Find Ways to Raise Money for College
Finding money to pay for school during the summer can be difficult, but it is possible. Students will need to move quickly to get funds for tuition, commuting, housing, books and any other supplies for school.
Here are tips for finding cash, fast.
1. Apply to Late-Deadline Scholarship Contests
Students should apply for scholarships year-round, but there are several organizations that give out late-deadline scholarships. Some don’t even require an essay.
2. Ask for Help
Students can ask family members to help offset the cost of college by contributing to a tax-advantaged college savings account known as a 529 plan or by paying for supplies and necessities directly.
3. Cut Costs
Living modestly to raise money for college is one way for prospective students to increase their funds. Students can set up a budget and look for ways to decrease costs to save more money.
4. Try Crowd Funding
Students can ask the Internet for help footing the bill for school by crowd funding, using sites like GoFundMe. Creating a blog, posting catchy videos and using a consistent hashtag can help students attract donors for their campaigns.
5. Look for Work
Balancing school and a job can be difficult, but even working a few hours a week can help students earn pocket money and pay for books and school supplies. Experts encourage students who work during the school year to commit to less than 20 hours a week, and make school a priority.
6. Ask Your College About Payment Plans
Payment plans can help take the sting off of a large college tuition bill. “Payment plans are set up through the individual college or university, in most cases they use an outside vendor to administer such plans,” Alex Bickford, director of college finance at College Coach, wrote in an email. “These plans allow you to spread your costs over six-10 months interest free with a relatively small enrollment fee.”
7. Fill Out the Free Application for Federal Student Aid
January is the best time to fill out the FAFSA, but U.S. students can fill out the application throughout the academic year if they haven’t already. Filling out the form is important because everyone is eligible for at least some type of financial aid, experts say.
8. Appeal to the Financial Aid Office
“It is always worth reaching out to the university to see if there are additional funds available to the student. Typically this is best done for first time students before the May 1st deposit deadline,” College Coach’s Bickford writes.
“Families that are most successful in obtaining additional dollars typically either have other offers from competing universities or have a special circumstance that would require a professional judgement review.”
9. Consider Community College
Community college can be a good option for students who are strapped for cash. Students can take their general education courses for much cheaper at community college and then transfer to a four-year institution to finish their degree.
10. Check Your Taxes
Students, or their parents, can get tax relief for paying for tuition and deductions for paying off some of their student loan interest. Credits reduce the amount of tax owed and deductions reduce the amount you’re taxed on, but both can lead to some extra cash for students to put toward their education next year.
11. Start Applying for Next Year’s Aid
Get a head start to secure as much financing as possible before the next school year. Start a scholarship application calendar and layout any other financial milestones to make financing college easier next year.
Stay Connected
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Looking for scholarships? Read the Scholarship Coach to find out about scholarship opportunities for a variety of interests, hobbies, causes and majors.
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11 Ways to Raise Last-Minute Cash for College originally appeared on usnews.com
