Friday, December 31, 2010

Reliable Ways To Earn Money For College

Students need help in meeting the high cost of post-secondary education.


With college tuition costs soaring to $20,000 per year, students and their families face great challenges in earning the money necessary to pay for post-secondary education. Fortunately, several resources exist that promise to help ease the financial burden of a meaningful education.








Employment


One way for students to earn money for college is to work part-time during high school and full-time during the summer. Students lack the work experience necessary for higher wages, and consequently only earn minimum wage, which isn't enough to pay the thousands of dollars needed for tuition. Students who start working as soon as they reach the legal age of employment have the advantage, especially if they save as much of that money as possible. Students who work part-time during the school year gain experience that not only looks good on college applications but makes it easier to find a full-time, seasonal position during the summer. Many students find employment in the service sector which includes retail and food services.


Scholarships


Students who graduate high school with high academic standing and high SAT scores may earn admittance scholarships from the college they choose to attend. Scholarships recognize and encourage academic excellence considering students must have high grades to receive one, and they must maintain a certain grade point average to remain eligible for a renewal.


Participating campuses participate in the Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS) and Federal Perkins Loan programs. Administered by campus financial aid offices, these programs are need-based, dependent on the other forms of aid a student receives and are subject to availability according to each school's budget. Each school possesses a specific amount of funds each year, so students must apply early to increase their odds of receiving a portion of these funds.


Student Loans


The U.S. Department of Education offers Perkins Loans and Federal Family Education Loans (FFEL). Lenders include the United States government, banks or credit unions. For students to be considered eligible for either of these programs they must complete a Free Application for Federal Student Aid (FAFSA). Once approved, students receive a subsidized loan based on financial need. Students without demonstrated financial need can still receive either loan, but in such cases loans are not subsidized.


Grants


Unlike student loans, grants do not have to be paid back. Common sources of funding for grants include federal and state governments, colleges and universities and private and public organizations. Grants may be reserved for students from low-income or disadvantaged backgrounds, including racial minorities or the disabled population, mature students or students pursuing careers in much-needed fields. Amounts often vary depending on degree level and subject taken.








The United States government offers federal grants based on financial need. Federal grants include the Pell Grant, the Academic Competitiveness Grant, and the National Science and Mathematics Access to Retain Talent Grant. These offer low-income students the chance for social and economic mobility from post-secondary education. Students must complete a FAFSA in order to qualify for a federal grant.


Many states also offer students the chance to earn need-based funding to help ease the financial burden of attending college. For example, Michigan offers grants to a variety of students, including undergraduates, academically excellent, low-income and adult students. States pay for these grants through state lotteries that attract billions of dollars per year.

Tags: financial need, post-secondary education, based financial, based financial need, during summer