What do many recent high school graduates and adults looking for a change have in common? A desire to get their college degree.
Regardless of your age, a degree is possible. And if you think money is the main obstacle standing in your way, here are several options you can use to fund your educational adventure.
1. Federal Student Loans
Are there ways to get free money for college? You bet, and we’ll discuss them in a bit. But if you don’t qualify for any free money, it’s good to know that you can fall back on federal student loans.
Here are some of the benefits of getting a student loan from the government:
- Usually easy to qualify for.
- Poor credit history is often ignored.
- No co-signer is needed.
- Interest rates are fixed and low.
- As long as you’re actively enrolled half-time in school, no payments are due.
- Repayment can be postponed or converted into flexible plans, if necessary.
- Can offer student loan forgiveness in some instances due to employment.
- Can reduce interest rates to make repayment more manageable.
While those benefits may sound good, you still may want to avoid going into debt at all. The following options can help you achieve that goal.
2. Federal Work-Study Program
As its name suggests, a Federal Work-Study program gives you the best of both worlds during college. You get to work near or on campus, often in a job related to your field. This not only gives you valuable experience before you graduate, but it also provides financial aid for your studies.
Qualifying for this particular program often involves showing a financial need, which is determined when you complete your Free Application for Federal Student Aid (FAFSA).
3. Federal Grants
The FAFSA form mentioned above is a must if you want to qualify for federal grants. Like scholarships, grants are financial awards that do not have to be paid back, making them desirable options for funding your studies.
With your FAFSA complete, the federal government can see if you have sufficient financial need to qualify for a grant. And while getting a Pell Grant, for example, from the government can give you a nice boost, your FAFSA also paves the way for even more funding options.
4. Grants and Scholarships
Let’s say you show sufficient financial need via your FAFSA. The federal government sees it, but so can your state and the school you’re about to attend. What does this mean? That you’ll get even more grant opportunities from your state and school.
Beyond that, you can also search for scholarships from individuals, employers, nonprofits, private companies, social organizations, professional organizations, and more. Your school’s financial aid office should have plenty of scholarship resources, and you can use this website to start searching on your own.
5. Your Employer
Here’s a resource that you may have overlooked when it comes to cash for college. Your employer may have a tuition assistance program that can help finance your studies, especially if you’re looking to stick with the company.
6. Emergency Financial Aid
Applying for and receiving traditional grants and scholarships usually takes some planning. If you need quick cash for classes, and don’t want to take out costly personal loans, talk to your school’s financial aid office. They can connect you to emergency financial aid options from the government, school, and other organizations that can help when time is of the essence.
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