Attending college has turned into a virtual necessity in the current employment market. Simultaneously, a higher education has never cost more, even if adjusted for inflation.
For many, they face a tough choice: attend college and graduate encumbered with tens of thousands of dollars in student education loans, forgo college altogether, or find other ways to invest in their education?
Surely the final option is optimal since it gives you the best of both worlds: a college education with no debt. If that interests you, read further.
In this informative article, I'll share the methods I attended both undergrad and graduate school completely debt-free.
Scholar's Chip around the Shoulder
I attended Pennsylvania State University for graduate school, in which the world famous Berkey Creamery gifts the world with delectable frozen treats. To prevent myself from indulging too often (and extra weight) using the sugary treat (Scholar's Chip was my personal favorite flavor, a coconut and chocolate mix), I placed limits how often I ended by.
At time, I trained with my roommate for my first (of the items came into existence many) endurance running events. I only allowed myself ice cream in celebration of recent personal some time and distance records.
I figured I'd already burned the calories and needed to replenish my energy stores. Sounds logical, right?
Much like the self-limitation on ice cream indulging, I set requirements such as these personally in other locations as well. Doing so is the most reliable way for me to exercise self-control. As a result, it is a recurring theme in my life.
When it came to limiting myself to selecting schools, I would not think about a school where I hadn't earned the right to attend free of charge. Like avoiding putting on weight from frozen treats, I aimed to prevent dealing with student loans.
In your search, I challenge you to definitely stick to the same logic and look for methods to earn your right to attend a school for (far) under asking price.
You don't want to graduate with a cumbersome debt load and also have a chip in your shoulder throughout your lifetime because you had to spend a lot time –and possibly lose out on so much– due to repaying your loans.
With that, let's look into some of the best ways I found to locate scholarships to invest in my education.
How to Find Scholarships
File Your FAFSA
Fill out your Free Application for Federal Student Aid (better known as FAFSA). This form is ideal for identifying the many types of educational funding, educational grants, scholarships, along with other types of assistance open to you.
Additionally, there is a search choice to see if you will find money handy earmarked especially for students as if you, based on your socioeconomic status, ethnic background, age, gender, along with other demographics.
These scholarships originate from schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.
If you are able to name it, they probably have a scholarship available. I can't emphasize enough how important it is to fill out your FAFSA. Otherwise, you're passing your chance at FREE money.
For my undergrad, I cobbled together no less than seven scholarships to pay for my way, and every one of them required that I filed my FAFSA. Some were for $500, while others were in excess of 1 / 2 of my tuition.
In all honesty, the smaller ones were simpler to get because they usually required less coupled with fewer people apply. This means you should target these much more!
I found most of my scholarships through organizations I had joined during college or through my educational funding office. Which reminds me, you have to find your college's Mary Sue Rix.
Your College Financial Counselor Will Become Your Friend
When I had been in undergrad, I routinely visited my college financial counselor. My school's head of financial aid would be a remarkable woman named Mary Sue Rix, and she was one of the sharpest people I have ever met.
Her office compiled a summary of every scholarship registered using the school at the back of our annual college handbook. I pored through their list and marked every scholarship I remotely qualified for, after which set up a number of appointments together with her to go over them.
You may not be surprised to hear that I didn't get most of them. Some had either been previously awarded, their endowments had fallen below the absolute minimum balance, or I didn't meet another criteria.
Regardless, I did find a couple of scholarships I otherwise wouldn't have.
Work Your Network
This is really a life goal, too. You need to possess a strong social networking to obtain to where you wish to go. In my case, by networking with a large group of my peers, I caught news that a company who pairs a scholarship with their internship hadn't received an intern this year.
I had already accepted an internship offer from another company; however, since i have knew the funds would go unclaimed, I made a decision to inquire about what the company intended to use the funds.
The representative said she'd be delighted to award me the scholarship because the funds would go unused otherwise. Sometimes it pays to inquire about.
Join College Organizations
While in class, I was very active around campus. I took part in multiple extracurricular activities to develop my network. I additionally felt they might possess some scholarships to provide.
My fraternity offered a merit-based scholarship, as did my department's economics group. I applied for both and received both scholarships. Had I not joined these organizations, I wouldn't have had use of receive the funds.
My fraternity's scholarship kept me in the organization more than I would have otherwise stayed. After doing a bit of quick math, I realized the quantity of the scholarship far outweighed the annual dues. By remaining an associate, the scholarship followed me to Penn State for two additional years.
As you can imagine, it was beneficial.
There are many other organizations on college campuses. Join ones that interest, but also be sure to ask if they offer any sort of financial assistance for their members. Never hesitate to ask because the worst they can have to say is no.
Work-Study
While this might 't be probably the most original idea, it certainly might help. I graded papers for my economics professor for two years in undergrad and performed research in graduate school as part of my research assistanceship.
Neither job was glamorous , but this type of work study solved the problem to pay my way.
Check Your State for Special Programs
Depending on where you live, your city, county, or state may offer financial aid in the form of grants or scholarships.
For example, within the state of Louisiana, should you earn a minimum GPA, take certain courses, and affect an in-state school, the state's Tuition Opportunity Program for Scholars (TOPS) program purports to pay a yearly grant directly to your school.
Many states understand the worth of educating their citizens and provide aid to attend an in-state school. Be sure to lookup whether your school offers such program.
The Cash is There
Although I highlighted the main methods I used to secure funding for my college education, there are lots of more that exist. Should you put in the time, energy, and commitment, you'll find ways to finance your education for little to no cost.
Because I asked questions and was persistent and entrepreneurial when it came to finding college funding (that wasn't student education loans), Irrrve never had to figure how to repay student education loans.
Maybe you are able to share exactly the same experience.
Finding Generous Schools
There ARE schools out there that'll be more generous with their merit money. You just need to know how to locate them
Check out our College Insights tool. It will provide you with a listing of schools that, according to your stats and preferences, will offer you scholarship money.
This post was compiled by Riley Adams, a licensed CPA within the state of Louisiana working as a Senior Financial Analyst for any Fortune 500 company in New Orleans. He blogs at https://youngandtheinvested.com where he writes to help young professionals find financial independence and live their best lives.