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

How can I maximize my college financial aid? ›

How to Get the Most Financial Aid? 7 Tips to Maximize College Funding
  1. File forms as early as possible. ...
  2. Minimize student assets. ...
  3. Understand and utilize FAFSA strategies. ...
  4. Fill out FAFSA regardless of income. ...
  5. Prepare for merit-based aid possibilities. ...
  6. Consider even top-rated schools as options.
Jan 4, 2024

How do you answer how do you plan to finance your education? ›

5 Ways to Finance Your College Education
  1. Federal Grants and Loans. Most colleges and universities will ask your family for the FAFSA: Free Application for Federal Student Aid. ...
  2. State/Organizational Grants and Scholarships. ...
  3. Work Study/Campus Jobs. ...
  4. School Specific Scholarships. ...
  5. Spend Wisely.

How to prepare for college financially? ›

Conventional Methods to Finance Your College Education
  1. Student Loans and Federal Financial Aid. ...
  2. Enlist Your Parents. ...
  3. Advanced Classes. ...
  4. Colleges Know What Classes Are Offered at Your High School. ...
  5. Don't Forget Your Teachers. ...
  6. Do Your Best, but Ask for Help. ...
  7. Don't Forget to Search Locally for Scholarships. ...
  8. Get Paid to Lose Weight.

When saving your money, you want it in an account that is _______, which means it is easy to get your cash or easy to convert into cash without affecting value? ›

Liquidity refers to the ease with which an asset, or security, can be converted into ready cash without affecting its market price. Cash is the most liquid of assets, while tangible items are less liquid.

What are four types of financial aid? ›

Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.

How to reduce assets for FAFSA? ›

A good strategy for sheltering assets is to use them to pay down debt. Using assets to pay off credit card balances, auto loans, and mortgages can not only make the money disappear, but it also represents good financial planning sense.

What is financial planning answers? ›

Financial planning enables a business to determine how it will afford to achieve its objectives and strategic goals. A business typically sets a vision and objectives, and then immediately creates a financial plan to support those goals.

Why do I deserve this scholarship example? ›

I have faced several challenges over the years, from dyslexia to homelessness; yet I continued to earn exemplary grades and graduate at the top of my class. I deserve this scholarship because I have the strength and determination to achieve my goals, no matter what hurdles I have to overcome.

How do you intend to fund your education? ›

Here are some tips for fitting higher education costs into your budget.
  1. Choose Your School Wisely. ...
  2. Research Scholarships and Grants. ...
  3. Consider the Cost of Living. ...
  4. Find a Job with the Most Impact. ...
  5. Be Flexible with Your Schedule. ...
  6. Qualify as an Independent Student.

Is it normal to struggle financially in college? ›

The Ohio State University's National Student Financial Wellness Study found that 72 percent of college students experience financial stress stemming from the fear of being unable to meet tuition costs (60 percent) and meet monthly expenses (50 percent).

When to prepare for college? ›

Some experts recommend starting as early as sixth grade. We have found that starting to think about and to prepare for college should ideally start during the summer before your high school freshman year, but getting help later can still be of benefit to you.

What are the 4 pillars of financial literacy? ›

Financial literacy is having a basic grasp of money matters and its four fundamental pillars: debt, budgeting, saving, and investing. It's understanding how to build wealth throughout one's life by leveraging the power of these pillars.

What are the 4 pillars of wealth? ›

The Four Pillars of Wealth: Acquire, Protect, Growth, and Passing it Along.

What is a liquid in finance? ›

A liquid asset is a type of asset that can be rapidly converted into cash while keeping its market value. There are other factors that make assets more or less liquid, including: How established the market is. How easily ownership is transferred. How long it takes for the assets to be sold (liquidated)

What is the maximum financial aid for FAFSA? ›

Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).

What is the average amount of financial aid awarded for college? ›

The average federal grant award for undergraduate students has more than doubled to $8,890 in 2022 from $4,335 in 2001. Student aid estimates for 2022-2023 show that average federal grant aid has increased to $10,677.

How do I maximize my Pell Grant? ›

Look for scholarships, grants, work-study programs, and consider federal student loans if needed. Graduate on time or early: Graduating on time or early can help you make the most of your Pell Grant by reducing the overall cost of attendance.

Does having money in your bank account affect financial aid? ›

Money held in a savings account is considered an asset. And it does affect a student's expected family contribution (EFC) calculations when they complete their free application for federal student aid (FAFSA). However, the impact of a savings account may not be as dramatic as you'd think.

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