Funding Your Education
College is more expensive than ever, and has quickly outpaced the minimum wage the average high school student can make. However, you've been told it's the only way to get a good job. What are you supposed to do? How do you navigate huge financial decisions before you've ever even lived on your own? Don't let healthy, motivating stress become crippling stress; you have several options:
- Working
- Loans
- Scholarships
- Alternative Paths
- Emergencies
Disclaimer: This is based on my personal experiences as a college student, and I am not a professional in higher education, finances, or loans/scholarships.
WORKING
Even if your parents or scholarships will cover all your costs, working part-time in college is still a good idea. You can find on-campus part-time jobs that only expect you to work 8 hours per week, all the way up to the federally-mandated maximum of 20 hours per week. You can also choose to work off-campus, giving you more options and allowing more than 20 hours. Both on- and off-campus jobs have pros and cons, as does the option to be a Resident Advisor (RA). First, on-campus jobs will give you opportunities beyond fast food, though there might be on campus coffee shops and the dining hall that still require manual labor. However, on-campus jobs give you a better chance of working as a tutor, for your department, as a research assistant, or other positions that could be better on your resume. You can still find jobs off-campus that will be beneficial to your future career, though, but there will be a lot more jobs off-campus for grocery stores, retail, etc.
On-campus jobs are likely closer to your apartment, especially when you live on-campus, and they're definitely closer to your classes, and are always extremely flexible with your class schedule. Off-campus jobs in a college town will probably be flexible, but it's not a sure bet. The college career center can help you get on-campus jobs because they know exactly what they're looking for, and you have the opportunity to meet other students. However, schools are chronically underfunded, and you may find yourself short on hours or with a low pay. Off-campus jobs like pizza delivery and restaurant service offer the opportunity to make significantly more in tips. Additionally, some on-campus jobs may stipulate that you can't hold another on-campus job or that you can't hold another job, period. An important thing to understand is your college's work-study options. If you received Pell Grant, you likely qualify, but there may be some kind of waiting list, so talk to a career center or financial aid counselor as soon as possible if you think you may qualify.
Your college will have a student portal to view job openings. Before the school year even starts, you can apply for jobs, but look out and read the fine print. My first job at my college, I landed before I even began classes, but it was a job at the university bookstore. I stood on my feet, wore uncomfortable khakis, and was relegated to the textbook section and never learned to cashier; thus, when the textbook section closed after back-to-school class book shopping, I was subtly let know that I didn't have a job anymore! Oh well. Onwards and upwards. Another job I held was at the Alumni Center, calling alums and asking for donations. This job had no uniform, and I sat down the whole time. It offered gift card incentives for doing well, and it made me so, so much better and more confident at small talk and interviewing. However, it was extremely stressful and fast-paced, only offering 9 hours per week, and honestly, sales weren't my forte. However, after the fact, I got to put on my resume that I'd fundraised more than $10,000 for the University - no joke! (I wasn't even the best caller). That job, way out of my comfort zone, ended up being a really great experience, so don't limit yourself to obvious jobs!
I was also a Resident Advisor, or RA, for two years. As an RA, you get a stipend, which may or may not cover your entire cost of housing (I paid an additional $100 because I was placed in a nicer, apartment-style residence hall), and might offer a bonus like a partial dining plan. You get to move in early, it shows leadership and responsibility on a resume, and it allows for a lot of creativity and flexibility. However, not getting a monthly paycheck means you don't really have an opportunity to make more money, just save on housing, and the psychological toll of always being "on the clock" - always being available to your residents, having to work nights and weekends, and the pressure to be a role model and uphold every university policy to the fullest - can be difficult. It is honestly scary to know that losing your job would either make you homeless or on the line for thousands in housing costs all at once. Additionally, campus housing can be hundreds of dollars more expensive than off-campus, meaning that even though you're technically making a lot of money, it all goes to your expensive housing leaving you with less to pocket than other jobs might. You might deal with crises, like a fire or a flood, or personal struggles like roommate conflicts and students struggling with school. However, it is a great growth opportunity, a stable job, and can allow you to make a lot of friends, with residents and co-workers. You also have the ability to help people and make an impact, and it can allow you to live on-campus longer.
LOANS
Your college WILL pressure you to take out loans: mine sent email after email reminding me to accept loans, even though my full cost of attendance was covered by scholarships. The college loan system has become extremely predatory and, while loans aren't always deadly, assume that you have to look out for your own best interests and do the research with a parent or guardian. College loans are unique in that you can't file for bankruptcy because of them, and they can haunt you until you're 30 or 40, having to make $300 or higher monthly payments. If you're going to take out loans, discuss all your options with advisors from your high school if you're just starting, and the financial aid office of the college you're attending. If you have already taken out loans, make sure you're actively saving money and planning to pay them off. They're probably deferred, meaning they won't gain interest until you graduate, but you might be able to contribute to them before that! If you're paying off loans before you graduate, that's money saved in interest down the line.
Whatever options they offer you, ask, "what else?" One time, I was in a bind where, because I signed up for a minimester class that was shorter than a full semester and started later than regular classes, I didn't count as a full time student and therefore I wouldn't get any of my scholarships until the minimester started two months later, and was on the line for about $2,000! The first option the financial aid counselor at my college offered was to take out a temporary loan now, and pay it off with my scholarship money once I got it in a couple of months. She said it like it was the easiest and best option, and didn't give any other options. However, once I asked what else I could do to avoid taking out unnecessary loans, she said I could email the scholarship providers and appeal, explaining that I would become full time shortly and requesting access to the funds sooner. I did, and every single one said yes. Just like that, no loan required.
If your circumstances change or you feel like your financial aid package didn't match your circumstances, you can appeal your college. It isn't guaranteed, but you can and should make a call or appointment with someone from your college's admissions or financial aid department and ask what your options are. Some colleges' admissions or financial aid officers are allowed to provide students with additional funding or fellowships/Teacher's Assistant (TA) positions (especially for graduate students), and it's always worth it to try. Remember, after you're accepted, re-apply for school and private scholarships every single year, and always fill out your FAFSA by the priority deadline.
SCHOLARSHIPS
Your high school counselor can help you find local scholarships to apply for, and websites like fastweb.com and scholarships.com (not sponsored) can help you find private scholarships. You can essentially make hundreds of dollars an hour when you spend time applying for scholarships, so this step is extremely important. Scholarships for your particular circumstances can be extremely helpful: as a military dependent, I was able to apply for thousands of dollars in merit-based scholarships, including AER and Commissary scholarships. You can find them for your major, your after-school activities, your interests and hobbies, a language you speak, and much more. When you fill out your FAFSA, you may also qualify for Pell Grant or government loans.
If you're already a student, consider joining organizations or programs that open new scholarship opportunities. Some honors or major-based scholarly organizations have their own scholarships, while the Honors Program and participation in clubs can make you eligible for different scholarships than when you were in high school. If you're LGBTQ+, a racial, ethnic, or religious minority, an immigrant or refugee, a woman, a first-generation college student, neurodiverse, disabled, and/or have mental health conditions, these can all qualify you for grants and scholarships. Reach out to your high school or college counselor to explore these options, in addition to doing your own online research.
Scholarships also don't just apply to tuition and fees. They can also make otherwise expensive opportunities accessible to you. Scholarships are awarded to students studying abroad, doing summer internships that are low-paying or unpaid, or to help fund travel to research conferences. Always ask around, and don't assume experiences are out of the question because they cost money!
ALTERNATIVE PATHS
If you're mind is made up, or you're going in to a field with very specific college requirements, then that's great, but a four year degree is NOT the right path for everyone! Don't feel limited to a bachelor's degree, and explore your options if a degree would put you in poverty or debt for an uncertain career or one you don't like. You have a few different choices available: a two-year associate's degree, a technical school or certification, or apprenticeship/mentorship. If you're sure of a two- or four-year degree, you can still choose to defer for a gap year to work, save money, intern, or travel - as long as you're doing it with a plan and a good reason.
Some career paths don't require a degree, like real estate, though they might improve your job prospects or pay. You also have the option to start a career and go to school later to increase your salary, and your employer might even help you pay for it at that point. You can become an electrician by going to a vocational school after high school and/or through an apprenticeship. Look in your area - or where you want to live - and make calls and inquiries, if you think an apprenticeship is something you'd like to pursue.
You can also take school slowly, or more quickly! You could be a part time student, taking one to three classes per semester, while also working full time, graduating in 5 to 10 years with significant job experience under your belt. You could also do more than the minimum amount of classes: after 12 credit hours, or 4 classes, per semester, each additional class costs you zero dollars in tuition, and the less semesters it takes you to graduate, the less fees you'll pay total. This works best if you only work a little, or have enough scholarships or parental help that you don't have to work, and can focus almost exclusively on school. Taking 15-18 credits a semester and taking summer classes (which can have cheaper tuition and fees) can let you graduate in 2.5 to 3 years instead of four.
EMERGENCIES
There are some health care providers that offer services at discounted rates for low-income persons. You can find these services online, and if you're ever in a situation where you can't access a computer and the internet, go to your local or university library. If your computer breaks, your university library might also allow free week-to-week rentals of laptops - I myself was in that spot while waiting for a new one to arrive.
You can qualify as a student for unemployment assistance or food stamps. University students suffering from financial crises and even homelessness are more common than people think, as it's easily hid by living in one's car or the 24/7 library and showering in the university gym; it is imperative that in an emergency or crisis you aren't afraid to tell people in order to seek support. The "college struggle" is seen as normal - but while you might be broke, you should not feel that it's normal to struggle to survive. It is always okay to need help!
College can be a tough time financially, but students and young adults have many, many ways to save money and make smart decisions to free up your future from undue worry and stress. I hope this information was helpful and that you'll check out some more of my college advice articles!
Comment what topics you'd like me to address!
Related Articles: Making and Saving Money in College, College Budget
