Having a college degree doesn’t just increase your self-confidence and sense of achievement. It widens your access to job opportunities, provides a pathway to academic advancement, and increases your earning potential.
All these goodies come at a steep cost, though. In 2024, the average college student debt is about $38,000, a hefty figure no matter how you look at it. Graduates are spending the vast majority of their professional lives servicing their student debts, a situation that has led people to start wondering if this education is worth the cost.
It is. Period.
But what if your dream of getting a college education is looking distant because you cannot afford to pay the fees? It’s a challenging situation, but you can still fulfill your dream.
Read on to learn how.
Borrow Your Way Into a College Education
Let’s face it. Personal debt is useful, but it can also become burdensome quickly. What starts as a $1,000 loan to help you get out of a small jam can gradually turn into a vicious debt cycle.
Now, lacking funds for college is no small jam. For an associate degree, you need about $25,000. If a $1K loan can ruin financials, you can imagine what a five-figure loan can do!
But hear us out.
A student loan is no ordinary loan. It’s an investment loan. You will use the funds to invest in your college education, and after successful completion, you can use the occupational knowledge and skills you gain to get gainful employment.
Although there are college graduates who say that their higher education hasn’t helped them improve their financial well-being, you shouldn’t listen to that. Fortune favors the prepared. There are millions of employment opportunities in the US and abroad, and a college education opens so many doors to these opportunities.
Well, even if you’re unable to secure a job after graduating, college itself can give you an opportunity to network and meet people who can shape your future. For instance, how many multibillion-dollar companies were started in college dorm rooms? Facebook, Nike, Microsoft, to name a few.
In short, don’t fear going into debt to finance your college education. The return on investment is worth it.
Apply for Scholarships
Roughly 1.7 million scholarships are awarded by US colleges every year. This is about seven percent off all scholarship applications.
You don’t have to be a math genius to conclude that from these figures, your chances of getting a scholarship are slim. But does it hurt to try? The students who get a scholarship are just like you, and most come from even more economically disadvantaged backgrounds.
You, however, need to know how to improve your chances of getting a college scholarship. If you’re an average student, there’s no point applying for a scholarship in an Ivy League college. These institutions receive a ton of deserving applications, and those who are awarded are usually exceptional, top-of-the-class students.
Take your time to research and learn about the different types of scholarships and find a few options that best match your situation. You have a better chance of getting a scholarship in a local community college.
There are private organizations that also help people identify and apply for scholarships. You can use these services, but ensure you’re working with a reputable organization.
Attend an In-State Public College
Public colleges are more affordable than private colleges at the same level. Another open secret is that most colleges offer better deals to in-state students than out-of-state students.
When you’re struggling to raise college money, don’t make it harder for yourself by wanting to study in a private or out-of-state college. Remember the goal is to get a college education, so don’t be picky.
Even if you qualify for enough student loans to pay for a private college, don’t take that option. Besides tuition and boarding fees, there are other college expenses you might need to cater for. Plus, down the road, you don’t want to have an unnecessarily big student debt burden.
Explore Work-Study Programs
Work-study programs are available to working people who’d like to study part-time. A whopping 81% of part-time college students are employed. 41% are in full-time programs but still work.
This means you don’t have to choose between employment and college. You can do both, especially when you’ll need to rely on earning from the job to pay for college.
In addition to normal work-study programs, there are job opportunities that are specifically designed for college students. For example, the Southwestern Family of Companies runs a program called the Southwestern Advantage that offers summer sales jobs to university students.
Most colleges also offer part-time jobs to their students. For example, you could work in the college canteen as a food service worker, earning a wage that can help offset some of your college expenses.
Build a College Fund
Just because you cannot afford college today doesn’t mean you can’t afford it in the near future. Just as people save for a car or mortgage down payment, you can also build a college fund.
Of course, saving up enough money to pursue a college degree isn’t going to take a few months. You must be an aggressive saver; otherwise, it can take so long to save up enough for just one year of tuition fees.
Cut your expenses. Leading a frugal life will free up some of your income, which can go into the college fund.
Stay at it, and soon enough you’ll have a decent amount of money to fund your dream of getting a college education. It might not be enough to pay for everything, but it will go a long way when you add in student loans and some scholarships.
You Can Afford a College Education
It’s not an overstatement to say that a college education in the US costs an arm and a leg. Heck, you can even throw in the other leg.
But it isn’t out of your reach. Between student loans, scholarships, work-study programs, and the more affordable costs of a public college, there’s no reason anyone shouldn’t be able to seize a college opportunity and make the most of it.
Keep tabs on the education section of our blog for more insightful content.
Wayne Probert is a senior reporter at Zobuz, covering state and national politics, and he is a grantee with the Pulitzer Center on Crisis Reporting. Before joining Zobuz, he worked as a freelance journalist in Kentucky, having been published by dozens of outlets including NPR, the Center for Media.
