10 Top Ways to Pay for College Without Loans

Going to college is a very exciting time for most people. I remember being excited about the possibility of moving out of the Midwest into a sunny state like California or Florida. But when it came to looking at the price tags, it left me wondering if I was going to be able to pay for college without having to take out student loans. Because I knew one thing was certain for me: I was not going to take out student loans to fund my education! 

Although it seems companies are becoming more open to hiring people without a formal education, obtaining a degree will always give you a more competitive edge against those who don’t. 

But before we dive in, make sure you have a clear goal of why you are going back to school and the career you are pursuing.

There is absolutely no point in you investing your time and money if you have no idea what you want or where you’re going. If you haven’t done so, do your career research first and then come back here once you are ready to move forward. 

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• Career Clarity: Tips for Researching Majors and Future Jobs

If you have done your research and ready to move forward, keep reading to learn more on ways to pay for college without breaking the bank! 

By taking proactive steps to explore these alternative methods below, you can reduce your reliance on student loans and graduate with greater financial freedom.

1. Scholarships

This option offers money to pay for college that does not need to be repaid. Yep, it’s free money! Every year, millions of dollars’ worth of scholarships go unclaimed.

If you are wondering if you qualify, consider the following questions. Are you a Nursing major? play an instrument? adopted? a minority? play sports? have good grades? a veteran?

If you answered yes to any of these questions, there is a scholarship you qualify for!

You may be asking yourself where you might find these scholarships? Honestly, just about everywhere.

a) Check an online scholarship bank search website such as Fastweb.com. Here you can fill out your profile and be matched with all the scholarships filtered by your interests.

b) You may also want to check your college or university’s financial aid office for any merit-based or major specific scholarship opportunities.

c) Popular retailers and fast-food chain restaurants (think Wal-Mart, KFC, McDonalds, Target, etc.)

d) Alternative places to check would be at your local bank or places of worship.

All scholarships will have different eligibility requirements and deadlines to meet so always be sure to check with the specific provider directly. Free scholarship money would be the most efficient place to start when it comes to financing your college degree.

2. Grants

Similar to scholarships, these do not have to be repaid. These however are awarded to those who demonstrate financial need. Most of these are funded through state and federal institutions.

You will have to apply for financial aid and fill out the FASFA form through their website to see if you qualify to receive these grants.

The amount you receive will vary from year to year based primarily on your income and dependency status. These may be limited by state and school funding so applying early is encouraged.

3. Work Study Jobs

The federal work study program option offers students a part-time job either on or off campus that is related to your course of study to help pay education expenses.

This option is normally a part of your financial aid package mentioned in the last section and is also need based. Due to this, the amount received will vary for each person.

Work study is available to both undergraduate and graduate students who are enrolled part time or full time. You can check in with your college financial aid office to see if they are a participant in the federal work study program.

4. Dual Learning Credit

If your in high school, don’t miss out on this great opportunity to save money! This offers high school student to take college credit courses at their high school or local college for free.

On top of earning college credit, it is being counted towards their high school credits as well. You often hear about students graduating with a high school diploma with plenty of college credits and sometimes even an associates degree!

Talk to your high school counselor to see if you qualify for this money saving opportunity.

5. Prior Learning Credit

Did you know you can receive college credit for your prior military experience or industry expertise? Many colleges and universities offer this option to demonstrate your knowledge and obtain credits by:

• Taking an assessment
• Presenting a portfolio
• Submitting a license/certification

 Not only does this save money, but also time. You could potentially earn your degree faster by not taking classes you don’t need!

6. Employer Sponsored Tuition Reimbursement

This is another alternative to pay off your college degree that I love and have taken advantage of. Tuition reimbursement is a benefit provided by some employers where they offer to pay for part or all of an employee’s tuition or education expenses.

This is typically contingent upon the employee maintaining a certain level of performance, staying with the company a certain amount of time, and often requires the coursework to be related with to the employee’s job, career development, or specific need within the company.

It’s essentially a way for companies to invest in their employees’ skills and education while also potentially benefiting from their increased knowledge and capabilities.

7. Transfer Courses

After losing my financial aid my 3rd year in college I searched for other options that would reduce my tuition rate. I found out my university offered the chance to take community college credits as long as it applied towards my major or degree requirements! For this I had to go through an approval process. This will vary by school so it’s always best to check.

8. Community College

Many overlook the possibility of going to a community college because of others looking down on them. Community college offers many of the same perks of a university without the hefty price tag. Heck, nowadays many states now offer free tuition for community colleges! 

The one thing you need to research is the partnering university agreements and make sure that all your credits will transfer to the university and count towards the degree of your choice! 

9. Military

I get it, it may not be for everyone but it’s always an option to consider. ROTC and military academies are other options. 

10. 529 College Savings Account

After the above options have been exhausted, it’s time to start looking for other ways to pay for college. Paying for college is expensive but working and earning while in school and during the summer will help cover college living expenses and help pay for tuition. If overlooked, consider any college savings not yet tapped into.

A 529 college savings account is a state sponsored and tax advantage way to save and pay for college that would be beneficial to use for college expenses. It’s typically used for college but can also be used for K-12 education.

Contributions are made after-tax, but earnings grow tax-free, and withdrawals are tax-free when used for qualified education expenses. I personally did not try this, but I still think it’s a great option to look into.

 

Other Alternatives 

Aside from the above tips here are other factors you should consider as you are selecting a college or university.

a.  In State vs Out of State Tuition

Stay in your home state and save money. Going out of state for college can cost you up to 50% more to take the same degree program in your home state. 

Believe it or not, nowadays many more 4 year universities are starting to provide in state free tuition to those who qualify! 

b. Public vs Private University 
Going to a public university will also save you money versus the prestigious private school of your dreams. Trust me 9 times out of 10 your employer will care less about where you went to college. As long as you obtain your degree, that’s all that matters to them.

 c. Staying home vs Dorm rooms 
Although this may not work for everyone, stay at home whenever possible. Between the cost of the overpriced dorm rooms and the required dining plan you will need to sign up for, will easily add on thousands of dollars of debt. 

If you can’t stay home, you are still better off renting an apartment with roommates and cooking yourself outside of the costly university dorms. A hassle? Sure but the savings will be worth it!

d. Online College Course Credits

Not sure how new this is but it seems like online schools such as Saylor.com offer you to take free college courses with the option to receive official credit through a proctored exam at the end. They offer a list of partnering colleges and universities you can transfer your credit to. How awesome is that! 

Recap

I still believe pursuing higher education is still considered an invaluable investment in your future, offering opportunities for personal growth, career advancement, and lifelong learning.

However, with inflation rising costs of college tuition and fees often make it feel far out of reach. While student loans may seem like a necessary means to bridge the gap, they can burden you with unnecessary  long-term debt and financial stress.

With all the above options, you can forget about student loans and instead be well on your way to graduating from college debt free. 🙂 

So no matter your student status, it’s never too early to research your financial options. Best of luck on your college journey!

Have you tried any of the options above? Or have other ideas to share on college tuition savings? If so, feel free to share in the comments!