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How to Attend College Without Students Loans

By U.S. News & World Report

With the total amount of student loans topping $1 trillion, it is no wonder that people are looking for alternative ways to pay for college. According to Mark Kantrowitz, publisher of Edvisors, a site that helps students figure out ways to pay for college, 2015 college graduates will leave college with an average of $35,051 in student debt — a record high.

Is it possible in today’s world to graduate and avoid being one of the roughly 70 percent of college graduates who get student loan bills along with their college degree? For many students, there are options that can help reduce the amount of loans amassed.

Here are six things college students can do that may help cut down or eliminate the amount of student loans they need to take out as they work toward their degree.

1. Work while attending school. Even if it means that it may take longer to graduate, it might be a good idea for you to work as you go through college. Many students work full time and go to college part time, or go to school full time and work part time. Any type of income you can bring in as you go to school will be extra money you can put toward tuition to help you avoid amassing student loan debt.

2. Sign up for a work-study program. Students who quality for financial aid for college may also qualify for the Federal Work-Study Program. With the work-study program, students are given jobs (both on-campus and off-campus) that provide income that can be used to pay for college. As a bonus, the jobs must be related to your course of study, which means work-study jobs can help you network with people in your field before you even graduate. To learn more about qualifying for work-study programs, visit the government’s Federal Student Aid website.

3. Apply for scholarships. According to College Planning Services, which helps families develops college funding strategies, there are $46 billion in college scholarships awarded each year by the Department of Education and another $35 million awarded each year by private companies, foundations and civil groups. These scholarships are often merit-based. With the hundreds of thousands of scholarships awaiting college students each year, it’s vital that students research potential scholarships that may be available to them. Again, the government’s Federal Student Aid website is a great resource for students and parents to learn how to find potential scholarship monies, how to apply for scholarships and how to avoid scholarship scams.

4. Apply for grants. As with scholarships, grants are another form of free money offered to college students who meet certain criteria. College grants can come from federal or state governments, colleges and private or nonprofit organizations. Whereas scholarships are often merit-based, grants are often need-based, focusing on students who qualify based on their financial situation or other life criteria. One thing to keep in mind about grants: They sometimes carry a caveat that they have to be paid back if a student withdraws from school early.

5. Set up a crowdfunding site. Crowdfunding is the newest way students are getting help paying for their college educations. There are several crowdfunding sites college students use to try and raise money for their college tuition bills, such as GoFundMe, DreamFund, Indiegogo, Zerobound and YouCaring. On a crowdfunding site, you’ll share your personal story and why you think it would be a wise investment for potential donors to help you pay for your college education. If you think you’ve got a compelling or inspiring story to tell about your pursuit of a college degree, you may want to give crowdfunding a try.

6. Take advantage of employer reimbursement programs. Many employers will reimburse employees for part or all of their college tuition costs, especially if the courses are related to their current field. The IRS does set limits on how much money an employer can write off each year for college reimbursement. However, some employers may choose to go above and beyond those limits and pay for college classes for their employees even without the write off. Check with your employer today, and see if college tuition reimbursements are available. If you’re just starting college and not yet working, consider applying for a job at a company that offers tuition reimbursement.

Just because student loan debt is on the rise in America, it doesn’t mean you have to join the debt party. Take advantage of one or more of the opportunities above to help pay for your college costs and minimize — or eliminate — the amount of money you’ll need to take out in student loans.

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How to Attend College Without Students Loans originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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