How to Pay for College With No Money (Part-Time Job Not Required)

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Going to college is all about socializing, freedom, and prepping for your future, right? Unfortunately, more students have to worry about paying for school rather than enjoying it.

But here’s the good news: There are plenty of creative ways to pay for college and still have time to enjoy what’s supposed to be the best years of your life.

Here’s how to pay for college with no money, and without getting a part-time job.

1. Apply for scholarships

Even if you’re not valedictorian or the star athlete, you should still apply for every scholarship possible. After all, it’s free money!

Scholarships are available for a variety of reasons. There are ones based on ethnic background, career or major interest, where you live, your socioeconomic background, and more. There are even scholarships created just for average students.

How do you tap into this free money? Check out one of these scholarship search tools. You can enter some basic information such as personal and academic details to find a list of ones where you’d potentially be eligible.

And don’t just apply to one-apply to as many as possible. Julia Isabel Martinez Rivera landed more than $50,000 in scholarships after applying for so many that she forgot submitting applications for some of them. One random scholarship Julia received was for $20,000 through a textbook company, so it doesn’t hurt to apply to even the most off-beat ones.

2. Become a resident assistant

A huge cost associated with attending college is room and board. The College Board reports those expenses alone range from $10,800 a year for a public four-year school to over $12,000 for a private four-year school. One way to combat those fees is by becoming a resident assistant (RA).

As an RA, you are often responsible for building a community in your dorm, helping with any resident problems, encourage a positive living environment, and report to the school of any issues. While there is a time commitment outside of class such as attending weekly meetings and being available to residents often, the benefit is your housing costs are covered. Not to mention, you will spend a chunk of your time in your room anyway doing homework and can still participate in extracurricular activities.

To apply for an RA position, contact the housing department at your school to find out the exact process.

3. Save money on textbooks

You might think textbooks are only a small part of college expenses, but book prices have increased from $58 in 2012 to $80 by 2016 — and they continue to rise. Students are spending around $1,200 a year on textbooks alone, a pretty steep price when tuition and housing expenses aren’t getting any better.

So, figuring out a way to diminish those costs could certainly help your bottom line. Here are a few ways to do it:

  • Share textbooks: See if you can find someone in each of your classes who is willing to go in on a textbook. This will save money for both of you, and it’s pretty easy to figure out a schedule of who will have it by choosing which days you each plan to do homework. Or, make it a study date.
  • Buy your textbooks used: There is no reason to pay full price for a textbook. Most professors will use the same books each year, so find a student who took the course a semester earlier and buy the textbook off of them. Some professors do require specific editions, so just check in first before purchasing anything. Then, once you’re done with it, sell it to another needy pupil to recoup your costs.
  • Try to find an e-book: Many textbooks now have online versions that are much cheaper to download than buying as a hardcover. Do a quick web search to see if any of the titles assigned to you are available online, or ask your professor if there is an electronic version.

4. Learn to cook

According to the Hechinger Report, one of the main reasons college costs are becoming more expensive is due to the rising cost of meal plans. They found that on average a college or university charges about $4,500 for a basic three-meal plan or $18.75 per day over an eight-month academic term.

Meanwhile, the Bureau of Labor Statistics estimates that an average single person only pays $4,894 in a year or $13.40 per day for food. That adds up to a savings of over $5 per day — or nearly $1,200 over the course of the semester — if you can cook instead of purchasing a meal plan.

You might even want to consider going in on groceries with a roommate and splitting cooking duties to bring the costs down even more, potentially.

5. Explore student loan options

After you’ve exhausted all opportunities to secure free money through scholarships and grants, you might still have a gap in coverage for your educational costs. This is where student loans might come in handy.

Loans can cover everything from tuition to living expenses while you’re still in school, so you don’t have to take on a part-time job. Of course, some require you to start repaying while still in school and all stipulate you pay this money back in the years after you graduate, but it would allow you to focus on school in the meantime.

There are two types of student loans to consider:

  • Federal student loans: These loans are awarded when you fill out the Free Application for Federal Student Aid (FAFSA). To determine your eligibility for federal aid, the cost of your school and need for funds are taken into consideration. You could receive a combination of grants, work-study options, and federal loans in this process and you’ll need to decide whether to accept the package presented. Interest rates on these loans are regulated by the government.
  • Private student loans: Unlike federal student loans, private loans are issued from individual lenders such as Citizens Bank or Sallie Mae. These lenders set the terms, and interest rates, which can be fixed or variable, and determine their own eligibility requirements.

For more information on how to get student loans, either federal or private, check out this guide.

Enjoy school without working part-time

These creative ways to pay for college make it so you can spend the next two to four years focusing on getting good grades and participating in many school social activities. Try using one or all of these tips to lower the immediate cost of college, but understand that things such as loans will have to be paid back once you graduate.

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* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount.  The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 11/4/2019. Variable interest rates may increase after consummation.


2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

3 Important Disclosures for Discover.

Discover Disclosures

  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Auto Reward Debit Reward Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.
  3. Aggregate loan limits apply.
  4. Lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest interest rate offered on the Discover Undergraduate Loan and highest interest rates offered on Discover student loans, including Undergraduate, Graduate, Health Professions, Law and MBA Loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.250%% as of October 1, 2019. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit discover.com/student-loans/interest-rates for more information about interest rates.
Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

4 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restrictions. Loans are offered through CommonBond Lending, LLC (NMLS #1175900).

  1.  Rates are as of July 1, 2019 and include auto-pay discount. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment. Variable rates may increase after consummation.

5 Important Disclosures for Citizens.

Citizens Disclosures

Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of December 1, 2019, the one-month LIBOR rate is 1.70%. Variable interest rates range from 2.80% – 11.06% (2.80% – 10.91% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Please Note: International Students are not eligible for the multi-year approval feature.

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3.52% – 9.50%4Undergraduate and Graduate

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

 

Published in Paying for College, Student Loan Repayment, Student Loans

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