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Paying for College
Whether you've decided you want to go to college, community college or trade school, you may find yourself wondering — how in the world is anyone expected to pay for this? College can cost anywhere from $2,000 to $50,000 a year — that seems like a huge amount of money!
But don't let the idea of paying for school scare you. If you're willing to work hard, there's no reason you can't go to school — no matter what obstacles you face! There are a number of ways you can pay for school. Ultimately, you will probably find yourself using not just one, but several of the options below in order to pay your way.
Scholarships and Grants
Scholarships and grants are both good ways to pay for college that you don't have to pay back. Scholarships are often based on grades, involvement in extracurricular activities, volunteer work, and other signs that indicate you'll be a good student in your college years. Grants are usually need-based. In either case, you'll be expected to keep up a certain level of work once you're in college — the right number of courses and good GPA — to continue receiving this aid.
If you think you're eligible for scholarships or grants, apply for as many as you can! There's no limit to the amount of aid you can receive this way. There are a lot of opportunities available for minority students, and those interested in specific areas of study. Many scholarships are community-based, coming from local civic groups, businesses and community organizations, so if you're interested in finding opportunities in your area, talk to your school's guidance counselor. Don't be afraid to call the financial aid office at the colleges you're interested in and ask them about opportunities as well.
Check out Every Chance, Every Texan's list of scholarship opportunities available in Texas:
Learn more about the Texas Grant Program.
Student Loans
Student loans are another way to pay for school — though these you will be expected to pay back when you finish. Student loans are generally taken out either in your name, or in your parents' names. They work just like any other loan — say, a house loan, or a car loan — except that since this loan is for your education, you're offered a special, low interest rate, and you don't have to pay it back until you're out of school.
The amount you receive in student loans will be based on the cost of your tuition, housing, healthcare, personal expenses and other costs — if you go to a more expensive school, the amount of loans available to you will be higher, and if you go to a less expensive school, it will be lower. Your family will be expected to help out with a certain percentage of the cost of your education, based on their income, and the loan will cover the rest that you need to cover the basics. Keep in mind, this plan is to cover the basics — not to keep you in take-out pizza and cool sneakers. You may find that in addition to taking out loans, having a part-time job will go a long way toward making your college experience what you want it to be.
Once you stop attending school, you will be expected to start paying back the amount of your loans. If you decide not to finish college, or to "take a break," you will be expected to make payments on your student loans during that period. If you decide to go to graduate school for a master's degree, you can defer the full amount of your loans until you've finished that degree.
To apply for federal student loans, you will need to fill out the appropriate paperwork at the FAFSA Web site early in your senior year of high school, when you fill out your college applications. Most students with financial need receive some level of aid, so be sure to fill out this very important paperwork! Your college will probably also have its own financial aid paperwork as well — talk to the financial aid office if you have any questions.
Work-Study
Work-study is another way you can offset the cost of college. Many colleges work with the U.S. Department of Education's Federal Work-Study Program, which provides money to schools to use as salaries for students who are accepted to the program.
Benefits to college work-study — as opposed to a "regular" part-time job — include the ability to work in an area related to your degree or academic interest, and increased flexibility in scheduling around your classes. However, this program also requires you to maintain a certain GPA in your college classes.
Jobs through the Federal Work-Study program are also determined by your FAFSA application — so make sure you get that filled out!
Dual-credit classes and Advanced Placement classes
If you've got good grades on your side, you may be able to finish some of your college coursework before you get there — which means you won't have to pay for it later! Texas high-school juniors and seniors who qualify, and who go to participating schools, may enroll in college courses and receive credit both at the college level and in their high school. You must have permission from your principal and meet the college's admission requirements in order to participate in this program. To see if your school offers dual-credit classes, check the Texas Education Agency Web site.
Advanced Placement classes are another way to earn early college credit — and cut down on your college bill. Advanced Placement classes allow you to do college-level coursework in high-school — at the end of the school year, you then take a test to demonstrate your knowledge on the subject matter. Based on your grade, you may be awarded college credits. If you're interested in taking Advanced Placement classes, talk to your school's guidance counselor.
Save, Save, Save
While you shouldn't necessarily expect to save up enough for your entire college education with a part-time, after-school job, it's a great idea to start a savings account and tuck away money during your teen years. On top of the cost of classes and books, you'll need to pay for rent in a dorm or off-campus apartment, clothes, food, shampoo and toothpaste, gas for your car, and about a billion other things you probably haven't stopped to think about. Having pocket cash now is great — but so will being able to eat out with friends and go on Spring Break when you're in college! Consider this: Divide the money from your part-time job in half. Put 50 percent into savings, so you'll have it for college — you can still enjoy the other 50 percent now.
Texas Tuition Promise Fund
The Texas Tuition Promise Fund is a way your family can help save money for your college education. It's a type of savings plan known as a prepaid tuition plan — that means your parents put money into the account now, and it not only pays for your education later, but it locks the cost of school in at today's prices! If you know anything about inflation, you can probably guess that this is a great way to save money! Your parents can deposit one "lump" sum of money into this account, or they can make monthly payments toward your education — if you think is something they might be interested in, be sure to talk to them about it!
AmeriCorps
AmeriCorps is a program that allows you to both contribute to the community and pay for college. The Americorps State and National Program places people 17 and older in service programs ranging from tutoring programs for children to diaster relief, park restoration and more. Members serve full-or part-time over a 9- to 12-month period. In exchange, AmeriCorps provides a living allowance, healthcare and an Education Award of up to $4,725 for every term of service.
Search AmeriCorps opportunities currently available in Texas