How to Pay for College When You Are Flat Broke

Financial Aid.  Financial aid basically is found in grants and federal subsidy programs.  Information on these can be found in the admissions office of colleges and universities around the country.

Student Loans.  Stafford loans are available to students to help pay for their college related expenses and are federally backed loan programs.  These are low-interest and deferred plans that give students a way to finance their education and not have to begin the payment process until after they graduate.

Bank Loans for College.  Parents can take out loans specifically set up for their college-bound students.  These loans are commercial in nature, but offer good rates and terms for repayment.  Satisfactory credit ratings apply to these loans which might keep some out of these plans.

Scholarships.  There are a myriad of scholarships available.  Checking with the admissions office is a good start to see what programs they have available.  But also, a good exercise would be to check the Internet for scholarships that are independent of a specific school.  Some are community based and can be accessed by checking with local business organizations in your area.

Employer-based reimbursement programs.  Some companies provide 100% reimbursement of tuition upon the successful completion of a semester with passing grades.  While you have to front the money when you sign up for classes, you can get your money back at the end when your final grades are published.  Even if your company does not pay 100%, any percentage is better than shouldering the full amount on your own.  If you are pursuing a health science related field, you will find many hospitals and medical businesses that are willing to help financially while you work with them or sign a commitment to work for them fulltime for several years after you graduate.

Tax Relief.  There is tax relief available for higher education expenses offered in the recently signed economic stimulus bill.  The American Opportunity Tax Credit is worth up to $2,500 for tuition paid out in 2009.  This credit is also available in 2010 as well.  The restriction is that the student cannot be past the first four years of post-secondary education.

Old-fashioned way.  Many students still find it necessary to work their way through college.  It makes for a very busy life, but in the end result provides a very fulfilling pathway.  Those who scrimp and save every little penny to pay for tuition and other expenses related to higher education are more likely to appreciate the effort that it took to obtain the degree come graduation day.