Education for Free

The Cost of a College Education

According to the College Board (a non-profit college advocacy organization), the average cost of a year’s tuition at a public four-year college was $ 7,020 for the 2009-2010 school year. Private universities are significantly higher, as the cost averages about $ 26,273 per academic year. Multiply these costs over four years, then add the cost of room and board, books and supplies, and you’re looking at an enormous investment in a college education.

Don’t be alarmed if you don’t have hundreds of thousands in the bank to cover college. There are a number of different programs available to help cover some – or all – of these costs. These are some of the most common.

Need-Based Financial Aid

Once you commit to a college, they’ll review the “Estimated Family Contribution” number listed on your FAFSA (Free Application for Federal Student Aid) and compare this to the cost of their tuition. If the amount your family is expected to contribute is lower, the school may offer you a financial aid package containing some or all of the following options:

• Federal grants – Federal grants, like the Pell Grant or the Academic Competitiveness Grant, are gifts of money from the government that do not need to be repaid upon graduation. They range in size from a few hundred to several thousand dollars and are typically restricted to certain groups. The Pell Grant is only offered to undergraduate students in specific income brackets.
• Federal student loans – Federal student loans, on the other hand, must be paid back after college, although the interest rates on these loans are usually very reasonable. There are a number of different programs available, such as the Federal Stafford Loan and the Federal PLUS Loan, as well as federal loan programs for parents.
• College scholarships/grants – Most colleges administer a wide variety of scholarship and grant programs, including funding for specific demographic groups or a history of academic merit. You may be considered for some of these programs automatically, while you’ll need to apply for others – be sure to speak with a financial aid counselor to find out which scholarships or grants you may be eligible for.
• Work-Study funding – The Federal Work-Study program offers students part-time employment as a way to help with college expenses. Typically, you’re offered a specific dollar amount; it is then up to you to find a job and ensure that you don’t work more hours than your award will cover.

Private Funding Sources

If the aid package your college offers still isn’t enough, don’t worry. You have several options for funding your higher education.

• Private scholarships – There are many hundreds of private groups that offer college scholarships, from professional organizations to major companies to local and national charities. Your high school or college can help you figure out what programs you could qualify for, and a little time spent researching, even on the web can turn up a few more.
• Private student loans – Private student loans are generally less desirable than federal loan programs as their interest rates are often substantially higher, but they can be used as a funding source of last resort if you aren’t able to come up with enough money from other programs.

One word of Caution

Student loans can’t be discharged in a bankruptcy, so you’ll be stuck paying them off no matter what. Take time to figure out what your monthly payment is going to be, so you don’t take out far more than you’re going to need or be able to pay back later on.

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Imagine spending the summer in a foreign country, working and being immersed in another country’s culture. A nonprofit group called “European Study Abroad” is working at bringing Americans to Europe to experience internships in cities like Dublin and London. This year, they brought 24 students over, but they’re looking at expanding the internships program further. Since the American job market is so competitive right now, students are relieved to see how other people live. More information can be found on this program at www.eusa-edu.com.

There are many different kinds of internships for those who will work for free, but some wonder if the paying types have gone extinct. “We used to pay, but we’re not doing that anymore,” explained Tom Triozzi, senior VP of BellAtlantic. “We ask them to work for free for a great work experience.” In this economy, even the competition for unpaid student intern positions has become so fierce that the NY Times reported some students are actually paying for their unpaid internship positions! “It’s kind of crazy,” said David Gaston, director of the University of Kansas career center. “The demand for internships in the past 5, 10 years has opened up this huge market.” One student’s parents paid $8,000 to get him an unpaid internship at Ford Models this summer, which was an opportunity, his parents say, he wouldn’t have gotten otherwise.

The company they used is called “University of Dreams,” which specializes in making students’ intern dreams come true. “Students don’t have problems finding internships, students have problems getting internships,” explained Eric Normington, the company’s chief marketing officer. “We can secure those exclusive positions.” The ,000 program promises guaranteed internship placement for the summer, eight weeks of housing, five meals a week, New York City tours and seminars. This year, the company placed 1,600 student interns in 13 cities world-wide. The student intern program is beneficial for employers because they get qualified prospects who show up ready to give the job their best shot because they’ve invested in the opportunity.

Yet the news is not all gloomy, experts suggest. Target, for instance, has held onto their paid internship programs to help them find the best and the brightest workers. “We get a lot of great talent,” comments Target recruiter Victor Rota. “Seventy to eighty percent of them come back to work for us, so the return on the investment is there.” Additionally, the National Association of Colleges and Employers found that companies that do offer paid internships are increasing the hourly wage by 5% on average, which takes the national average to .13/hour.

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