Scholarships and grants are a great way to help pay for college tuition. Scholarships are monetary amounts awarded to college students for meeting certain requirements. The criteria and award amounts vary based on the actual scholarship; however, millions of dollars in funds are given to college students each year. Many scholarships are through private foundations or are allocated by a specific institution.
Grants are monetary awards most often given by the government. The most biggest grant is the Federal Pell Grant, which provides college students financial aid on the basis of monetary need and cost of a program.
Student loans are an option for students who do not meet the requirements for scholarship and grants. Student loans are college loans awarded by financial institutions to help pay for college costs. Loans are usually given at a low interest rate and repayment is deferred until graduation. Government student loan programs, such as those offered by the U.S. Department of Education, include Stafford loans, Perkins loans and Parent Plus loans. Each of these students loan options offer different advantages and disadvantages.
There are several community volunteer programs that offer college tuition assistance. Americorps and Volunteers in Service to America offer annual educational awards up to $4,725. Peace Corps volunteers are given the chance to eliminate up to 30 percent of their government student loans in return for two years of service. Military soldiers can take advantage of the G.I. Bill, a college assistance programs that awards up to $40,000 for college. Also, some public service jobs, such as teaching, nursing, law and medicine, offer loan-forgiveness programs in exchange for a number of years of service.
Another way to help pay for college is simply to get a job. Even working part time as a waiter can help build an annual salary of $10,000 a year. Manage your class schedule to allow you to work nights and weekends at a part-time job. The disadvantage of working while going to school is the increased possibility of getting burned out. It requires a lot of determination to juggle a full-time school schedule and a part-time job.
Speak to your college financial aid department about possible college tuition-aid work programs. Apply to become a resident advisor. Resident advisors help supervise the activities in the dorms. They are also called on to enforce dorm rules. In exchange, colleges waive your room and board fees.
Other student aid programs include being a teaching assistant or working at a student job on campus, such as in the library or the cafeteria.