7 Ways to Finance a College Education

Financing a college education is a simple process once students understand their options. This introductory guide will help students learn about seven different options that are currently available to help pay for a college education.

1. Federal Pell Grants

A Pell Grant is one of the major types of financial aid available for students attending college today. The best part about a federal grant is that it does not have to be paid back. Students will need to fill out a Free Application for Federal Student Aid (FAFSA) form online or in their college financial aid office to apply for a Pell Grant.

2. Federal Work-Study

Work-Study provides college students with part-time employment that is typically on campus. The students in a Work-Study program must demonstrate a financial need to qualify. The goal of the program is to provide college students with the money they need to help pay for educational expenses.

3. Federal Loans

Students can take out two types of federal loans to pay for a college education.

Subsidized Loans
This is a loan in which the interest does not accrue while students are in college. Once a student leaves college, then the student is required to pay back the interest and the loan.

Unsubsidized Loans
With this loan the interest accrues while students are still in college. Unsubsidized loans are not need based and every student should be able to qualify for this type of loan.

Students should complete a Free Application for Federal Student Aid (FAFSA) form online or at a financial aid office to apply for student loans.

4. Private Loans

For students who have a good credit history, a private loan could be helpful for financing a college education. A student loan application will be available at most banks and credit unions to apply for a private loan.

5. Scholarships

Scholarships are money provided by an organization or college for a student’s educational expenses. Scholarships do not have to be repaid. Private organizations, corporations, nonprofit agencies, and colleges provide scholarships.

6. Employers

Many companies provide tuition assistance to their employees and dependents. Employers typically reimburse students after the coursework has been successfully completed. Many companies will only provide tuition assistance if their employees are taking classes that are aligned with their career fields.

7. ROTC

Many students join a ROTC program to get assistance with their college expenses. These students are obligated to complete military service upon graduation. This can be an exciting way to get a college education, learn new skills, and get work experience in a field of interest.

For further information about how to finance a college education students should contact a financial aid officer at the school they plan to attend. Financial aid officers are experts in alternative student loans and can address any unique circumstances or questions a student may have.

The author is a freelance journalist who writes frequently on how to apply for student loans and the options available for alternative student loans for those planning to enter college.