As a long time student, I have searched high and low for ways to save money, make money, and be successful in my courses – all at the same time. It can be stressful, so I created this guide. Please comment if you have any suggestions so that I can add them to the article.
How can I pay for college without scholarships?
Paying for school can be tricky, especially if you’re not working. The first, most important step, is to apply for FAFSA. The application process can be done in under an hour. The best part about FAFSA, is that you can get FREE MONEY! This money, called a pell grant, is 100% free if you qualify. As long as you maintain good grades throughout your time as a student, you can continue to get this money every semester. The amount depends on your financial situation, but it often covers more than 40% of your tuition.
Another part of FAFSA is student loans. You will notice that there are Subsidizes and Unsubsidized student loans available. The difference is simple, but important.
- Subsidized Loans: A subsidized loan is one in which the lending agency does not charge you interest while you are a student. Instead, the U.S. Department of Education pays the interest while you’re enrolled. After you finish school, or if you are not enrolled, you will begin to pay the interest on the loans.
- Unsubsidized Loans: This option is less popular because you accrue interest on the loan from day 1. Even when you are a student, interest accrues. These loans, while not as enticing as subsidized loans, still offer value because the interest rates are typically very low in comparison to paying with a credit card for example.
To sign up for FAFSA, simply apply on their site by clicking here.
How can I responsibly develop and grow a credit score while in school?
It is important to think about raising your credit score while you’re in school. After all, in a few short years you may want to buy a car and a house. Using credit responsibly can help you in that process. But, it is very important to get a card that is designed with your needs in mind. Particularly, you want a card with no annual fee, great benefits, and one that has rewards. Below are a few cards that I have enjoyed having, and which helped me a lot as a student:
- Discover IT card: The Discover IT card is great because it lets you check you FICO credit score for free. You just login to your account and you can view your score. It also offers 1-5% cashback on purchases. As an added bonus, if you apply through this link, and make a purchases in the first 90 days, you will get $50. Talk about awesome.
- Capital One Quicksilver card: This card is great for the student who dreams of traveling. It does not charge a foreign transaction fee when you travel to most countries, and it is a Visa, so it is accepted nearly everywhere credit cards are accepted. If you apply through this link, and spend $500 in the first 90 days, you will get $150. Just think about the books, parking pass, and lunches you will need in your first term. Spending $500 in the first 3 months happens faster than any student wants to admit, but at least in this scenario you will get $150 back.
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Take advantage of free software from your university
Many universities, such as WGU, offer loads of free software to students such as the Microsoft suite of products. WGU offers students the ability to download programs like Microsoft Word, Power Point, Excel, and other useful programs. These programs are integral to making student life easier, and cheaper. Reach out to your advisor at your university and ask which programs are included with your tuition.