Chapter 3. Where to look for funding?

Yes, the cost of college is expensive and will increase year after year as funding decreases and scholarships become few and far in between. So, where do high school students look for funding to offset the cost as much as possible? The right answer is anywhere and everywhere! Assuming the parents did not establish a 529 Saving Plan to help finance their children's education, and students did not save enough to afford payments, high school graduates have no other option but to rein in the cost and maximize the benefit as they choose a college to attend. 

 

How to

Here is a detailed listing of the most important sources to fund education:

 

FAFSA - Free Application for Federal Student Aid

• • Take time to fully understand the application process regardless of your family income
  • Seek help as needed to complete the application correctly to ensure an accurate calculation of your estimated family contribution and your eligibility for various funds
  • Keep in mind the application is free, so be careful of financial scams
    • In addition, FAFSA application might be required by many schools for students to be considered for scholarships and/or grants
  • Take the application seriously to determine your overall eligibility and complete it accurately and on time

Search for scholarships

• • You can search online for external scholarships
    • Be open-minded and explore scholarship opportunities in your community, church, summer employment companies, and civic clubs
    • Instead of presents and gifts for special occasions from family members, ask for help to fund your education, you may be surprised with the support you receive

Search for college tuition discounts

• • Private schools offer tuition discounts to their students as a part of their enrollment strategy
  • Explore private colleges and compare and contrast with State institutions before you make a final decision
    • Make use of the data on your spreadsheet to create a visual and easy comparison schedule

Search for state grants for in-state residents

• • Consider going to college in your resident state
    • Not only tuition is cheaper for in-state residents, but many grants and scholarships are also awarded to in-state residents

Search for full-ride scholarships

• • If you have special abilities such as academic excellence or high athletic performance, you might negotiate a full scholarship to cover all of your educational cost, and in many cases pays you a monthly stipend

Seek tuition assistance programs

• • Many companies and universities offer tuition assistance programs as an employment benefit
  • If you find yourself in this situation, consider taking advantage of this discount as you work full-time and attend school part-time

Consider part-time employment

• • Even if you are able to fund your education, it is advisable to seek part-time employment to supplement your expenses and reduce the amount of borrowed loans
  • As long as you are able to maintain your academic progress, part-time employment adds to your overall work experience and sustains your budget

Consider employer tuition assistance programs

• • Many companies and universities offer tuition assistance programs as a part of employment benefit, take advantage of working full-time and going to school on a part-time basis

GI Bill and/or VA benefits

Gain military experience as you fund your higher education if this route is an option in your situation.

 

Practice

Now that you know where to look for funding, think of paying it forward and discuss sources you have researched with a friend or a family member.

 

Congratulations! You can move on to Chapter 4. How to budget for college and stick to it?

To review the full module on financial literacy for high school students, click here.

 

This was made possible in partnership with The Singleton Foundation for Financial Literacy and Entrepreneurship. This video and more videos like this can be found on Millionstories.com.