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Financing Higher Education

© ML Arthur

Financing your Higher Education

If you think that you can not go to college because it costs too much money, think again. Everyone can afford some type of higher education. If money is really tight, it might take a bit longer and you might not get your first college choice, but you CAN do it. Remember that, on average, people with just an associate's degree (only two years in college) have much higher incomes than those with only a high school diploma.

Here are some options. Think about how much money you will need in order to attend college, and then choose which options to pursue.

1. Federal financial aid. The federal government has a number of programs, including grants, no-interest loans, low-interest loans, and work-study programs, that can help you finance your education. These programs rely solely on the basis of income, so don't worry if you are not an A student. If your grades in college drop too low (like if you start failing), or if you are arrested on drug charges, you may loose your aid. Some programs, depending on your area of interest, are available that allow part or all of your loan to be forgiven after a period of service, for example in the army, as a teacher or doctor in an underserved area, or in Americorps. These positions are often low or no pay and you must accept them as part of such a program. Information and forms can be found on the department of education's website at "http:/www.ed.gov/finaid".

2. State aid. Many states have financial aid programs similar to the federal programs for individuals who attend college in that state. You often are required to have had residency in that state for a period of time before beginning college. Many people think that these awards are only for students at state colleges and universities -- this is not true! See your state's department of education website for more information.

3. School-financed aid. Most colleges and universities offer some financial aid to students who need it. This can take a number of forms. Some offer scholarships based on academic performance, artistic or athletic skills, personal characteristics, or other special criterion that rely only in part or not at all on the financial standing of you or your family. These are good choices if you need money but believe that a school will not believe this from looking at income and wealth statistics about your family. Schools also offer financial aid in the form of grants, loans, and work-study programs. If you plan on applying for school funded income based financial aid, you will have to file federal financial aid forms. Also, check with your school to find out if admissions are need-blind. If they are not, applying for financial aid can jeopardize your chances of admission if you are a borderline applicant.

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