American college students can face difficulties at times, especially if they live and study without parental support. Indeed, unlike many students in other developed countries, Americans have to pay for living and tuition. What if you don’t have enough money for your college? Unfortunately for American students, college fees are one of the main reasons for premature dropouts, and some are reluctant to go to college because of tuition fees.
But the United States is a beautiful country of opportunities, which will always find something to offer its citizens, including students. This article will detail how you can find additional money resources to cover your living and tuition costs.
Table of Contents
1. Apply for scholarships and grants
Let me tell you a secret, most students at the most prestigious colleges in the United States do not pay the total tuition fees. The college itself covers all or part of the tuition fees. The most expensive US colleges often offer full scholarships for students with outstanding records. But even if you are not a genius and do not aspire to go to Harvard, you can still find an alternative for yourself. Today, many US colleges offer scholarships that cover a minimum of 10% of the tuition fees. However, remember that there is a lot of competition for scholarships, so if you have meager entrance exam results or a low GPA, it is not worth wasting your time.
2. Take out loans
To begin with, there are two types of loans: federal and private, and for US citizens and international. Federal loans have a lower interest rate, so you should consider them first. In addition, it would help if you clarified several aspects of your loan:
- Interest rate. The higher the interest rate, the more money you have to pay back during the loan repayment. Therefore, by finding an option with a low credit rate, you can save thousands of dollars.
- Repayment plan. The repayment plan usually depends on your earnings and how much you can afford to pay each month for the loan. You can get a project with a low monthly repayment amount, but you end up spending longer. Accordingly, your interest rate will increase. As a result, you will return to the bank much more money than you took. You can also increase your monthly repayment amount. Of course, you will also increase your credit load, but your interest rate will be lower in the end. Moreover, this way, you will pay off the loan in full faster.
- Terms of delay and forgiveness of the loan. It is essential to know when you will need to start repaying the loan. Immediately or after graduation from college. Moreover, some loans give you the ability to delay or stop repaying the loan, provided:
- Physical disability, illness, death;
- Bankruptcy;
- Unemployment and low wages;
- Work in government agencies, the army, a teacher for a specific time, etc.
Credit is an excellent resource of money despite being hazardous. Therefore it is essential for you to correctly calculate your possibilities and choose the most optimal loan option.
3. Side job
The most popular resource of money for students is not only in the USA but around the world. Working while studying will give you a lot of benefits:
- It will be easier for you to cover your expenses;
- You will gain work experience. Even experience outside your specialty will say a lot about you to your future employer;
- Some companies can help you cover some of your loans, which will significantly reduce your credit load.
4. Save money
Spending less money on frills like restaurants, movie theaters, taxis can help you fill up your wallet with extra cash. Be sure to plan your budget ahead of time. Set aside the amount you are going to spend on extras, such as new clothes or dates. Do not spend more than the specified amount. With such a plan, it will be easier for you to save money, and the extra money will go to more important things.
Conclusion
College students study not only sciences but also life for the first time. It is in college that we begin to know the value of money. Let’s summarize, to find resources of money, you need:
- Find scholarships and grants that will cover some of your costs;
- Take out a loan that you can repay on time;
- Find a job in your free time;
- Save money and plan your budget.
If you follow these tips, you will never end up with empty pockets during college!
