Whether you’re applying to a state school, private school, or community college, you probably view college as a way to get ahead in life. You certainly don’t want to start your career saddled with a bunch of debt.
The cost of tuition is one of the biggest reasons that students avoid continuing their education after high school. But at Beyond Ivy, we believe that college shouldn’t just be reserved for a lucky few. In fact, there are many ways that students can get started in their career without accumulating debt.
What’s Wrong With Loans?
While student loans can help remove some of the obstacles between you and that elusive four-year degree, it is understandable that many people will do anything they can to avoid them.
For one, the interest rates can make them extremely difficult to pay off. Private student loans may charge up to 15% and many require you to start making payments before you graduate.
Even if you manage to secure a lower-rate through a federal student loan, you may end up making payments for years. According to the Education Data Initiative, only 20% of Americans report fully paying off their student debt.
However, there’s no need to despair! There are a multitude of programs available to help offset the cost of college without going into debt.
1. Save Up For College
Depending on where you get your degree, college can cost a pretty penny. Attending an out-of-state public school costs an average of $23,000—and that doesn’t even factor the cost of room and board!
For many families, the most straightforward way to pay for college is by saving…and the earlier you start saving for college, the better. Here are some strategies to consider:
529 Savings Plans
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Earnings grow tax-free, and withdrawals for qualified education expenses are also tax-free.
In Florida, families also have the option of a prepaid plan, which “locks in” the cost of tuition and fees. This is a great option if your children are young, but it’s never too late to join!
Savings Accounts
Traditional savings accounts are another option, though they don’t offer the same tax advantages as 529 plans. Nevertheless, setting aside money regularly in a dedicated savings account can help build a substantial college fund over time.
Family Contributions
Family members, such as grandparents, may want to contribute to your college fund. Consider setting up a specific account for these contributions, making it easy for family members to help you save.
Budgeting
Of course, living frugally and sticking to a budget is one of the best ways to put money toward future goals.
At Beyond Ivy, we offer certified coaching in YNAB, to help students and parents learn how to budget effectively.
2. Scholarships
Scholarships are an excellent alternative to student loans, and are one of the best ways to fund your college education. And because you don’t have to pay them back, scholarships are essentially free money!
There are many different types of scholarship opportunities available as well. Your Independent Education Consultant can help discover the right options for you.
Merit-Based Scholarships
Merit-based scholarships are awarded for academic achievement, talents, or special skills. Many colleges offer merit-based scholarships to attract top students.
To increase your chances, maintain a strong GPA, participate in extracurricular activities, and prepare thoroughly for standardized tests like the SAT or ACT.
Need-Based Scholarships
Need-based scholarships are awarded based on financial need. The Free Application for Federal Student Aid (FAFSA) is a crucial step in determining your eligibility for these scholarships.
Many private organizations, non-profits, and foundations also offer need-based scholarships, so be sure to research and apply widely.
Specific Scholarships
These scholarships cater to specific groups of students, such as those with certain ethnic backgrounds, career interests, or unique talents. For example, there are scholarships for students pursuing STEM fields, for women in engineering, or for students who excel in the arts.
Take the time to search for scholarships that align with your unique characteristics and interests.
3. Grants
Like scholarships, grants are funds that do not need to be repaid. They are typically awarded based on financial need and are provided by federal and state governments, as well as private organizations.
Federal Grants
The federal government offers several grant programs to help students pay for college. The most well-known is the Pell Grant, which is awarded to undergraduate students with significant financial need.
The Federal Supplemental Educational Opportunity Grant (FSEOG) is another option for students with exceptional financial need.
State Grants
Many states offer grant programs to residents who attend college in-state. These grants are often need-based and can significantly reduce your college expenses. Check with your state’s education department or financial aid office to learn about available grants.
Institutional Grants
Colleges and universities often provide their own grants to help students afford tuition. These grants can be need-based or merit-based. When applying to colleges, inquire about the types of grants they offer and the application process.
4. AP Courses
College tuition is based on credit hours: the more college classes you take, the more you have to pay. But by taking AP courses in high school, you can earn college credits ahead of time and save money on future tuition!
Every high school offers a different selection of AP classes (and university has different rules regarding the credits they will accept), so make sure you carefully research all of your options.
Furthermore, because AP classes are taught at a college level, they are more rigorous than the average high school class, so you will have to consider whether you can handle the workload.
5. Work Full- or Part-Time
One of the easiest ways to earn money for college? Get a job!
Working a full-time or part-time job while you are attending college can help you earn money that can go toward tuition, room and board, or even fun extras (like a spring break trip)!
However, there are also ways to put your job to work for you.
The Federal Work-Study Program provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay for college. These jobs are often related to the student’s course of study and can provide valuable work experience.
Many private employers also offer tuition assistance programs to their employees. If you’re working while attending college, check with your employer to see if they provide financial assistance for education. Some companies offer substantial support, covering tuition costs for courses related to your job.
6. Tuition-Free Colleges
Believe it or not, some colleges and universities offer tuition-free education to students who meet specific criteria.
These institutions typically require students to work on campus or participate in service programs in exchange for tuition. Research and apply to these schools if they align with your educational goals.
7. Community College
Community colleges typically have lower tuition rates than four-year universities, so they can be a smart way to jumpstart your education.
Most community colleges only offer two-year degrees, so many college students use them to complete their general education requirements (at a fraction of the cost) then transfer to a four-year school to complete their bachelor’s degree.
8. Live At Home
The cost of room and board is an added expense that you will have to budget for—maybe.
If you plan on attending college in your hometown, consider living at home for all or part of your education to help save on living expenses.
If this isn’t an option for you, do some research to find out whether it’s cheaper to live off-campus or in a dorm. Every city is different, so don’t assume that one is cheaper than the other.
9. Internships and Co-Op Programs
Internships and co-op programs offer students the chance to gain work experience while earning money. These programs often provide college credits or hourly wages and can be a valuable addition to your resume.
Look for internships related to your field of study to maximize both financial and professional benefits.
10. Military Benefits
If you are considering a career in the military, the various branches offer substantial education benefits. The GI Bill provides financial support for education and housing to veterans and their families. ROTC programs also offer scholarships in exchange for service commitments after graduation.
Affordable College Is Possible!
Unfortunately, “college” has become synonymous with “debt.” But with some strategic planning, you can pay for your education without having to take out a single loan.
At Beyond Ivy, we are committed to lowering the barriers to education and showing students and their families how easy paying for college can be. Our program is designed to cover every detail to maximize your college experience.
Remember, the journey to college is a significant milestone, but it doesn’t have to be financially crippling. With careful planning and the right resources, you can achieve your academic dreams without the burden of student loans. If you’re ready to explore your options and create a personalized plan for funding your college education, reach out to Beyond Ivy. Together, we can unlock a future where you thrive academically, personally, and financially.
