01 Sep 6 Ways to Get Extra Money for Your College Tuition
There is no getting around it, college tuition can be extremely costly, and decades ago, students would have a hard time finding ways to pay the costs if they didn’t have a college fund to fall back on. The good news is that there have become more and more ways to help cover the cost of tuition over the years. Below are just a few ways you can get some extra money to help you close the gap in your tuition costs.
Federal, State, and College Grants
Grant money should be one of the first options you seek out as the money you receive from grants will not need to be repaid. Since most grants are need-based, your income information will be sent to various places when you complete your FAFSA to see if you qualify. Some grants are not need-based and often available through the college you choose to attend, such as second-year grants. You will be notified of any grants you are eligible for when you receive your award letter from financial aid.
Consider a Work-Study Progam
If you are in financial need, you may also want to consider requesting work-study. After completing your FAFSA, the college you plan to attend will be able to let you know if you qualify. If you do, you will be offered a part-time job on campus and paid hourly, up to the amount of your work-study award for the year. This money will be put towards the cost of your tuition, and the best part about these types of jobs is that they can be worked around your class schedule.
Look for Private Scholarship Opportunities
There are many private scholarships from businesses, community foundations, banks, and other organizations that can help you pay the cost of tuition. While some of these scholarships may seem like small amounts, they can easily be combined and add up to a large amount of your tuition. While some types of scholarships may have certain requirements, others are open to everyone to apply. Start with your local community foundation or try one of the free online apps designed to connect you with applicable scholarships.
Consider Your Loan Options
You or your parents will likely qualify for tuition loans through FAFSA, or you may be able to apply for one from your local bank or credit union. Student loans through FAFSA often carry low-interest rates and have a grace period to repay before interest starts. They also can be good options as they can be adjusted if needed in the event you have financial strain in your future. Never borrow more than you need because, even at a low interest rate, you can end up with a lot of future debt that may be hard to stay on top of.
Talk to Your College
If you don’t have the funds to cover tuition, you have nothing to lose by asking the college you plan to attend if they have available scholarships or funding. Call or draft a letter explaining why you feel you are a good fit for the school, along with your financial situation, and ask them if the college has any funds available or programs that would be able to help you out so that you can attend.
Contact Accolade Financial
Paying for your tuition can seem like a mountainous task. Yet, by considering the options above and completing your FAFSA as soon as you can, you may be able to secure enough funds to cover your tuition and begin enjoying your college experience. For more help, high school students and their parents are welcome to schedule an appointment with Accolade Financial.