Wed, Jul 14, 2010

For as long as I can remember, attending college was not a choice; it was an expectation, a requirement really. My parents did not play around when it came to this. When I thought logically about how adamantly they spoke about getting a college education, I knew deep down that my parents did not immigrate to this country for my brother and me to “hang out.” So, while some of my classmates contemplated what they would be doing after high school graduation, I knew that I better have gotten myself into a four year institution. Because of this, I made sure to maintain good enough grades so that getting into my “first choice” would not be too difficult. Now, eight years later, I have both an undergraduate (as does my brother) and a graduate degree. However, as I pay my education loan bill every month, and contemplate the number of years that I will be doing so, I can not help to think that there might have been another way for me to finance my higher education.

Each year high school seniors navigate the college application process. Some, if they are lucky enough, have parents, teachers, college coaches, or programs like Upward Bound to help them through the maze of applications, tests, requirements, and essays. If they tour a college they will most likely experience the shock of learning what the ticket price will be for attending that institution. Of course, the cost is shared at the information session that is held after the tour is completed. This is how they get you. Because you see, by that time, if the school is one of their top choices, the student has already fallen in love with the campus. They have determined how they will lay out their dorm room, have plans to work out in the gym every morning, and they even like the cafeteria food. So while the cost of tuition may seem excessive, they decide on the spot, like I did, this is the place for me. Never giving much thought, in that moment, on how attending said institution will impact them and their wallet after they earn the degree.

Thinking about traditional age college students, 18-22 years old, attending college and determining how it will be paid for truly needs to be thought about during the freshman year of high school. The better your grades, the greater your access will be to attending an institution of your choice. If your grades are stellar, you will automatically be considered for merit or academic scholarships where you apply. But there are more to scholarships than grades. If you are a great athlete, musician, or have a particularly unique skill, you may have additional scholarships at your finger tips. The key to finding and being awarded scholarships is going the extra mile and research. Research with our guidance counselor, at the library, or online to see what is available to you. Keep your eyes open! Your place of worship, the community newspapers, and community channels on cable television will list scholarships that may be applicable to you. Do not take easy classes in high school. Take a few Advanced Placement (AP) classes. These will place you in higher level courses in college which will open up free time for you to take other classes of interest to you while you are there.

While in college, try your best to become a Resident Assistant (RA). Depending on the institution, this will be equivalent to free or partial room, board, tuition, and a small stipend. When offered, take the work study money awarded to you. This money is given to you in exchange for a part time job. Most students use this for spending money but you can also sign it over to be credited towards your tuition bill. Some students work while in school and pay their tuition that way. Others will prolong their time in school by attending every other semester so that they can work and save up money to pay their tuition. For some of you, particularly those in science majors, consider taking some of your requirements during the summer at other institutions that are less expensive than yours and have the credits transferred in. With this option, it is important that you speak with your academic department to ensure that it works best for you.  

For non traditional age students, or for those going back to school, you may have a slightly better chance in taking short cuts to financing your education. Research the benefits that your job has to offer. Some may pay for a class that will enhance a skill that you need on the job, others may reimburse you for a certain number of credits each year. If you work at a college, university, or trade school, you may be able to take classes for free or at a radically reduced price. When you visit the campus, be sure to stop at the Registrar’s office. If you are returning to school, there are a number of credits from your former institution that they will allow you to transfer in. You may also learn that you have earned “life credits.” Essentially, this means the institution recognizes the knowledge you gain by being an adult, living and working in the world, and will give you life credits towards your degree. Finally, with good credit, you may be able to take out loans at a reasonable rate.

When it comes to loans, read the fine print! Know what you are signing and what you are committing to. The loan papers you are completing and signing off on are a contract between you and your loan lender. You will be expected to repay the loan according to the terms of your contract with them. When signing off on loans, be sure to know what type of loan you are getting. A subsidized loan means that the federal government will pay the interest on the loan while you are in-school and during a short grace period after you graduate. An unsubsidized loan means that you will pay all the interest, although you can have the payments deferred until after graduation. If you already have college loans, consider consolidating them to lower your monthly payment. If you have loans and are returning to school, contact your loan carrier as you may be able to get your loan payments deferred while you are in school.

Finally, for those of you going to graduate school, consider getting an assistantship. This is how my master’s degree was paid for.  An assistantship is financial assistance provided to graduate students which usually includes a small stipend and free tuition credits in exchange for work. The most commonly known assistantship is teaching or research assistants. However, there are many others. I was an assistant hall director in the Department of Residence Life where I earned my degree. I worked 20 hours, supervised a staff of 8, was part of an on call duty rotation, and had office hours. This position included an apartment, board, health insurance, and a parking space. In exchange for my work, my department paid for 9 credits each semester. Each assistantship is different and you have to decide what makes the most sense for you. Because I was young, single, and had no dependants, I was willing to leave my job and move across the country to earn my degree. This will not work for everyone but there are many ways that you can make an assistantship work for you. Look online at the financial aid or career services website at your institution to see what is available. Better yet, go to the different offices or departments that interest you and see what they have to offer.

Whether you are a traditional age college student or have decided to return to school, the name of the game is research. Research what the institution you want to attend has to offer, the benefits from your job, aid from the federal government, and finally, research the tons of information available online.

L. Michelle Vital

Yondernet Magazine