarships sponsored by outside institutions. It is worth noting that scams exist in the form of scholarship “search engines” that require a fee for finding you a scholarship that meets your requirements.

What If I Don’t Really Need Extra Funds?

In spite of these available choices, many students may instead choose, for various reasons, to rely entirely on student loan debt or funds provided by parents and family. While the choice to finance or help finance your own college education through one or more of the above mentioned options is not for everyone, here are some additional reasons you may want to consider the extra trouble of research and applications.

Resume Enhancement: Choosing to participate in work-study may allow you to gain valuable experience in a professional setting , such as in research or administration. This may give a considerable advantage over peers who choose typical casual employment in retail or fast food, or no employment at all. Also, let’s face it-even “small” scholarships can fill in space and look good on a resume!

Networking Opportunity: Whether applying for financial aid, participating in work-study, or seeking scholarships, you will be working and connecting with staff and faculty. This could provide you with job references for the future, as well as provide windows to future job openings and opportunities.

Value to Employers: Taking steps to help finance your own education by yourself demonstrates a strong work ethic to employers. Chances are someone who is willing to take on responsibility early in life will have fewer problems adapting to the responsibilities of a full-time job.

Fulfillment and Satisfaction: In addition to everything listed above, the accomplishment of having provided funds for your education on your own gives a needed feeling of independence, confidence and self-reliance!