Five ways to fund college that students often miss

With higher education costs rising each year, many college students believe loans are the only way to bridge the funding gap. However, there are ways to cover college expenses without incurring debt or emptying your savings account. Here are five sources of college funding that could make paying for college more manageable.

1.    Federal Work-Study

If you completed the Free Application for Federal Student Aid (FAFSA), you might already be eligible for federal grants and loans. You might also qualify for another type of federal financial aid – Federal Work-Study. Some students decline this form of assistance without understanding it.

Federal Work-Study is a program that provides part-time jobs for students with financial need, letting them earn money at an approved worksite to help pay education expenses. This limited, need-based federal aid is available on a first-come, first-served basis. Recipients typically receive monthly or bi-weekly payments based on hours worked at an approved site. Total earnings are limited to the award amount.

Contact your school’s financial aid office to confirm your eligibility.

2.    Institutional Financial Aid

While Federal Work-Study is a national program, don’t overlook funding opportunities specific to your school. Many colleges and universities offer grants and scholarship awards to eligible students. Some programs use the FAFSA Student Aid Index (SAI) to limit applicants, while others don't consider it. Since application deadlines and program details vary, speak with your school’s financial aid office as soon as possible to obtain more information.  

3.    Online Scholarship Databases

Fastweb.com and Scholarships.com are scholarship databases that make it easy to access free money for school. Each site uses a different method to curate grant and scholarship opportunities from foundations, corporations, and other sources. There is no charge to use either website. While these databases offer a wide range of opportunities, don't forget to look closer to home – your workplace might also offer financial support for your education.

4.    Tuition Assistance Programs

If you're a working student or planning to work while attending school, your employer may offer more than a paycheck. Companies across the country provide tuition assistance programs to help with college expenses. These programs reimburse employees (and their dependents) for specific coursework in which the student received a "B" or higher. Students may need to obtain approval for tuition reimbursement before the semester begins. Employer requirements and program availability vary by company.

5.    Community Organizations

Local organizations, professional associations, and civics clubs often give scholarship awards to students in their communities. These opportunities may have smaller applicant pools compared to national scholarships which can increase your chances of receiving free money for school. For example, SAFE Credit Union provides scholarships to graduating high school seniors and community college students who meet specific eligibility requirements. In 2024, SAFE awarded 11 scholarships of $2,500 each to deserving Midlands seniors. Applications for 2025 scholarships will be available in October.

Researching these funding sources could significantly reduce your reliance on student loans, making college more affordable.