Figuring out how to pay for college is one of the most stressful topics that most of us have. We all know that higher education is expensive. But it has never been more expensive than it is now. If you are not sure of how you are going to pay for college for your kids, then let me help guide you in the right direction.
Fill out the FAFSA
The VERY FIRST step in paying for college is to fill out the FAFSA. The FAFSA is a federal form that is the starting point for all things considered student aid.
Without this form, you will not qualify for loans, grants, or most scholarships.
The FAFSA is simply a form that asks about your financial situation to determine how much student aid your child is eligible for.
All student aid is given out on a first-come, first-served basis. Once the federal money runs out, there is not more until next year. So fill this out as soon as you can.
Choose an Affordable School
This can be a really big deal for students. If you choose a school that is too expensive, you can really put yourself in a financial pickle later on.
Make sure that you look up how much each school that you are considering costs per credit hour AND all of the fees associated with that college or university.
I have seen schools that look great because they only charge $200/credit hour and their comparable schools charge $500/credit hour. But sometimes there can be student fees that make up for any difference in tuition.
Make sure that you understand the ENTIRE cost of attending that school.
With that being said, you might want to consider going to community college. I know that it is not as glamorous, but it will save you a LOT of money. The typical community college is about ⅓ of the cost of a 4-year university.
Also, strongly consider avoiding going to a private school or an out of state school. Typically an out of state school will cost you two to three times as much as their in state counterpart.
Apply for Scholarships
You have probably heard this before but you need to apply for as many scholarships as you can.
And you don’t have to wait until you (or your child) is in their senior year of college.
I have a cousin who received her first scholarship in the 8th grade!
There are thousands of scholarships out there that are not even given out because people don’t apply for them or they cannot find the right recipient to give it to.
So get used to writing essays, filling out questionnaires, and filling out scholarship applications. You don’t have to get the huge ones. But if you were to get just a few $1,000-$3,000 scholarships, you can really put a dent into your tuition.
Here is the scholarship finder link from the federal government.
Start a Side Hustle
You need to have a job while you are in school unless it is not permitted by your university program.
But that doesn’t mean that you have to get a job at a grocery store or a minimum wage gas station job.
Start a side hustle! Most of the side hustles that I have done have made me WAY more than minimum wage.
Here are some of them that I have done that have been lucrative:
- Driving for Uber or Lyft
- Delivering with DoorDash
- Donating Plasma
- Flipping furniture
- Selling Amazon return pallets
- Power washing
- Pet and house sitting
All of these have been really good side hustles and I was able to do them on my own time. You can do the same with these.
Join the Military
Don’t just gloss over this section.
Just because someone goes into the military doesn’t mean that they are going to be in combat or have their life in danger.
I was in the Army and I worked in a warehouse 95% of the time. I have a family member who is in the Army and she plays clarinet for the Army band.
You also can join the National Guard or the Reserves. When you do this you will have to do your initial training (which can usually be done in the summer in between semesters). And after that you just have to go one weekend per month and two weeks in each summer.
The military is not for everyone, but it can be a GREAT way to help pay for (or pay for all) college.
Student Loans
This is the last item on this list because this should be your last resort to pay for college.
Student loan debt can be completely crippling. I know from experience.
Don’t take this lightly.
Make sure that you are putting in the work to pay for as much of your education costs as possible without loans.
Do not depend on the government to forgive the loans later either. It might happen. But it might not. You can only depend on yourself to pay off your debt.
Final Thoughts
There are a ton of ways to pay for college out there. These are only a few of them.
I know that college is expensive. I’m currently paying off my student loans right now.
But do your best to get creative to minimize the amount of student loans that you have to take out. When you graduate, you may not make the type of money that you thought you were going to make.
When I graduated with an MBA, my first job was making $18.25/hour. I couldn’t afford to pay ANYTHING on my student loans for a little more than a year. And that entire time, the loans just grew bigger and bigger with interest.
Try not to let that happen to you.
You can do this!
I am here to help you!
Until next time!
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