​The College Money Hunt

The rising cost of tuition is truly mind-blowing and hard to fathom as a parent. As an incoming freshman at UC Berkeley, I paid $325 semester in tuition. Monthly rent ran about $350/month, and I could get by on a monthly budget of $400 to cover my other costs. By the time I was preparing to graduate from Cal, tuition had nearly quadrupled. Today, the total cost of attending UC Berkeley for a year is just under 35k. Private tuitions soar. The total cost of attending Boston University and New York University has risen to $67k/year and will increase in the years forthcoming.

What to do?
As a student there are ways that you can help your parents afford this tremendous investment.

1. Get a job. Having a job in college is fun! Working is also a great way to get career related experience and expand your social circle. It will make you more disciplined with your time. Making your own money will build your self esteem.

If you are a high school student, consider getting a light job during the year and increase your time over the summer. If you are a college student, then figure out whether working is a good option for you, feel it out once you get to campus and after you have settled into your new life. Schools are not created equal and a student at one school may feel thoroughly overworked while a student at another school may find the workload quite manageable. If you feel that working during the school year could offer some texture to your days, check with the employment office at your college or university. Often there are great on-campus jobs such as working in a lab with professors, or with students in the dorms, library, gym or administrative offices. If school is too demanding, then consider getting a summer job.

1. Hunt for scholarships. Unfortunately, there are not endless coffers of money to be found. But a little bit of research and asking around might lead you to some money to cover book costs, transportation, or if you are lucky, you’ll find a scholarship that covers a quarter of your cost of attendance.

Honors Programs
Looking for scholarships takes patience. One of the most likely places to find a scholarship is in conjunction with an honors program. Once you’ve been admitted, find out if you can apply to the honors program. See if there are fellowships or scholarships linked to the honors program. Dig into the Financial Aid page to see if there are opportunities to apply for money there.

Institutional and Community Sources
The Federal Student Aid Office suggests that you consider multiple fronts in your research for scholarships, including your parents’ employers. Here’s their list:

• the financial aid office at a college or career school
• a high school counselor
• the U.S. Department of Labor’s FREE scholarship search tool
• federal agencies
• your state grant agency
• your library’s reference section
• foundations, religious or community organizations, local businesses, civic groups
• organizations (including professional associations) related to your field of interest
• ethnicity-based organizations
• your employer or your parents’ employers

College application related websites can also be helpful in your search. Consider Unigo’s monthly alerts on large and small scholarships and the College Board’s Scholarship Search tool.

Crowdfunding
Crowd-funding is another option. Not all crowdfunding platforms will allow you to raise money for college, but some do. Take a look at this list of crowdfunding sites for college bound students. Keep in mind that you don’t have to ask for money for college. Instead come up with a project of your own, raise money for that project and then use the money for college.

Research Grants/Teaching Fellowships
Once you are a student, you can also look into getting a teaching fellowship to help professors with their teaching or research. Undergraduate research grants can also help offset the costs of travel associated with your own research projects.
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A Note of Caution
If you already have a full or significant partial scholarship to attend college, look into the consequences of obtaining more money. Will the college reduce your scholarship?  For more information on this visit the website of the Federal Student Aid Office.