Paying for post-secondary education and training is a challenging task for most students. Rising expenses to attend technical colleges and trade schools should not hold you back from enrolling and graduating. Fortunately, there are sources of funding for your education but you must seek them out. The typical costs of attending trade schools include:
- Tuition & Fees
- Books & Supplies
- Laptop or Notebook
- Living Expenses
- Travel Expenses
- Unexpected Expenses
Part of the cost of your trade school education depends on whether you live at home with family while attending school or you pay rent for housing. The total student loan debt in America is overwhelming. Let’s explore some solutions from multiple sources to pay for your school expenses.
Trade School Financial Aid: Grants
The first thing to think about for sources of funding is “free money” in the form of grants. They are typically Federal Pell Grants and other grants such as veterans, minorities, women, or housing. Here are their advantages:
- You don’t have to repay grants
- They are renewable when you meet the requirements
- Grants are easy to apply for
- They help reduce stress while attending school
- Grants help reduce or eliminate the need for loans
Keep in mind that not everyone qualifies for grants if you or your parents earn too much money. Talk to your high school counselors, and trade school financial aid office, and conduct online research to find out more about this terrific source of funding.
Trade School Financial Aid: Scholarships
- Those provided by your school of choice
- Local, State, and National scholarships
- Community Service and Leadership
- Merit/Talents for your abilities and accomplishments
- Leadership in organizations where you have served
- First In Family to attend college
- Membership in organizations – You or your family
Once you find the scholarships you want to apply for, check their requirements, get your supporting evidence together, and apply online. There are many that go unclaimed each year simply because students don’t want to take the time to apply for them. Don’t let that be you!
|“Rising expenses to attend technical colleges and trade schools should not hold you back from enrolling and graduating.”|
Work and Work Study Programs
You can earn while you learn to pay for trade school and living expenses. When grants and scholarships do not generate enough income for expenses, try one of these:
- Work anywhere from 10 to 40 hours each week
- Enroll in an internship program that pays wages
- Enroll in an externship program that pays wages
- Ask your college counselor if any other work-study programs exist
- Create your own part-time business to generate income
Working while earning your AOS degree reduces or eliminates those pesky loans that must be paid back after leaving school. Students report they feel a sense of accomplishment when they set their schedules to attend classes, study, and work to blend together.
Personal Savings and Family Contributions
If you start early enough in life, you can save money toward attending college. Now might be a good time to sell some personal items you no longer need. If you don’t own a car yet, it may be less expensive to ride public transportation than buy one. Cars and trucks are costly when you figure out all the related expenses. You may be able to ride with other students.
One way parents can contribute is by setting up a 529 education savings plan while they are in public school. This is a tax-advantaged savings plan designed to encourage saving for the future. They are also known as qualified tuition plans and are sponsored by states, state agencies, and educational institutions.
Fortunately for some students, their parents can help defray expenses by paying with after-tax earned income. If your family cannot help, use the other ways we have discussed.
College Loans To Pay For School
We’ve saved this one until last because it should be your last resort. Too many students borrow more than they can pay back and regret it later. If you must borrow money, make it the least amount possible.
Shop around for student loans that give you the lowest interest rates and the best payment terms. These are the loans sponsored by the U.S. Department of Education.
- Direct Subsidized Loans are for eligible undergraduate students who have financial needs.
- Direct Unsubsidized Loans are for eligible undergraduate, graduate, and professional students but not based on financial need.
- Direct PLUS Loans are made to parents of dependent eligible undergraduate students whose expenses are not covered by other financial aid.
- Direct Consolidation Loans let you combine all eligible federal student loans into a single loan.
In summary, the more opportunities you apply for, the higher the chances you will find the financial aid you need. Our best advice is to start early and plan well. Call us today at (877) 591-1070 for more information about all our programs!
For more information about graduation rates, the median debt of students who completed the program, and other important information, please visit our website: https://www.iticollege.edu/disclosures