Education is the basis of success, and, in an ideal world, all parents would help to support their children financially when it comes to paying for college. That?s in an ideal world, and not in the real world. If you?ve just graduated from high school and you have your sights set on going to college, you?ll need to get some financial support to make your dream happen. Maybe you know that, and you?ve already approached your parents and they?ve told you that they cannot/will not be able to give you what you need.
This can leave you feeling hopeless and lost. Where do you go for support? How can you get access to the money you need to cover tuition costs and living expenses? The good news is that there are some options that are open to you. Let?s look at some of them.
Apply for Scholarships
Unlike student loans, scholarships do not have to be repaid so this should be your first port of call. The other good news is that you can apply for as many scholarships and grants as you like as there is no limit to the funding that you can get. The bad news, in contrast, is that you?ll be up against huge competition so try your best to stand out.
You can use online platforms to look to nonprofit organizations, local and national businesses, and professional associations in your field. Research grants that are being offered to students who have a higher-than-average GPA and students who are of a certain ethnicity (if this applies to you). If you?re in extreme financial need, make that clear in your application.
Student Loans
There are many options when it comes to taking out a student loan to pay for college. Given your situation, you?re probably wondering do parents have to cosign for student loans? The answer is no. Federal loans, in general, do not require a credit check or cosigner so these are usually the first option that students look into. If you don?t get all the funding you need from a federal loan, you may look to take out a private student loan and this is where cosigning will come into play.
Since you don?t have any credit history (what 18-year-old does?), you will need to get someone who does have a positive credit score to co-sign on the loan with you. This gives the bank reassurance that the debt will be repaid in full in the agreed timeframe. The good news here is that it doesn?t have to be a parent; it can be any family member or friend (with a positive score).
Get a Job
Ok so doing this is not going to give you all the funding you need but it certainly will help with your living expenses. Even if it?s just a few hours working in a bar or cafe, you?ll be able to build a savings nest egg that you can use as you like. If you?re techy, why not make use of your commutes (if you are commuting) and become a freelancer? You can write articles, be a personal assistant or, if you have the skills, build basic websites for companies that will pay you. If common budgeting methods like saving money on clothes and cutting out carryout dining isn?t giving you the financial bump you need, you should really consider getting a job to increase your income.
Look to Tuition Assistance Programs
A tuition assistance program is a benefit offered by many employers to help their employees pay for education and training. These programs are designed to make higher education more accessible and affordable, particularly for working adults who may not have the resources to pay for college or graduate school on their own. Tuition assistance programs vary from company to company, but they generally provide financial support for courses taken at accredited institutions.
These programs can take many forms, including reimbursement for tuition and fees, payment of educational expenses up front, or a combination of both. Some employers also offer flexible scheduling options that allow employees to take classes during work hours or adjust their schedules around course requirements. Additionally, and this is something to keep in mind, some companies may require employees to remain with the company for a certain period after completing their degree in order to receive full tuition reimbursement.
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