Finding enough money to pay for a college education can be difficult for most families, especially for those that must rely on financing to pay college expenses. According to the College Board, the average cost for a year of in-state public college tuition and fees is $22,410 for 2014-2015. For a private institution, the costs are more than doubled at $46,272 for tuition and fees. Public loans are expensive and private loans cost even more, resulting in payments that must be made for decades before the entire cost of the loans are paid off. Fortunately, there are a number of other ways available to obtain money that can be used to pay college expenses. Here are some options that you may be able to use.
Scholarships
Many local and national groups offer scholarships for college students that meet their specific criteria for scholarship eligibility. Scholarships are often awarded for specific achievements, so if you were a good student or belonged to a community organization, you stand a good chance of qualifying for a scholarship. With the large number of scholarships currently available, it can be daunting to try to find the ones that you qualify for and apply for each of them. If you start to get discouraged with the process, think about how beneficial it will be to you and your family to find scholarships that will reduce the amount that needs to be funded with loans that must be repaid.
Financial Aid
Many schools offer financial aid options that will help students pay for their college expenses. Depending on your year in school, ethnicity or field of study, you may be eligible for a variety of funds. Financial aid funds are generally reserved for those that need them the most, so the family’s financial standing will be used to determine how much financial aid the student will qualify for. If you can demonstrate that paying for college would be a hardship for your family, you stand a good chance of qualifying for some type of financial aid.
Work-Study Programs
A number of public and private colleges have work-study packages available that you may qualify for. These packages offer a reduction in the amount of tuition that must be paid in return for the student working on campus in an eligible employment position. Even if a work-study program is not available, there are many employment options on college campuses that can help reduce your education costs or pay for essentials. Part-time campus jobs are also more likely to work around your class and finals schedule, allowing you to attend your classes without having to worry about missing work.