Samantha
Financial Help for school
I am currently trying to go back to school and have applied for FAFSA, I barely got any money and my parents have no saved money for me to go to school. I have a job that pays minimum wage but want to better myself, I will most likely have to take out a ton of loans. I have applied for scholarships but haven't found many for what I studying. What is the best option to do in my case?
Get a second job and wait until I have more money to pay out of pocket, or just take out all the loans?
Thanks! #financial-aid #scholarship #working
2 answers
Nidhi Magoo
Nidhi’s Answer
1. Continue Applying for Scholarships: Don't stop at just a few scholarship applications. There are thousands of scholarships out there, some of which are not specific to any field of study. Websites like Fastweb, Chegg Scholarships, and Scholarship.com can help you find more opportunities.
2. Explore Work-Study Opportunities: Federal Work-Study provides part-time jobs for students with financial need. Check with your school's financial aid office to see if you are eligible.
3. Consider Community College: Attending a community college for the first two years can be a cost-effective way to obtain your prerequisites before transferring to a four-year institution to complete your degree.
4. Part-Time School and Full-Time Work: It might take longer to complete your degree, but many people successfully manage a full-time job while attending school part-time.
5. Employer Tuition Assistance: Some employers offer tuition assistance or reimbursement programs for employees who are pursuing a degree. Check if your current employer offers such a program or consider looking for jobs that do.
6. Crowdfunding: You can consider crowdfunding platforms like GoFundMe to raise money for your education.
7. Student Loans: If you've exhausted all other options, student loans can help fill the gap. Federal loans generally have lower interest rates and more flexible repayment options than private loans. Remember, loans should be a last resort as they can lead to significant debt after graduation.
8. Financial Aid Appeals: If your financial situation has changed dramatically since you filed your FAFSA, you can appeal your financial aid offer. Contact your school's financial aid office to learn about the appeal process.
9. Attend a More Affordable School: If the cost of your chosen school is unmanageable even with aid, you might want to consider attending a less expensive school.
Remember that it's important to weigh your options carefully and consider the long-term impacts of your decisions. It's a good idea to speak with a financial advisor or a counselor at your school's financial aid office to help you navigate this process.
Jeremy Jessup
Jeremy’s Answer
Hello Samantha,
This is a tough, but important question. First, I want to start by saying that regardless of which route you choose, make sure you're discussing your concerns with your parents.
There are a lot of differing opinions on this topic so don't take my advice as definitive. My advice is to do a combination of both. Work and save every penny you can for a year after you finish high school so that you have to take out as few loans as possible. Once you do start college and have to take out loans, don't make the mistake that so many young people make (myself included) and take out more loan then you need. I've heard so many stories, even from my own wife, that the residual check came and it was like $3,000. They went out and spent all that money instead of sending it back. Now that they've graduated they've got student the size of a house mortgage. It's important to remember , when you're done with school you have to pay it back and it typically has a high interest rate.
I would also recommend finding a job that does tuition reimbursement. Depending on your skill set you may be able to get a job with the college you want to attend. I'm pretty sure McDonald's does tuition assistance, although they may have the requirement that you work for them for x amount of time before you get that benefit.
Another option that's becoming very popular is going to a local community or technical college to take your general education classes first as they cost is significantly less.When you're finished there transfer to a 4 year college. Make sure to check with the 4 year college to see if they will accept the credits from the community or technical college first.