Finance Friday: 5 Ways to Make College Within Reach (2024)

Just in case people thought that education was afforded to all Americans on the same merits, recently we found out through a resounding revelation with actress Felicity Huffman and Lori Loughlin that it is not. After the news broke, I think many people really started to think about the real privilege​​ of education is in the US for some. For me, this College Admission Scandal was not new, nor was it shocking. It was just further confirmation that the Education System in the US is broken and needs to be repaired before the next generation takes charge.

Finance Friday: 5 Ways to Make College Within Reach (1)

The richest kids in America can receive education on the basis of the economics of their parent’s wealth. Not necessarily because they out-performed other students. This is one of the reasons why, African-Americans students are sometimes taught by their parents they have to be “twice as good, and go above and beyond” what their peers of a different hue may be doing. While the cliche “money talks” is known, it is undoubtedly true in all areas of the US: such as healthcare, career placement, housing, and of course, education. Simply put, having money (especially as it relates to the education system in the US) gives people more options that are often out of reach for those who are less fortunate.

The Education System in the US is Broken

After being bombarded with seeing and hearing hundreds of related news stories, I resolved that our educational system is broken. There are black mothers who are going to jail for putting the wrong zip code on their child’s application and placing their children in schools outside of their districts. Just read this news story, “Ohio Mom Kelley Williams-Bolar Jailed for Sending Kids to Better School District.” There are also, people who are struggling to stay afloat and can’t juggle it all like Ms. Parker from the story below.

Ms. Parker’s story moved me to tears. I remember when I was in college and my mother did not have credit so she could not take a loan for me to stay in school. I worked 3 jobs while getting my degrees, so I can relate to Ms. Parker’s struggles. Amazingly, I was able to finish my education and I never had to drop out. The English department at my former university even provided me with an academic scholarship that helped as well. The troubling part is that some families, literally are weighing whether or not they can eat while trying to concentrate on school and learning under those conditions are almost impossible.

5 Ways to Make College Within Reach

Although, Ms. Parker’s experience is extremely upsetting. How can families avoid ending up in that situation? Frankly, moms and dads even those who are living from paycheck to paycheck can start making sacrifices so their children will have more options in the future. Here are a few things families can start doing right now to make a college education within reach for their children?

Save.

Put aside as little as $20 a month beginning with the birth of your child and through compounding interest, your child’s education savings will start to accrue. (Are you are financially strapped? Then consider offering your expertise or unique skill to someone for $20. You could also sell your kids’ gently used clothing on ebay or craigslist and that way you may be able to earn the money to put aside.) See this post: Tips For College-Bound Kids

Work.

Working while also pursuing your education is not unusual and should be encouraged. Often working and putting in the effort increases a student’s focus. However, working more than one reasonable job can become overwhelming so consider your time wisely. Also, some job programs will help you pay for higher education, just do your research and ask questions..

Apply for scholarships.

Finding free money for school through scholarships is a special skill all of its own. I follow a few college-related blogs that share different opportunities. Below are a few that you may find helpful.

Consider Different Programs

Many states offer trade school diplomas while students are still in high school. For those students who need more money, for college, it would be wise to gain a particular trade/skill and work using those special skills to pay for school. Remember community college and trade schools can also give a person more options.

AmeriCorps or PeaceCorps

Two federally funded programs like AmeriCorps and PeaceCorps are real options that can help students pay for school; especially, because it shows your prospective school your public service commitment. They also will help pay for your student loans as part of their work exchange program. Read about my personal AmeriCorps experience here: Tips to Get Rid of Student Loans

Overall, Colleges and universities need more accountability to the public. Especially now that the general public now no longer trusts the Education System in the US. The registration offices should clearly have a department that focuses on helping students who are in need of financial assistance, counseling, and scholarships.

Finance Friday: 5 Ways to Make College Within Reach (2024)

FAQs

What are 4 ways to achieve financial success during college and after graduation? ›

Managing that money on your own can be a tricky task, but these four tips can help recent grads master some of the basics.
  • Evaluate your checking and savings accounts. ...
  • Stay on top of student loans. ...
  • Start saving for retirement. ...
  • Use credit wisely.

How do I make it through college financially? ›

No parental support for college students? 7 ways to pay on your own
  1. Fill out the FAFSA.
  2. Apply for scholarships.
  3. Get a job.
  4. Look into tax credits for qualifying college expenses.
  5. Minimize your college costs.
  6. Research tuition assistance programs.
  7. Consider taking out federal student loans.
Jan 27, 2023

What if my parents are rich but won t pay for college? ›

Maybe you're a dependent student who isn't receiving financial support from your well-off family. In that case, know that there are plenty of ways to pay for college by yourself. For starters, you may be able to file your FAFSA as an independent student, which will essentially ignore your parent's financial details.

What are four steps you can take as a college student to increase your savings? ›

Here are some proven ones:
  • Get a job.
  • Avoid new textbooks.
  • Budget weekend spending.
  • Eat on campus.
  • Ditch the car.
  • Monitor your spending.
  • Become an RA.
  • Be wary of impulse purchases.

What are the 4 keys to college success? ›

In it's simplest form, we refer to the Four Keys as THINK, KNOW, ACT, and GO. In order to prepare students to be lifelong learners, they need the ability to THINK deeply about what they are doing; KNOW contextually why they learn; ACT purposefully to achieve their goals; and GO successfully through life's transitions.

What are 3 things you can do to be successful in college? ›

Know your goals and values. Turn long-term goals into short-term plans. Go to class and attend office hours. Build skills relevant to your coursework.

How do I set myself up for financial success after college? ›

Newly minted college grads should make these 5 money moves according to a financial planner
  1. Build up an emergency fund. ...
  2. Consider consolidating student loan debt if you're overwhelmed. ...
  3. Build up your credit score. ...
  4. Look beyond the salary when considering job offers. ...
  5. Pay yourself first.

How do middle class families pay for college? ›

Financial aid can come from federal and state governments, colleges, and private organizations. Some help comes in the form of loans, which have to be paid back. Grants, scholarships and work-study programs do not have to be repaid. Broadly, there are two types of financial aid: need-based and merit.

Do college students struggle financially? ›

Colleges and universities have found that about one-third of those who start a four-year degree never finish. And according to a LendEDU survey, about half of these students drop out due to financial issues.

What income is too high for FAFSA? ›

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Will I get financial aid if my parents make over $200 K? ›

Even if your family makes multiple six figures a year, you can still get financial aid. That said, not financial aid is created equal. Ideally, you want free money, or grants not loans. Despite earning a six-figure household income, many parents struggle to pay for their children's education without going into debt.

Can I get financial aid if my parents make over 300k? ›

If your family 's income is 300k, barring any specific/rare circ*mstances, you're not getting any need based aid anywhere. However you may get merit aid. Merit depends on your stats (especially test scores) in relation to the top 5-10% at the school.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

What saves you the most money in college? ›

How to Save Money as a College Student
  • Buy Used Textbooks. ...
  • Cook Your Own Meals. ...
  • Take Advantage of Student Discounts. ...
  • Use Public Transportation. ...
  • Avoid Credit Card Debt. ...
  • Find a Part-Time Job. ...
  • Save on Entertainment. ...
  • Take Online Courses. Lastly, consider taking affordable online classes when you can.
May 15, 2023

How much money should I have in my bank account as a college student? ›

If your savings are currently a bit anemic, aim for enough money to cover three to six months of expenses. To put a number to that goal, add up all your regular expenses and multiply the total by at least three. Hopefully, you'll never need to dip into those funds, but if you do, they'll be waiting for you.

What are 3 steps to financial success? ›

Get started on path to financial success with these three steps: determining budgets, tracking spending, and creating realistic savings goals.

How do you manage finances after graduation? ›

Money management tips for recent college graduates
  1. Build a budget.
  2. Refinance your student loans.
  3. Set up a high-yield savings account.
  4. Save for retirement.
  5. Use credit wisely.

What can you do during college to set yourself up for financial success after graduation? ›

Here are six tips college students can use to prepare for life after graduation and avoid financial pitfalls.
  • Make a plan for student loans. ...
  • Create a budget. ...
  • Build credit. ...
  • Plan for retirement. ...
  • Understand the fees on your financial accounts. ...
  • Save for emergencies.
May 5, 2023

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