Trying to enter the workforce today without some postsecondary education is nearly impossible. According to Recovery: Job Growth and Education Requirements Through 2020, a report published by the Georgetown University Center on Education and the Workforce, 65% of all jobs will require postsecondary education and training beyond high school. Additionally, 35% of jobs will require at least a bachelor’s degree.
With the cost of attending a four-year public or private university increasing immensely, millions of young adults are strapping themselves with thousands of dollars in debt before entering the workforce. The average graduate exits college with $28,950 of student loan debt, according to a 2019 study conducted by The Institute for College Access & Success. However, it’s still possible to pay for college without shouldering the debt of student loans. This article will discuss the variety of ways to supplement the cost of your education and have you graduating with little or no debt.
Apply For Scholarships
One of the greatest strategies to help offset the cost of college is scholarships. The main reason scholarships reign supreme over student loans is because you don’t have to pay the funds back to the issuer. According to the most recent “How America Pays for College” report from the lender Sallie Mae Bank, there are at least five million scholarships for a total of $24 billion available to students per year.
There are a plethora of scholarship types accessible to families across the United States, such as scholarships based on applicants’ identities, athletic scholarships and community service scholarships but the most common types are merit-based academic scholarships.
Here are a few pro tips to follow when you begin your scholarship search:
- Start your search early. You may be familiar with the saying, “if you’re on time, you’re late.” Millions of college-bound students will most likely be applying for scholarships around the same time. To avoid this and stay ahead of the curve, it’s recommended to start searching for scholarships at the same time you begin applying to college.
- Treat the search like a job. While high school students have plenty of obligations such as school, extracurriculars and possibly a part-time job, it’s important to spend a few hours on the weekend or during the summer to pursue potential scholarship opportunities.
- Pay attention to deadlines. Missing out on free money because you missed the deadline is a rookie mistake you should try to avoid at all costs. Most scholarship applications have a hard deadline due to the amount of time it takes to review all applications. One way to keep the deadlines in check is to add them to your calendar on your phone and set reminders.
- Use trusted scholarship websites. Unfortunately, scammers have taken advantage of students trying to fund their education. The Federal Trade Commission offers a scholarship and financial aid scams guide to help individuals not fall victim. Some of the most popular and trusted scholarship searches are scholarships.com, Fastweb and Sallie Mae Scholarship Search.
Scholarships are a great way to help fund your education, but depending on the scholarships you apply for, the odds of winning may not be in your favor. Applicants have about a 1-in-8 chance of winning, according to EducationData.org. With that information in mind, you should consider applying to every scholarship for which you are eligible.
Apply For Federal Aid
Depending on where you live, completing the Free Application for Federal Student Aid or FAFSA may be required before attending college. Currently, Arizona doesn’t require the FAFSA to be completed but is highly encouraged by the Department of Education. FAFSA is what schools use to determine how much money they can offer students and the types of aid individuals qualify for.
Completing the FAFSA is one of the most important ways to help fund your education. Once you complete the free application, colleges will put together your federal student aid package based on your provided information. Some of the aid included in this package are grants, scholarships, federal student loans and potential work-study opportunities.
Here are some important things to know about the FAFSA process:
- FAFSA opens every year on Oct. 1. It’s imperative to know this date because some federal aid is awarded on a first-come, first-served basis.
- There is a deadline, but this can vary by state and school. It’s encouraged to check with the college’s financial aid department to see when their deadline is.
- FAFSA does not renew every year. You’ll have to fill out an application each year you are in school.
- The majority of Americans are not too rich to apply for FAFSA. Unfortunately, many high school students believe their family’s income is too much for them to apply for FAFSA. According to the FAFSA website, there is no income cut-off to qualify for federal student aid. However, family income may play a role in how much you may be awarded.
While completing a FAFSA application may not be required in your state, it’s beneficial for helping you fund your education. 52% of high school graduates are eligible for Pell Grants, and by not filling out the FAFSA, students miss out on nearly $3 billion in Pell Grants each year. Federal financial aid in tandem with scholarships can be a great way to avoid taking out student loans.
Working During School
Working while attending college is beneficial to help supplement the cost of education and prepare students for life after graduation. You can pursue various job avenues, such as traditional jobs, alternative jobs and work-study programs.
Pursue a Traditional Job
A traditional job would be anything where an employer hires you to work part-time while getting your degree. There are a few variations of a conventional job. You can try to work at a restaurant, fast food place or a retail store. However, it would be beneficial to find a part-time job where you’ll gain expertise in the field you’re studying. For example, if you are in the process of obtaining a degree in journalism, check with your local news stations to see if there are any part-time positions available. Doing so will help cover the cost of your education and set you up for full-time positions in the field once you graduate.
Here are a few tips for finding a job while attending college:
- Search for an on-campus job. Plenty of departments at colleges or universities offer part-time employment to students. Often, the employers understand you are a college student first and are flexible when it comes to hours.
- Use tools available to you to find an on-campus job. For example, the University of Arizona Student Engagement & Career Development department offers resources for their students to find part-time on-campus jobs.
- If you’re an upperclassman, don’t be afraid to share your knowledge with the lower classmen. For example, the Arizona State University Academic Success Programs department has a list of positions available for students to tutor other students. Being a tutor is beneficial to the person you are tutoring, and sharing your knowledge will help you understand the subject more.
Alternative “Jobs” to Supplement the Cost of Your Education
Some may consider alternative jobs as a side hustle. However, most of the time, it’s a marketable skill or hobby that can help earn you some cash.
Here are a few examples of alternative jobs that can help fund your education:
- Start a YouTube channel. Over the past few years, YouTube has exploded and surpassed viewership on many network TV stations and even Netflix. YouTube has a decent pay scale once you attain a good amount of viewers and subscribers. However, this is not a quick way to make a buck. There are numerous content creators, and some sections of YouTube may be oversaturated.
- If you’re interested in video games, consider becoming a streamer. Twitch is one of the most popular streaming services and easy to set up. You can make money off of ad revenue, donations and subscribers.
- For artistic students, you can sell your products on Etsy. By doing this, you can learn the basics of operating a business.
- Consider becoming a ride-share driver. Uber and Lyft offer students the ability to create their hours. Additionally, you can become a delivery driver through Uber Eats, DoorDash or Postmates.
Sign up for a Work-Study Program
As mentioned previously, work-study programs are delegated by your FAFSA application. If you qualify for a work-study program, you’ll be given a list of on-campus jobs and off-campus jobs to help supplement the cost of your education. Typically, work-study jobs are related to your degree field, which means you can attain knowledge while potentially expanding your network.
Working a traditional job, alternative job or pursuing a work-study program during school will help cover some of the costs associated with attending college, but not all of the expenses. Coupling a part-time job with scholarships and federal aid will help you out tremendously.
Take Advantage Of Employer Tuition Reimbursement Programs
Often, employers will offer their employees programs like tuition reimbursement to cover some or all of the costs associated with attending college, primarily if the courses you are taking are related to the employer’s field. If you are currently working, check with your employer to see if they offer tuition reimbursement. If you are in college but not working yet, consider applying for jobs that provide this type of program. For those attending Arizona colleges, the City of Scottsdale offers valuable information regarding tuition reimbursement programs.
Learn How To Manage Your Money Properly From The Professionals
Unfortunately, attending a college or a university has become a prerequisite to many entry-level positions. With the rising tuition costs, millions of students start their careers with thousands of dollars in debt. Following these tips will significantly increase the chance you don’t have to take out student loans to receive your degree. If you have any questions regarding scholarships or any financial advice, check with the professionals at Arizona Central Credit Union.
We offer a merit-based scholarship for students who are planning to attend a school in Arizona. Check out our CU Succeed Scholarship page for more information and to see if you’re eligible to apply.
If you are in the market for a low-interest rate credit card, mortgage, or have general financial-related inquiries, our financial experts can help. Contact us if you have questions or would like to open a bank account.
