There’s no question that college costs a pretty penny. There’s a lot of pressure to apply for scholarships to help pay for it. What happens if you don’t receive any scholarship money though? How will you pay for school? Here are a few alternative options for funding your education.
Grants
Grants are typically rewarded by colleges, states and the federal government. The amount you receive is based off of the information on your FAFSA. The amount awarded also depends on your financial situation but the best part of grants is that you don’t have to pay the money back.
Work- Study Jobs
In order to qualify for work-study jobs, you have to submit a FAFSA first. These are part- time jobs that pay students at least once a month. Undergrads can earn hourly wages but the amount earned can’t exceed their work-study funding for the year. Keep in mind that if you don’t qualify for a work-study job, you can always find a regular part-time job as well.
Haggle with the College
Did you know that you can reach back out to your college after financial aid numbers have been released to ask for more money? An article written by Katie Lobosco for money.cnn.com explains, “Yes, you can haggle over financial aid. Experts suggest having the student write a formal appeal letter and then follow up with a phone call. It’s worth reemphasizing why you’re a good fit for the school, and whether or not you received more aid from a comparable college. Maybe you can do a better job explaining your financial situation. Sometimes your family might have other expenses, like medical bills, that aren’t already taken into consideration. It’s also a good idea to mention if your family’s financial circumstances have changed in the past year because the FAFSA is based on your income from the prior year.”
Live Frugally
There are plenty of ways to make college more affordable. Living frugally is a great place to start. Try to find off- campus housing. You will often find more affordable living outside of a dorm. Additionally, don’t sign up for a college meal plan. Instead, take time to learn how to make healthy but inexpensive meals. Lastly, consider enrolling in community college. If it’s possible, live at home while you attend school to save even more money.
Tax Credits
Did you know there are additional child tax credits for parents who help fund their child’s education? According to the American Opportunity Tax Credit, you can claim up to $2500 in additional tax credits when you pay for tuition, fees, room and board, or books for your student. Ask your tax professional for more information when it’s time to file your taxes.
Attending college is pretty expensive. However, there are several avenues you can take in order to help fund the experience. Think outside the box, and ask your school counselor for additional resources to help you along the way.