Paying for College Without Loans

Paying for college without loans can help you avoid this situation

Paying for college without loans probably sounds like some sort of amazing dream like attending college in PJs or getting accepted on the first try to every university you applied to. Well stop dreaming because paying for college without loans and financially draining options such as credit cards is totally possible. It’s probably going to take some extra research and effort on your part, but it’s critical that you make yourself aware of all the possibilities out there for funding your college experience. Let’s show you the best alternatives to loans to make sure you aren’t stuck with student debt at the age of 99.

Scholarships

One of the first options you’ll want to explore are scholarships. When many students hear the word “scholarships” they immediately think of star athletes who are given a free ride in exchange for their athletic abilities. Don’t worry. If you can’t dunk a basketball or throw a touchdown pass you’re still just as likely to land a scholarship. Oftentimes they can be attained if you have certain financial needs, a strong record of community involvement, and are studying in a specific field.

While the schools you’re applying to – or currently attending – should have an updated list of available scholarships available, a website like Scholarships.com is also a good place to get started and to see what’s out there.

Grants

When it comes to paying for college without loans, the Federal Pell Grant Program is tough to beat. Here are just a few reasons why:

• Unlike loans, the Pell Grant doesn’t have to be repaid
• You can attain up to $5,550 for the 2011-2012 school year
• The amount you receive usually depends on factors such as financial need, the cost to attend your school, if you’re a part-time versus full-time student, and more
• To get the Pell Grant process started, you must complete the FAFSA form

Work Study

While work study programs probably won’t cover the entire cost of your tuition and books for a full year, it’s a nice way to supplement your income while potentially gaining valuable work experience. Jobs are typically in your major and are performed both on- and off-campus. Students can expect to make around minimum wage and will probably only work around 10-15 hours per week. So again, a work study program might make sense to help pay for books, food, and board but probably won’t be enough to cover your tuition and other costs.

Department Awards

This one is pretty straightforward. Go visit your department’s faculty offices or website and see if there are any department awards available for that year. Oftentimes members of the faculty will pony up anywhere from $500 to $2,000 for research or papers in the department’s field of study. You’d be surprised how many students don’t apply for these awards so take advantage of the low amount of competition.

Graduate Assistant/Teaching Assistant

If you are going back to school as a graduate student, you may want to look into becoming a graduate assistant and teaching assistant. Grad students are typically graduate assistants their first year where they work with a specific professor to grade papers, prep for class, and learn what it takes to run a classroom. As a teaching assistant, usually after the first year, graduate students will teach 1A or 101-type introductory courses to undergrads. The amount of money a grad student makes from being a graduate and teaching assistant varies wildly from school to school so make sure you do your homework first to see what your university has to offer.

Do you have any additional ideas on paying for school without loans, credit cards, and other financially draining means? Please share them in the comments below!