5 answers
Abrianna
Student
Willoughby, Ohio
3
Questions
Asked
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How do you pay for these bills?
With all of the costs of not only paying for schooling and books, etc., how do you make it to where you can cover all of these costs with a part-time job and limited money? How do you not fall into debt
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5 answers
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity.
3767
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Dear Abrianna,
Navigating Financial Challenges in Education
Covering the costs of education and related expenses can be a daunting task, particularly when depending on a part-time job and limited resources. Nevertheless, there are multiple strategies and resources to help manage these costs and prevent sinking into debt.
Budgeting: The initial step towards financial management is establishing a budget. By documenting all income sources, expenditures, and debts, one can assess their financial status and pinpoint areas for spending cuts or income augmentation. Tools like Mint.com or the Personal Capital app can assist in budget development and expense tracking.
Scholarships and Grants: A plethora of scholarships and grants are accessible to alleviate education expenses. These can be sourced from high schools, colleges, and various organizations. Websites such as Fastweb.com can aid students in finding scholarships and grants that match their specific needs and qualifications.
Student Loans: While student loans can be beneficial in covering education costs, responsible borrowing is crucial. Federal student loans usually offer lower interest rates and more flexible repayment terms than private loans. It's vital to comprehend the loan's terms and conditions and devise a repayment strategy once the loan is granted.
Part-Time Employment: Engaging in part-time work can help offset some education-related costs. It's important to secure a job that fits within one's schedule and doesn't hinder academic performance.
Expense Reduction: Students can also save money by cutting their expenses. This could involve securing affordable housing, using public transportation, or preparing meals at home instead of dining out.
Campus Resources: Many colleges and universities provide resources to aid students in managing their finances, such as financial aid offices, career centers, and tutoring services. Students should utilize these resources to maximize their educational experience.
Tax Credits and Deductions: The American Opportunity Tax Credit and the Lifetime Learning Credit can help reduce higher education costs by lowering the amount of taxes owed. Students should consult a tax professional or visit the IRS website for more details on qualifying for these tax credits.
In summary, managing expenses while pursuing education can be accomplished through a blend of budgeting, scholarships and grants, student loans, part-time work, expense reduction, campus resource utilization, and tax credits and deductions. By implementing these strategies, students can cover their educational expenses without incurring debt.
Recommended Reading
"Budgeting for College: The Ultimate Guide to Paying for School and Reducing Debt" by Ashley Feinstein Gerstley offers practical advice on budget creation, expense management, and debt reduction during college.
"The College Funding Guide: For Parents and Students" by Mark Kantrowitz provides detailed information on college financing, including scholarships, grants, student loans, and tax credits.
"Paying for College without Going Broke: Strategies for Affording Your Dream School at Any Income Level" by Kalman Chany offers insights into how students and families can maximize their financial aid and minimize their college costs.
For more information on maintaining a balanced diet that supports work and academic function, please refer to the list of nutrient-rich foods in the About James section of my autobiography.
God bless,
James.
Navigating Financial Challenges in Education
Covering the costs of education and related expenses can be a daunting task, particularly when depending on a part-time job and limited resources. Nevertheless, there are multiple strategies and resources to help manage these costs and prevent sinking into debt.
Budgeting: The initial step towards financial management is establishing a budget. By documenting all income sources, expenditures, and debts, one can assess their financial status and pinpoint areas for spending cuts or income augmentation. Tools like Mint.com or the Personal Capital app can assist in budget development and expense tracking.
Scholarships and Grants: A plethora of scholarships and grants are accessible to alleviate education expenses. These can be sourced from high schools, colleges, and various organizations. Websites such as Fastweb.com can aid students in finding scholarships and grants that match their specific needs and qualifications.
Student Loans: While student loans can be beneficial in covering education costs, responsible borrowing is crucial. Federal student loans usually offer lower interest rates and more flexible repayment terms than private loans. It's vital to comprehend the loan's terms and conditions and devise a repayment strategy once the loan is granted.
Part-Time Employment: Engaging in part-time work can help offset some education-related costs. It's important to secure a job that fits within one's schedule and doesn't hinder academic performance.
Expense Reduction: Students can also save money by cutting their expenses. This could involve securing affordable housing, using public transportation, or preparing meals at home instead of dining out.
Campus Resources: Many colleges and universities provide resources to aid students in managing their finances, such as financial aid offices, career centers, and tutoring services. Students should utilize these resources to maximize their educational experience.
Tax Credits and Deductions: The American Opportunity Tax Credit and the Lifetime Learning Credit can help reduce higher education costs by lowering the amount of taxes owed. Students should consult a tax professional or visit the IRS website for more details on qualifying for these tax credits.
In summary, managing expenses while pursuing education can be accomplished through a blend of budgeting, scholarships and grants, student loans, part-time work, expense reduction, campus resource utilization, and tax credits and deductions. By implementing these strategies, students can cover their educational expenses without incurring debt.
Recommended Reading
"Budgeting for College: The Ultimate Guide to Paying for School and Reducing Debt" by Ashley Feinstein Gerstley offers practical advice on budget creation, expense management, and debt reduction during college.
"The College Funding Guide: For Parents and Students" by Mark Kantrowitz provides detailed information on college financing, including scholarships, grants, student loans, and tax credits.
"Paying for College without Going Broke: Strategies for Affording Your Dream School at Any Income Level" by Kalman Chany offers insights into how students and families can maximize their financial aid and minimize their college costs.
For more information on maintaining a balanced diet that supports work and academic function, please refer to the list of nutrient-rich foods in the About James section of my autobiography.
God bless,
James.
Jerome Dees Jr.
Sales Professional and Networking Expert
500
Answers
San Francisco, California
Updated
Jerome’s Answer
I think this is a struggle for many. Apply for every grant/scholarship available. There are associations on each campus that can help pay for books and may offer other useful support. Also check in with local non-profits who focus on education, there might be help there as well
I didn’t have many resources growing up, so I went to a community college part time while also working. It took an extra semester or two, but it helped keep cost down.
Be careful in taking out too many loans. It feels like “free” money, but the amount of interest I had to pay back was scary.
Hope this helps!
I didn’t have many resources growing up, so I went to a community college part time while also working. It took an extra semester or two, but it helped keep cost down.
Be careful in taking out too many loans. It feels like “free” money, but the amount of interest I had to pay back was scary.
Hope this helps!
Ann George
Audit
1
Answer
Cypress, Texas
Updated
Ann’s Answer
While I may not be privy to your full situation, I'd like to suggest a potential solution. How about considering a full-time job while attending classes during the evenings or weekends? I understand that this might be challenging, since the study load is the same as that of full-time students. However, it presents an alternative path for you. This way, you're not only earning but also learning at the same time. It's tough, but remember, you're tougher!
Christina Ridgely Aschenberg
Lending Call Center Manager
17
Answers
Aurora, Colorado
Updated
Christina’s Answer
This is a really good question that many have a hard time answering. The first suggestion is to put yourself on a budget. Figure out how much you would make working, and how much it would cost to live and go to school. Try to account for everything in that budget. Enlist a family member who is good with money to help you with this. Do not go into debt. It is much harder to get out once you get in- especially with student loans. A lot of student loans accumulate interest while you are in and that's hard to get out of. Excel has a simple monthly budget under templates that can really help you factor everything in if you have access to that. There are apps like Acorn that help with setting up savings and having the change from your purchases go right into that.
I agree with Jerome. Look with your guidance counselor or another trusted adult for all the scholarship and grant money you can get and consider community college to help keep costs down the first 2 years while you get your gen. ed. associates.
I also agree with Ann above me. Consider working full-time and going to school part-time. I did this and found that by taking longer by going part-time, it also helped me to figure out what it was I really wanted to do. I was also able to find a company that was willing to pay for a certain dollar amount for me to go to school. They ended up paying for most of my schooling. I am now with a different company who is paying for my graduate degree as well. If you don't declare a major for several years and go part-time those first couple of years while figuring that out, it can add up and help you tremendously.
Free resources:
https://www.cnbc.com/select/best-free-budgeting-tools/
use nerdwallet.com as well when finding financial articles and resources. A lot lead to ads here , but are paid by them- but there are some really good pieces of advice on here.
Dave Ramsey is a good money managing expert and gives good advice in his baby steps. This is mostly catered to adults and can cost, but is a good framework to work on figuring out how to do it and has a free budgeting tool. He also talks about how to build for an emergency savings- this is the most important bc emergencies will happen! (ramseysolutions.com) - you can find more by him for free on you tube as well.
I agree with Jerome. Look with your guidance counselor or another trusted adult for all the scholarship and grant money you can get and consider community college to help keep costs down the first 2 years while you get your gen. ed. associates.
I also agree with Ann above me. Consider working full-time and going to school part-time. I did this and found that by taking longer by going part-time, it also helped me to figure out what it was I really wanted to do. I was also able to find a company that was willing to pay for a certain dollar amount for me to go to school. They ended up paying for most of my schooling. I am now with a different company who is paying for my graduate degree as well. If you don't declare a major for several years and go part-time those first couple of years while figuring that out, it can add up and help you tremendously.
Free resources:
https://www.cnbc.com/select/best-free-budgeting-tools/
use nerdwallet.com as well when finding financial articles and resources. A lot lead to ads here , but are paid by them- but there are some really good pieces of advice on here.
Dave Ramsey is a good money managing expert and gives good advice in his baby steps. This is mostly catered to adults and can cost, but is a good framework to work on figuring out how to do it and has a free budgeting tool. He also talks about how to build for an emergency savings- this is the most important bc emergencies will happen! (ramseysolutions.com) - you can find more by him for free on you tube as well.
Alireza Poostindooz
financial consultant
41
Answers
Isfahan, Isfahan Province, Iran
Updated
Alireza’s Answer
When it comes to covering the costs of education and avoiding debt, here are some strategies you can consider:
1️⃣ Save and Budget: Start saving early and create a budget to manage your expenses. Cut unnecessary expenses and prioritize your education-related costs. Track your spending, and look for areas where you can save money.
2️⃣ Scholarships, Grants, and Financial Aid: Research and apply for scholarships, grants, and financial aid programs that can help offset your educational expenses. Explore options offered by educational institutions, government agencies, non-profit organizations, and private foundations.
3️⃣ Part-Time Work: Look for part-time job opportunities that accommodate your school schedule. Choose positions that pay well and provide relevant experience or networking opportunities in the finance field. Maximize your earning potential by taking on additional responsibilities or seeking promotions when possible.
4️⃣ Work-Study Programs: Check if your educational institution offers work-study programs that allow you to work on campus. These programs often provide flexible work hours and can help cover some of your education costs.
5️⃣ Online Learning: Consider taking some courses online, which can be more cost-effective than traditional education. Online courses often provide flexible schedules, enabling you to work and study simultaneously.
6️⃣ Reduce Credit Card Usage: Be cautious with credit card usage to prevent accumulating high-interest debt. Use credit cards responsibly and pay off your balances in full every month to avoid interest charges.
7️⃣ Seek Financial Advice: Consult with financial advisors or career counselors who can provide guidance on managing educational expenses. They can help you explore various financial aid options, grants, loans, and scholarships available specifically in the finance field.
8️⃣ Employer Sponsorship: Explore opportunities for employer sponsorship, where companies might cover some or all of your educational expenses in exchange for a commitment to work for them after graduation. Some employers offer tuition reimbursement programs.
9️⃣ Consider Loan Options Carefully: If you need to take out loans, carefully evaluate and compare different options. Opt for federal loans with low-interest rates and flexible repayment terms. Be mindful of the loan terms and obligations and borrow only what you need to cover essential expenses.
🔟 Seek Financial Literacy Resources: Educate yourself on personal finance and money management. There are many online resources, books, and courses available that can help you make informed decisions about managing your finances while pursuing your education.
Remember that financial planning and discipline play a crucial role in managing your expenses. It may require sacrifices and trade-offs, but with careful planning and the right mindset, you can work towards covering your education costs without falling into excessive debt.
1️⃣ Save and Budget: Start saving early and create a budget to manage your expenses. Cut unnecessary expenses and prioritize your education-related costs. Track your spending, and look for areas where you can save money.
2️⃣ Scholarships, Grants, and Financial Aid: Research and apply for scholarships, grants, and financial aid programs that can help offset your educational expenses. Explore options offered by educational institutions, government agencies, non-profit organizations, and private foundations.
3️⃣ Part-Time Work: Look for part-time job opportunities that accommodate your school schedule. Choose positions that pay well and provide relevant experience or networking opportunities in the finance field. Maximize your earning potential by taking on additional responsibilities or seeking promotions when possible.
4️⃣ Work-Study Programs: Check if your educational institution offers work-study programs that allow you to work on campus. These programs often provide flexible work hours and can help cover some of your education costs.
5️⃣ Online Learning: Consider taking some courses online, which can be more cost-effective than traditional education. Online courses often provide flexible schedules, enabling you to work and study simultaneously.
6️⃣ Reduce Credit Card Usage: Be cautious with credit card usage to prevent accumulating high-interest debt. Use credit cards responsibly and pay off your balances in full every month to avoid interest charges.
7️⃣ Seek Financial Advice: Consult with financial advisors or career counselors who can provide guidance on managing educational expenses. They can help you explore various financial aid options, grants, loans, and scholarships available specifically in the finance field.
8️⃣ Employer Sponsorship: Explore opportunities for employer sponsorship, where companies might cover some or all of your educational expenses in exchange for a commitment to work for them after graduation. Some employers offer tuition reimbursement programs.
9️⃣ Consider Loan Options Carefully: If you need to take out loans, carefully evaluate and compare different options. Opt for federal loans with low-interest rates and flexible repayment terms. Be mindful of the loan terms and obligations and borrow only what you need to cover essential expenses.
🔟 Seek Financial Literacy Resources: Educate yourself on personal finance and money management. There are many online resources, books, and courses available that can help you make informed decisions about managing your finances while pursuing your education.
Remember that financial planning and discipline play a crucial role in managing your expenses. It may require sacrifices and trade-offs, but with careful planning and the right mindset, you can work towards covering your education costs without falling into excessive debt.