Tucker
How can I finance my college education with out having a large amount of debt to repay??
I come from a divided family. My parents have not saved a lot of money for my college, I am concerned about the amount of debt I will have acquired once I complete my education. I am going to pursue a career in Civil Engineering.
#college,#technology
5 answers
Castle Funatake
Castle’s Answer
Hi Tucker, I came from a similar financial situation and didn't want a huge amount of debt after college. I applied to both public and private universities, and to as many need-based and merit-based scholarships offered by the schools and other organizations as possible, and I also filled out the Free Application for Federal Student Aid (FAFSA). I then compared the financial aid packages from the schools to which I was accepted and then selected the one that required the least amount of loans. Often private schools have large endowments that enable them to give more grants and scholarships, so even though they cost more than a public school you may end up with less in loans. For more information on financial aid you can visit https://studentaid.ed.gov/sa/
Castle recommends the following next steps:
Jason de Barros
Jason’s Answer
This is admittedly a fairly narrow path forward, but if you do very well on your undergrad or graduate school exams, there will invariably be schools that offer you academic scholarships. These scholarships can range from tens of thousands of dollars to full-tuition scholarships.
But here's the catch: a school's ranking and the size of the academic scholarship it offers you are typically inversely proportionate. Personally, I think being debt-free is more important than going to the "best" school you can get into. When it was time to go to grad school, I had a choice between:
1) paying sticker price at the very best school I got into; or
2) accepting a full-tuition academic scholarship at a lesser-ranked school.
I decided to forego the more prestigious name and go with the option that would let me graduate debt-free. It really wasn't a bad choice– the school was highly ranked in the area of law I wanted to practice–but it was hard, especially in a world where people are so name-brand conscious, to know that I would never be able to say I had a degree from the more prestigious university.
Even though there have been times where my pride has made me second-guess my decision, I am absolutely certain I did the right thing. I've gotten interviews and job offers from the same FAANG companies that lawyers who went to more prestigious schools have–the only difference is I'm not saddled with the same debt they are.
I would encourage anyone who is second-guessing a scholarship because of the school's ranking to really think hard about how much that ranking will matter in five or ten years. In five or ten years, your work will speak for itself, the school you went to won't matter as much, but the student debt, to the extent you choose to take it on, will still be there.
Ruth-Anne Naughton
Ruth-Anne’s Answer
Military Service
1. Military academies - one of the best free educations in the US is through a military academy such as the US Air Force Academy. These schools are highly competitive, but offer the opportunity for a solid education, leadership training, and service. The process to apply for one of the academies would start in your junior year of high school. In return for the free education, you would commit to serving in the military for a time period defined by your choices (for example, pilots have longer commitments).
2. ROTC programs - Scholarships are competitive, but can be extremely generous. During college you would receive military and leadership training. You would commit to serving in the military and your length of service would depend on the benefit received.
3. Enlisting - The US military offers educational benefits to enlisted personnel while they are in the military and after their service - the benefit received depends on the length of service.
Government Programs -
1. work-study program - you are matched with a job that complements your field of study. It will provide experience in your field - it is kind of like an internship - while providing some funds for school.
2. AmeriCorps - a service organization within the federal government - different teams within the Corps have a different focus. You can receive and educational benefit for each term of service up to two terms. There is a small stipend for miscellaneous living expenses and sometimes housing is included for the assignment.
Non-government Programs -
1. internships - these opportunities are meant for you to get experience within your field; they may or may not lead to employment after college. They usually paid a stipend and sometimes a housing allowance.
2. tuition reimbursement - some employers offer tuition reimbursement programs for their employees. Depending on the employer, you may need to be a full-time employee to receive this benefit. The ones with which I am familiar are structured where the employee pays for the tuition upfront for the semester and the employer will reimburse part (or maybe even all) of the tuition after the employee provides evidence of successfully complete the coursework. You do not need to have a college degree to work for many of these employers.
Wishing you the best in pursuit of your degree!
Ruth-Anne
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Frances Long
Frances’s Answer
All the people above offer excellent advice on receiving a degree with little or no debt. My personal experience is that I need to pay for school abruptly after my junior year. First, I went to the college finance office to see what they could do to assist. They were very helpful especially since I had good grades. There were two grants they helped me to apply for which lowered my tuition contribution significantly. Second, I found a company that would give me tuition reimbursement. The second solution meant I needed to take night and online courses since I was working, but it did allow me to graduate on time and without debt. It also gave me work experience. There are many companies still offering tuition reimbursement, some even to part time workers (e.g. Starbucks, Amazon, Chipolte). You just have to find them. And tuition reimbursement does not obligate you to pay back the money. It is not a loan. It is a company benefit.
