How to Pay for College without Going Broke

For many students, paying for college without going broke seems like an impossible feat. Yet, there are a few key strategies that all students can use in order to get to graduation before the money runs out.

Things You'll Need

• Flexibility
• Good Social Contacts and Grades
• Scholarships (if possible)
• Employment or Work/Study Opportunities (if necessary/possible)
• A Roommate (if necessary/possible)
• A Budget

Instructions

1. 

   Scholarships

   There are many scholarships out there for just about anyone in any field. As early as possible, become familiar with what your school offers (or will offer), and prepare to apply for more than one. Also, remember to look beyond the school--does your state offer particular scholarships? Can you get money from an organization? If you can do some community service prior to applying, that will always help. Some scholarships might require you to write an essay, while others are specifically for students with a diverse background. There are scholarships for sports and transfer students. Even though some scholarships are for the academically gifted, this will not be the case for all of them, so examine your options carefully.

   * Always make sure that you apply early! Most scholarship applications are due months before the start of the semester and can only be submitted once a year.

2. 

   Loans

   If you need the money, student loans might be for you. They have a lower interest rate than other types of loans, and in most cases, you do not need to start paying them off until after you are finished with school. For federal student aid, remember to fill out and renew your FAFSA application every year at:
   www.fafsa.ed.gov

3. Employment

   Always be on the lookout for on-campus employment opportunities or work-study programs. Check the bulletin boards regularly. For any employment opportunity in general, whether on campus or off, keep your grades up and develop strong relationships with your professors so that you can use them as references (or so that they can recommend employment opportunities specifically for someone in your field of study). Also, keep in mind that many classes are offered at night and can accommodate work schedules.

4. 

   Spending

   Create a budget and eliminate all unnecessary spending (refer to the link down in "Resources"). Do you really need that Starbucks coffee every morning? If you do "need" coffee, can you brew your own at home for half the price? Will it be cheaper to make your own lunch instead of eating out everyday? Furthermore, if you can tolerate a roommate, get a roommate to help pay the bills. Live with family if that is a possibility. Finally, unless you simply cannot avoid it, never buy new books. Get the syllabus early, and purchase your books from Amazon.com or eBay. Even if your campus bookstore is selling used copies, they still might be cheaper from an Internet seller. If possible, get as many books as you can from the campus library before others get the same idea.

Resources

• How to Pay for Graduate School without Loans
• How to Create a Budget for Saving Money