how will I pay for college
?Benjamin Franklin once said, ?By failing to prepare, you are preparing to fail.? In my preparations for transferring to San Diego State University I need to develop an organized plan on how to pay for college. In Fall 2012 when I transfer to San Diego State University I calculated my tuition for two and a half years as an Undergraduate to be approximately $24,710. After graduation, Graduate school for one and a half years will be $36,850. Overall, the total amount that I will need for my education and living expenses over the next four years will be $61,560. The problem that plagues me is how will I pay for college? By using a variety of financial aid programs I will be able to invest in my college education. First I looked at Scholarships, then Pell grants and how I can better qualify for them, also how I can obtain more money by incorporating work-study programs and paid internships, and finally I looked at using Private loans as a last alternative.
Though detail oriented and time consuming, scholarships provide the most benefit and ?bang for my buck.? Stated by Fastweb.com scholarships like Xerox offer $1,000-$10,000 and require U.S. citizenship, a minimum 3.0 GPA, and enrollment in a technical science or engineering discipline at the bachelor level or higher. The benefits to me are that this scholarship is only available to minorities of Asian, Hispanic, Native American, Alaskan, Pacific Islander or Black/African American descent. Also the Xerox application process is quite simple and requires the submission of a resume rather than an essay. Although the Xerox scholarship is purely competitive and my extensive research does not show any underlying negatives, the fact that the scholarship resume has a section for work experience relating to your major can be a negative if you have none. Maximizing this scholar has the potential to provide me with $10,000 towards funding my education. That would make a huge dent in $24,710 required for my bachelor?s degree, leaving me with a remaining $14,710 to find in funding. Even if I am awarded the minimal amount of $1,000, that will sustain my cost of living for months.
The abundance of scholarships and ?free money? awarded are some of the benefits to using scholarships to fund my college education. By using a variety of scholarships and exploring each one that I am qualified for, I can obtain more money for school. Many schools and websites recommend using a ?scholarship search engine,? which is a fast and convenient way of narrowing my search for scholarships that fit my criteria. Not limiting myself to scholarships and exploring other options like Pell grants I can increase my success in paying for college.
Through understanding Pell Grants and how to qualify and apply for them I can prevent myself from wasting valuable time. Filling out the Free Application for Federal Student Aid (FAFSA) is the first step in finding out what type of Pell grant I can qualify for. In this meticulous part of the process the government ?weeds out? the undeserving, and determines the recipients. Author Michael Bennet states on the website pellgranteligibility.net, ?Once you have satisfied the list of Pell Grant requirements in accordance with demonstrating the appropriate level of financial need, the final Pell Grant amount you may be able to receive, will then be calculated with regard to your EFC, cost of attendance, and enrollment status.? So your financial need is ultimately the product of the following equation: Financial Need = Cost of Attendance (CoA) ? Expected Family Contribution (EFC).
Some of the pros and cons when applying for the Pell Grant are the $5,000 maximum amount offered is substantial, but there are many variables that can disqualify me from obtaining the full amount or any amount for that matter. According to the website Singlemomhelp.com, ?Although the Pell Grant has been around for a long time, there is still a lot of misinformation about it.? The FAFSA is continually changing, and each year has known to be vague and in some ways misleading. ?Becoming eligible for the Pell Grant relies primarily on your ability to demonstrate an exceptional financial need for aid, although you must still be able to satisfy the array of Pell Grant specific, and general federal student aid eligibility requirements that are in place for that particular academic year.?(Bennet) By demonstrating that I have a financial need for a Pell Grant and understanding the intricacies to filing an application, I could possibly receive the maximum or a partial amount of aid. While obtaining financial aid through scholarships and Pell Grants I can make my money work for me by using work-study programs.
By using a work-study program I can gain valuable work experience in my field of study and have a flexible work schedule. In planning my work schedule for the semester or academic year I can fully maximize my earning limits and use the full amount of my work study award. San Diego State University lists the consequences of not using your award to ?funds not utilized by the end of the fiscal year will be returned to the Federal Work-Study Program and underutilization of the division allocation may result in reduced FWS allocation for subsequent years.? Through the work-study program my schedule would revolve around my classes and my availability to work, allowing me to manage my time more efficiently.
The benefits and deficits associated with work-study are that I can gain valuable work experience but the hourly pay rate is limited. According to San Diego State University the hourly pay rate ranges from $8.00- $17.26 depending on level of experience. Higher paying jobs are reserved for senior students who have work experience or classes that relate to job description. An alternative for me would be to apply for off campus jobs that are close to school and have a higher starting salary. This will place me in a job where I can maximize the full amount of my work-study award. Using the work-study program to search for jobs will open other doors to paid internships which are specifically related to my course of study.
Paid Internships can provide me with a small amount of financial security and help me become accustomed with the inter-workings of a career related to my major. Many colleges have job boards or employer postings that are looking for students with a technical science or engineering discipline. Technical internships pay considerably higher than regular internships and according to San Diego State?s College of Engineering department, it lists the salary range for interns to be between $10- $20 an hour. While receiving a paid internship for me is ideal, the job skills and experience I learned would be invaluable.
A 2005 survey by the National Association of Colleges and Employers, employers reported that, ?on average, more than 3 out of 5 college hires had internship experience.?(Jones 18) Whether an intern does odd jobs (i.e.: getting coffee, filing) or ?challenging work that is related to their fields of study, they get a feel for workplace culture and make contacts that may be valuable for career networking,?(18) states Elka Jones an editor for Occupational Outlook Quarterly. The initial starting salary for a paid internship shouldn?t be looked at as a means to get rich, but more as a bonus to the real value of fostering relationships and experiences in my career field. I have many options towards funding my education but am I setting myself up for failure by choosing a student loan?
There are many Student loans available, but they should only be used as a last resort after all other options have been exhausted. Many institutions both public and private, as well as the Federal Government provide low-interest loans to students. There are two main types of loans, Federal assisted loans and Private loans. Private student loans are on the rise according to the website Finaid.org. ?Private student loan volume is growing much more rapidly than federal student loan volume (e.g., 25% per year versus 8% per year). If current trends continue, annual private education loan volume will surpass federal student loan volume by around 2025.?
Some of the advantages and disadvantages to using Student loans are they can bridge the gap in expenses when a student runs out of options, but can be costly later because of interest rates. Loan amounts can be drastically changed by the fees that a lender charges, and the lenders that do not charge fees often roll the difference into the interest. Blake Ellis reports, ?Student loan debt is on the rise, and fewer graduates are getting jobs to pay back what they borrowed. In 2009 Student loan debt levels throughout the 50 states ranged from $13,000 to $30,000.? When looking for a loan one should use a loan analyzer calculator to determine the overall amount of the loan. This will help will all the variables and give you a financial list of what to expect from each loan, and knowing exactly what you?re going to be paying is extremely important. Recommended by Finaid.org, “Students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid.?
In my preparations for transferring to San Diego State University I developed an organized plan on how to pay for college. I first looked at Scholarships, and by using a ?scholarship search engine? I can narrow my search according to my criteria and better prepare for the application process. Also by filling out the Free Application for Federal Student Aid accurately, and praying that my Expected Family Contribution falls below the EFC maximum cutoff threshold, I can maximize my Pell Grant. In addition by making my money work for me and using work-study and paid internships I can provide myself with a small sense of financial security and valued career experience. Finally, how Student Loans can alleviate the financial gap but possibly put me in a financial predicament is clear. By using a variety of financial aid programs I will be able to invest in my college education.
Paying for college is ?big business,? whether it?s an institution wanting to take your money or one designed to give you money, there are billions of dollars to be made on your success or failure during college. The government and financial institutions feed off the deficits of students while proprietors of scholarships and grants try to even out the playing field. It?s ironic to me that people would put themselves in debt obtaining degree that will hopefully provide them with a better life. I can only hope that in the future I will have more to look forward to than just looming debt.
