Creative Financial Aid Solutions
Monday, March 23rd, 2009Strapped for Cash? Can’t afford your college tuition? Here are some creative ways to finance college even if your piggy bank is all but broke.
Become a public servant. The “College Cost Reduction and Access Act of 2007″ (I know, it sounds dull, but read on…) forgives college loan debt after working in the public service for ten years. And you thought indentured servitude went out in the 19th century, hah!
Enrol in a Work-Study program. Possibly the only thing good to come out of this economic hullabaloo is the increased funding for financial-aid. Work-study programs are being awarded over 200 million, making them more accessible to more students. And hey, a part-time job might actually be good for your GPA. Studies show that students who work 10-15 hours a week have better grades than their peers without jobs, or who work longer hours. Research suggests it helps them budget their time better, and achieve their long-term goals.
Take a Gap-Year. Although you may have planned on their attending school in the fall, many universities see the benefit in taking a year off. Both Harvard and Princeton actively encourage “the gap year,” and most institutions will save the student’s spot if the deferral is for a good reason, like real financial difficulty or an educational opportunity.
Save the world for a scholarship. Programs like City-Year and AmeriCorps have students volunteer in cities across the country for one year in exchange for college scholarship awards when they finish. Participants are between the ages of 17-25 and receive a $4,575 grant towards their future education or existing loans. They also receive a monthly stipend, health-insurance, and a cell phone in order to help them meet their living expenses while they are volunteering. Some colleges even match or augment the award, adding to the scholarship.
Get rewarded for good grades. GradeFund, a new website, helps students find personal and corporate sponsors who agree to contribute a base fee per top grade (usually an A or A-) to go towards a student’s college tuition. Check out the websites to search for college programs with corporate sponsors. Or you could try getting a rich aunt, uncle, or long-lost, second cousin, once-removed to sponsor your academic genius.
