Finding Ways to Fund Your College Journey
Are you interested in going to school but feeling overwhelmed about how to pay for college? Take a deep breath. While financing higher education may seem daunting, there are multiple ways to make it more affordable. This article will guide you through reasonable strategies for funding your college education. From understanding the true cost of college to exploring financial aid options and alternative sources of funding, we've got you covered. We'll also discuss balancing work and school and share tips for smart borrowing to avoid excessive debt. So, if you're struggling with how to afford college, you've come to the right place.
Get a Grasp of the Actual Cost of College
Before heading off to college, it's crucial to fully understand the expenses involved. College costs go beyond just tuition and fees, and it's essential to consider all factors before making any financial commitments. Here are the most significant costs to factor in:
Tuition and fees
This is the primary expense to consider. The cost of tuition varies widely depending on the college or university you choose, so it's important to research and find a school that is both affordable and offers a quality education. Tuition usually covers the cost of instruction and access to various facilities and services provided by the institution. Fees, which are often charged per semester or term, are in addition to tuition and may cover technology services, tutoring, testing, advising, career services, and more.
Room and board
If you plan to live on campus, you must factor in the cost of housing and meals provided by the college or university. While living on campus may be convenient, it can come with a hefty price tag, so it's important to consider all living arrangement options. If you plan to live off campus, you still need to factor in housing costs like rent and how much you'll spend on meals.
Books and supplies
Textbooks, course materials, and other supplies can quickly add up to a substantial expense. Consider options like buying second-hand books or renting them to save money. Some schools offer a flat fee program for all your course materials. Check if your school, such as Bellevue University, has a course materials program that could save you money. Don't forget to factor in the cost of a laptop and other technology requirements if they are not included.
Other expenses
When calculating your budget for college, it's key to consider additional costs like transportation and childcare, if you have children. These expenses will vary depending on your personal circumstances. You will also have personal expenses such as laundry, phone bills, and entertainment or personal care costs.
Use Tools like the Net Price Calculator
Many institutions, including Bellevue University, have a Net Price Calculator on their websites. This tool helps estimate the net cost of attending the institution after considering financial aid and scholarships. It's an invaluable resource for prospective students and their families to plan for college expenses and create a budget. Be prepared to provide information about income (including parents' income if you are a dependent) and taxes. By understanding the various costs associated with college, you can make informed decisions about which school to attend and how to fund your education. Explore all available financial aid, scholarships, grants, savings, and employment income to make obtaining your degree more attainable while avoiding excessive debt.
Set Your Priorities in Order
When seeking out funding for your education, prioritize finding financial aid that does not require repayment. Second, calculate any available college savings, income, transfer credits or tuition assistance. After that, learn about the best options for low-interest student loans. Finally, carefully consider if taking out private loans is necessary.
Find the
"FREE Money"
First
Unpacking Financial Aid Options
When figuring out how to pay for your chosen college, there are various financial aid tools available. Knowing and taking advantage of these options can make a significant difference. Let's break down some of the most common "financial aid packages":
Scholarships and grants
These are forms of financial aid that do not need to be repaid. They are typically awarded based on financial need, academic performance, athletic ability, or specific demographics or talents. Many organizations, including Bellevue University, offer scholarships and grants to eligible students. The schools you apply to may use your federal aid package information to help determine what institutional scholarships or grants they can personally offer you. Some scholarships are renewable each year if certain criteria are met. There are several free websites that can help you find available scholarship sources.
It's usually not wise to turn down a large amount of money from a school, but it ultimately depends on the total cost of going to that college or university AND your goals.
Federal and state aid
The U.S. federal and state governments provide financial aid programs to help students afford college. These programs include grants, federal loans (which must be repaid), and federal work-study jobs on campus. The Free Application for Federal Student Aid (FAFSA) is the key application for federal and state aid. It's best to apply as early as possible when the most money is available for the year.
In 2024, changes were made to the FAFSA to streamline the application process and form. Check the FAFSA site at Studentaid.gov for updated 2025 timelines and instructions.
Up to $10,000 per year:
Apply for the Nebraska Career Scholarship
for students in Nebraska
Scholarships and Grants from Your State:
Many states also offer grants based on residency or employment needs in their respective state, so be sure to ask the scholarship team about state aid.
Other places to find 'free money' for school
Employee tuition assistance
There are various options available for students to fund their education without having to worry about taking on excessive student loan debt. One potential source is through employee tuition assistance programs, which are becoming increasingly common as employers recognize the benefits of helping their workers achieve their educational goals.
Military funding and discounted pricing
Additionally, military personnel and veterans may be eligible for grants and scholarships to cover the cost of education. Some schools also offer special pricing for military members and their spouses. It is important to thoroughly research and explore these options and reach out to the financial aid office for assistance.
See Military Preferred Pricing for military-veterans and spouses
Exploring these financing options can open up opportunities for you without the stress of overwhelming student loan debt. Research each option thoroughly and reach out to the school for assistance.
Can you work and study at the same time?
One common concern for students considering college is figuring out how to find the time to go to school AND work.
For some, it is possible to work and study at the same time, whether through personal or college savings plans, working part-time, or participating in work-study programs. It is important to consider your individual circumstances and goals when deciding whether to work while studying. Some schools may be able to help you find paid internships, assistantships (usually reserved for grad students) or apprenticeships, as well. Contact the staff in your university's career services.
Working full-time and going to school
Although it may be challenging, many students do work full-time and pursue their degree at the same time. With careful time management and prioritization, it can be a viable solution if you need to support yourself financially while studying. Finding flexible course options can make it easier. Taking online courses, or an entire degree online can be an advantage in this case since you can virtually "attend class" on your own time without working around a campus class schedule. And you can study from wherever it suits you. If you prefer to be in a face-to-face class with your instructor, some programs also offer evening and weekend class options, so be sure to ask your admissions counselor.
Do what works for you
Remember, everyone's situation is unique, and what works for one person may not work for another. Finding the right balance between work and studies is crucial to ensure your success at both.
Smart Borrowing Strategies
Investigate student loan options
After you find money available to you that you won't have to pay back, you may still need to consider taking out student loans. Be sure you understand the types of student loans available and explore repayment plans to ensure you make the best decisions. Let's dive deeper into each of these topics:
How do student loans work
When you apply for federal aid via the FAFSA, you will be offered an "aid package" which may include student loans and parent loans (with or without subsidized or deferred interest). Familiarize yourself with the terms, interest rates, repayment plans, and potential consequences of each student loan type. You have the option to accept or decline any or all of the aid and loan offers. Weigh all your potential offers before making a final decision.
When you've exhausted other funding sources, you could consider student loans from private lending companies, but be sure to do your research to find reliable, trustworthy lenders. While private loans may provide flexibility in borrowing limits, private loans tend to have higher interest rates and less favorable repayment plans than federally subsidized student loans. Compare the differences on studentaid.gov. Evaluate your needs and compare different loan options to find the best fit for your circumstances.
Federal loans have a relatively low interest rate. As reported by StudentAid.gov, loans first disbursed on or after July 1, 2024 and before July 1, 2025 have the following interest rates:*
| Loan Type | Borrower Type | Fixed Interest Rate |
|---|---|---|
| Direct Subsidized and Unsubsidized | Undergraduate | 6.53% |
| Direct Unsubsidized | Graduate or Professional | 8.08% |
| Direct PLUS | Parents and Graduate or Professional Students | 9.08% |
By taking a proactive approach to your finances, you can navigate your college expenses and set yourself up for long-term financial success. Seek out advisors and regularly review your scholarship and loan terms to ensure you're on track towards a manageable college payment plan.
Alternative Ways to Reduce the Cost of College
Think outside the box when it comes to lowering your college costs.
It is worth considering alternative ways to reduce college expenses, such as maximizing any transfer credits or getting creative with options like first attending community college or living off-campus.
Bellevue University will accept your entire associate degree if received from an accredited institution.* For a first bachelor's degree, this means you could be nearly halfway there!
By incorporating these strategies, you can take control of your college expenses and set a solid foundation for your financial future. Remember, the choices you make now will have a lasting impact, so it's essential to make informed decisions and stay focused on your goals.
*Consult with an admissions counselor to determine your eligible credits, as well as to verify minimum graduation requirements for this degree. Transfer credits must be from a regionally accredited college or university. Bellevue University makes no promises to prospective students regarding the acceptance of credit awarded by examination, credit for prior learning, or credit for transfer until an evaluation has been conducted.
