Value of a College Degree: Invest in Yourself

This is an exciting time. You’re starting to decide what life after high school may look like and what adulthood may consist of. While college may not be the choice for everyone, it can be one of the most important keys to a fulfilling future with promising options like a challenging/prestigious career, personal development opportunities, and the beginning of lifelong relationships.

Good things typically take time and investment. You and your future are worth it! But now what?

Is College Affordable?

Do you have a school in mind but aren’t sure how you’re going to pay for it? Don’t. Get. Discouraged.

Earning your degree can be affordable for both international and U.S. students through different funding options. Your funding options may vary depending on each college’s specific cost factors, such as tuition, books, and living & dining expenses. It’s important to explore all costs associated with attending the university to be able to make informed decisions about funding your education.

Many colleges have resources available to help you learn about your funding options so you can prepare for financial wellness before choosing the college that is right for you.

Students who are U.S. citizens and those with documented permanent resident or refugee status should start exploring funding options by filling out the Free Application for Federal Student Aid or FAFSA.

The estimated eligibility for many of these options will be based on your enrollment status (full or part-time student), Cost of Attendance (COA), and your Student Aid Index (SAI) from the Free Application for Federal Student Aid (FAFSA). SAI is a new factor of the 2024-2025 FAFSA form. It is an eligibility index number that financial aid offices use to determine how much federal student aid students could receive if they attended that school.

Deadlines / Timelines

Pay close attention to due dates, especially when financial aid is involved. Schools, states, foundations, and even the federal government will start earmarking funds to eligible recipients as soon as possible. If you’re late submitting info/forms (like the FAFSA), you could be disqualified and/or not receive all the monies available.

Primarily, watch out for three main deadlines:

1. College deadlines (which tend to be the earliest)
2. State deadlines
3. Federal deadlines

Each of these entities hands out funds at different times and in different ways. What they all have in common is the FAFSA. They primarily use this form to determine your eligibility for aid.

Haven’t figured out where you’re applying yet? No problem. Simply list any school you might be considering on the FAFSA form. You may add or remove institutions from the form later.

Grants / Scholarships

A great place to begin your search for grants/scholarships is with your school’s counselor. They will likely have a list of local funders who may have easier application procedures. The competition will be less, as well, as opposed to national funding streams. Your favorite college website may also list its own grant(s) or at least popular federal programs (like the Pell Grant). The University of Pittsburgh, for example, has a database for students to apply for scholarships named PittFund$Me. And for a longer list, simply do an internet search for top national scholarship databases.

Work-Study

Work-study programs are another form of aid where universities and the federal government partner up. If eligible, you are usually allocated a total amount of money over the course of the academic year, or in some cases, all four years in college. You then work at an on-campus or nearby part-time job to get paid those funds. This is awarded based on demonstrated financial need.

Warning: you are not necessarily guaranteed these funds. In some cases, you will need to search for available work-study jobs at the school you end up attending. You would need to apply and interview—just like you would for any other job search. Also, this money does not go directly to your school. You receive a paycheck for hours worked. These funds are primarily used for a student’s daily expenses and not large ticket items like tuition or housing.

If granted, this type of aid can be a win for your resume. Some schools work hard to connect you to jobs related to your field of study/interest and/or community service jobs.

Loans

While attending college debt-free would be ideal, loans are often necessary. Federal student loans (as opposed to private loans) usually have lower fixed interest rates and flexible repayment plans. Your main federal loan options are Stafford Loans and Direct PLUS loans.

These federal or public loans can either be subsidized or unsubsidized. “Subsidized” simply means you won’t pay interest on the loans while you’re in school at least half-time (and often for a grace period after you graduate). That’s because the government is picking it up. You must also demonstrate financial need to be eligible for a subsidized loan. For “unsubsidized” loans, the borrower doesn’t get any help with the interest, but some options exist for how you can pay it back, just like the loan itself. There is also no requirement to demonstrate financial need to get an unsubsidized loan. However, there are limits on the amount of subsidized and unsubsidized loans that you may be eligible to receive each academic year.

How Will I Know? (And Other Options)

Typically, many of these options will be designated/spelled out in your financial aid award letter (postal mailed to your home address and emailed as well) once you’ve submitted your FAFSA, applied to a school, and been accepted. For new, first-year students, many schools start processing awards in late January for the upcoming fall.

Want some other ideas to consider? Additional college funding can come from military involvement, the Peace Corps, and AmeriCorps. Talk to your family, school counselor, and/or someone who’s taken one of these options and find out if it may be a path that’s right for you.

Bottom line: College CAN affordably be in your sights. Keep your eyes open, plan ahead, and dream big!