Get a College Degree with Someone Else's Money

New Year’s Resolution #1: Get a College Degree With Someone Else’s Money

The Online College Adviser would like to wish all of you a very Merry Christmas and a Happy New Year.

And while I’m on the subject of the New Year, let me say that one of the best New Year’s resolutions you can make is to go back to school and get a college degree. Whether it is your first degree, or your fifth, or if you want to just take a few classes in order to develop a new skill or hone one that you already have…investing in your education is one of the best ways that you can spend your hard-earned money. I talk a lot about education as a long-term investment in my post entitled A College Degree: Not "Just A Piece of Paper"

And the good news is, sometimes you don’t even need to spend that much of your own money to do it. In fact, depending on your circumstances, you may be able to get a college degree paid for with someone else’s money. You can’t get much better than that, can you???!!!!

I promised you a post about financial aid, so here it is in a nutshell. There are many different sources of money out there for people who want to go back to college and earn a degree. Of course, depending on the type of aid there may be different criteria that you have to meet, but you can potentially have a portion or sometimes all of your college expenses paid for with someone else’s money. By college expenses I mean things like tuition and fees, textbooks, school supplies, and maybe even a computer or computer software to support your studies. There are lots of opportunities out there, but I will focus on a few of the most common ways that people can go back to school using someone else’s money. These ideas will help you start thinking about how you can afford to go back to school.

1. Grants (also known as FREE MONEY)
While grants are not available for everyone, people in lower income brackets may be able to qualify for financial aid money in the form of grants. This is literally FREE MONEY which the United States government makes available to people for the purpose of helping them pay for school. Of course, this is taxpayer money, so your school will monitor it fairly closely and require you to use it for educationally related expenses, but you don’t have to pay it back. How great is that???!!!! There may also be state, local, or private grants available in addition to federal grants, so make sure to ask what types of grants are available at the school you select.

2. Scholarships
When most people think of scholarships, they usually imagine that these types of monetary awards are only for the best and the brightest. While it is true that many scholarships are academic in nature and may have special criteria to meet such as certain ACT/SAT scores or minimum GPA requirements, there are a surprising number of scholarships available which target different types of students. For example, most people are aware of athletic scholarships, awards for people who excel in sports such as football, basketball, tennis, or golf. However, did you know that many schools have athletic scholarships for less “popular” sports such as soccer, judo, or even bowling? Other scholarships may be available for people on the cheer squad or dance/drill team. Leadership scholarships are offered at many schools for people who have been involved in student government or are involved in on-campus clubs or professional organizations. Scholarships exist at many schools for first-generation college students, or students with certain ethnic or cultural backgrounds. Some schools have scholarships for part-time students or non-traditional students (meaning working adults like you). And you may be able to qualify for multiple scholarships, so make sure you find out the rules about that as well.

In additional to internal scholarships which are offered by the school itself, there may be external scholarships available as well. Websites like FastWeb.com allow you to complete a detailed personal profile and then gives you a list of scholarships and opportunities which match your unique background and situation. For example, there are scholarships out there for people whose parents have worked for the U.S. Postal Service or for people who graduated from a certain high school or for people who can demonstrate an active involvement in community service.

WARNING: If you decide to look at online scholarship clearinghouses, be careful to check the reputation of the site. Some of them are phishing for your personal information, so use these types of sites with caution.

3. Tuition Assistance
Tuition assistance programs are great opportunities to have some else pay for your college expenses. Many employers offer tuition assistance programs, especially if the degree program you choose will enhance or improve your ability to perform your job responsibilities. If you are working in the area of human resources for example, your job may be willing to offer partial or complete tuition reimbursement for courses taken toward a certificate or degree in Human Resource Management. In the area of healthcare, many hospitals will help CNAs and LPNs who want to continue their education by paying for some or all of their tuition in RN or BSN programs.

Another way to get tuition assistance is through service in the U.S. military or National Guard or one of the reserves. Programs such as the G.I. Bill and other military educational benefits are designed to reward servicemembers with money for college both while they are on active duty and after they have left the armed services. Most colleges and universities have an Office of Veteran’s Affairs (VA) with trained professionals to help walk you through the somewhat complex process of getting things set up so that you can maximize your use of these valuable benefits. Another great resource is Military.com’s education section of their website. They offer a lot of detail and vital information for taking advantage of military tuition assistance.

4. Work for a college or university
This is similar to Suggestion #3, but I wanted to drive home the point that most schools will offer some type of free tuition or deeply discounted tuition to its staff members. Sometimes there are limits as to the number of classes an employee can take per year, but this is one amazing way to go if you want someone else to pay for your classes. The great news is that often these tuition benefits will be available not only to the staff member but also to his/her spouse and children. Again, before saying yes to the job, make sure that you understand the benefits that pertain to tuition at that school.

5. Workstudy Program
The federal workstudy program is a type of financial assistance that requires you to work for your money, but most of the jobs are located on campus, the employers agree to be flexible with you regarding your school schedule, and the salary you receive is tax free. This is a federally funded program, and there are a set number of hours that you are awarded each semester. You must work the hours in order to get the money. You can get more information about this program by talking to your college’s Office of Financial Aid (or Financial Assistance).

6. Federal and Private Student Loans
These are loans, so you will eventually have to pay them back, but these types of programs allow students to pay for their college expenses now and pay back the loans later. Many loan programs offer the option of starting repayment after graduation. I could probably do an entire post on the different types of loans available, but just to keep it simple, the two main types of loans are federally funded and private loans. Your school will be able to explain the different types of loans and the options available to you, so make sure to ask lots of questions and understand the restrictions and requirements for receiving student loan monies. This is “other people’s money” but eventually you will have to pay it back, so make sure to only borrow what you need.

These are the six main types of funding available for paying for college tuition and expenses. There may be other opportunities out there as well, so keep your eyes open and do your research. Until next time, Online College Adviser invites you to check out my collection of resources to help you hop on the fast track toward your goal of getting your college degree.

Onward and upward!

Look for my next post entitled: How to Spot a Diploma Mill