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HOW CAN A YOUNG MAN SAVE UP ENOUGH MONEY TO GO TO COLLEGE?
I AM A CLASS OF 2024 GRADUATE, AND WANT TO GO TO COLLEGE AND I NEED MONEY.
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4 answers
Houcine Lakhchach
Career Development Specialist | U.S Department exchange Alumnus | EFL/ESL trainer | Program manager
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Houcine’s Answer
Hello James,
As a recent Class of 2024 graduate aiming to attend college, saving money requires a strategic approach, dear James. Therefore, start by creating a detailed budget that outlines your income sources and identifies essential expenses. Prioritize necessities such as housing, utilities, and food while scrutinizing non-essential spending. Explore opportunities to increase your income, whether through part-time work, freelancing, or gig opportunities. Establish specific savings goals for college-related expenses and consider opening a separate savings account to keep your funds organized. Actively seek out scholarships, grants, and financial aid options to alleviate the financial burden of college tuition. Consult with a financial advisor if needed, and explore work-study programs or part-time employment opportunities on campus. Additionally, consider participating in college savings programs or 529 plans that offer tax advantages. By implementing a disciplined approach to budgeting and exploring available financial aid resources, you can work towards accumulating the funds necessary to pursue your college education.
As a recent Class of 2024 graduate aiming to attend college, saving money requires a strategic approach, dear James. Therefore, start by creating a detailed budget that outlines your income sources and identifies essential expenses. Prioritize necessities such as housing, utilities, and food while scrutinizing non-essential spending. Explore opportunities to increase your income, whether through part-time work, freelancing, or gig opportunities. Establish specific savings goals for college-related expenses and consider opening a separate savings account to keep your funds organized. Actively seek out scholarships, grants, and financial aid options to alleviate the financial burden of college tuition. Consult with a financial advisor if needed, and explore work-study programs or part-time employment opportunities on campus. Additionally, consider participating in college savings programs or 529 plans that offer tax advantages. By implementing a disciplined approach to budgeting and exploring available financial aid resources, you can work towards accumulating the funds necessary to pursue your college education.
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Kimberly’s Answer
Great question! If you find yourself with some spare time, why not consider a few side jobs? You could try driving for Uber or Lyft, cleaning houses, or even babysitting. These are all great ways to earn a bit of extra money. Don't forget to explore options for financial aid too - there's plenty of information already provided for you on that. Another helpful tip is to trim down on things you don't really need, like your daily coffee run or dining out. Wishing you all the best!
Updated
Bobbi’s Answer
Hi James,
You ask a great question that many upcoming graduates have. My recommendation is to look for as much "free" money or tuition reduction/reimbursement first and then determine where or how you can save up the additional funds.
First fill out your FAFSA forms as early as you can for the upcoming school year. Here is a link for the FAFSA forms: https://studentaid.gov/h/apply-for-aid/fafsa . FAFSA is filled out yearly.
Once they have reviewed your application, they should be able to provide you with any grants, applicable scholarships, and federal loan coverages you are eligible for. Then you can compare what you need for the college you want to attend vs. what is already available to you.
Depending on your results, you may want to look at alternate colleges such as community colleges to complete your prerequisite courses as community colleges are often less expensive than private colleges and universities. Just make sure you double check the requirements for the transfer of credits to your desired college/university to make sure they will transfer. Most, if not all, will transfer.
Look at your work experience and what your desired college/university will honor as credits. In some cases this can reduce the amount of classes you need for graduation which results in less total money spent.
Research and look for additional grant and scholarship opportunities. Often colleges/universities will have their own grants and scholarships that they offer. Other companies will offer them too such as banks, local organizations, and even agencies that are attempting to recruit more people into your field of study. Although you may need to write letters in order to apply, it is well worth the time. Some of these grants and scholarships allocate their funds early in the year, so you may want to start looking early.
If you are still in need of additional funds and want to eliminate or reduce your loans as much as possible, review what actions you are taking or can take that allow you to save money for school. For example: if you aren't working, do you need to take on employment? Or if you are working, does your employer offer tuition reimbursement of any sort? Or are there other employers that do offer tuition reimbursement? Even if you love where you work, it may be advantageous to switch to an employer that offers this benefit.
And if you still need to save money, a closer look at your income vs. expenditures is needed. Are there activities that you engage in that can be eliminated or reduced to allow you to save more? Some expenditures that can be reduced in most people's budgets when needed involve money spent on dining, entertainment, and clothing. Eating fast food one time per week vs. four times per week can add up to savings quickly.
You ask a great question that many upcoming graduates have. My recommendation is to look for as much "free" money or tuition reduction/reimbursement first and then determine where or how you can save up the additional funds.
First fill out your FAFSA forms as early as you can for the upcoming school year. Here is a link for the FAFSA forms: https://studentaid.gov/h/apply-for-aid/fafsa . FAFSA is filled out yearly.
Once they have reviewed your application, they should be able to provide you with any grants, applicable scholarships, and federal loan coverages you are eligible for. Then you can compare what you need for the college you want to attend vs. what is already available to you.
Depending on your results, you may want to look at alternate colleges such as community colleges to complete your prerequisite courses as community colleges are often less expensive than private colleges and universities. Just make sure you double check the requirements for the transfer of credits to your desired college/university to make sure they will transfer. Most, if not all, will transfer.
Look at your work experience and what your desired college/university will honor as credits. In some cases this can reduce the amount of classes you need for graduation which results in less total money spent.
Research and look for additional grant and scholarship opportunities. Often colleges/universities will have their own grants and scholarships that they offer. Other companies will offer them too such as banks, local organizations, and even agencies that are attempting to recruit more people into your field of study. Although you may need to write letters in order to apply, it is well worth the time. Some of these grants and scholarships allocate their funds early in the year, so you may want to start looking early.
If you are still in need of additional funds and want to eliminate or reduce your loans as much as possible, review what actions you are taking or can take that allow you to save money for school. For example: if you aren't working, do you need to take on employment? Or if you are working, does your employer offer tuition reimbursement of any sort? Or are there other employers that do offer tuition reimbursement? Even if you love where you work, it may be advantageous to switch to an employer that offers this benefit.
And if you still need to save money, a closer look at your income vs. expenditures is needed. Are there activities that you engage in that can be eliminated or reduced to allow you to save more? Some expenditures that can be reduced in most people's budgets when needed involve money spent on dining, entertainment, and clothing. Eating fast food one time per week vs. four times per week can add up to savings quickly.
Updated
Rosalyn’s Answer
You can apply for government financial aid, and get a part-time job to help with your expenses. If you enroll in a community college, the cost is usually much cheaper than a university. If you choose to go to a community college, you can complete 2 years there to get an associate degree. From there, if you want a four year degree, you can transfer to a 4 year university. The four year university will most likely accept your courses from the community college.