The price of college is often a large and overwhelming financial burden. It is this factor that turns many prospective students away from the opportunity to pursue a higher education. However, there are many existing programs that offer financial assistance that can dramatically reduce the final cost of attending college. These are some of the countless opportunities available to students seeking alternative payment options.
THE SERVICE EXCHANGE
Many service organizations offer programs in which a payment towards one’s college expense is given in exchange for service. Participating establishments include Peace Corp, AmeriCorps, National Health Services Corps and ROTC programs. Becoming involved in these programs could result in awards from $1,200 to $4,725 towards college payments.
FEDERAL OPTIONS
The Federal government provides numerous financial aid programs, including grants, loans and work-study funds. Grants, unlike loans, do not need to be repaid. They are awarded to students by the federal government based on specific needs. However, federal loans are required to be repaid in addition to interest, but tend to have lower interests rates compared to that of a private loan, as well as numerous other benefits. Lastly, work-study programs allow students to make minimum wage while attending college, helping to minimize cost.