Financing for College? Be Creative.

Tax Benefits of Being a Sole ProprietorCan you or your child manage to graduate from college without having a mountain of debt? The Federal statistics suggest it is unlikely. But if you are creative, perhaps you can reduce the financial burden you are facing.

Creative funding does not replace the basics

Remember to fill out the FAFSA and submit it on time. This is the federal blueprint to get your aid package. Also check reliable sources to ensure you are taking advantage of the common available support. High School guidance counselors and prospective colleges are great resources to help you understand what is available for you.

A web site like the non-profit Collegeboard.org is a great place to start. This site has resources to help walk you through the financial aid process and it has tools to help search for scholarships.

Some creative ideas

Here are some, beyond the obvious, ideas to help augment money to pay for school.

Arrow Tutor. If you are good in math, writing, or any other subject consider tutoring others to earn some additional income. You can schedule this around your class time and can feel good about helping other students.
Arrow Work study. Some financial aid packages include a work study element. But if you don’t qualify for traditional work study think creatively. Are there privately run businesses on or by campus? Perhaps the local coffee shop needs help. Is there a little retail store students go to for supplies? Go where the students go, they are targets for employment.
Arrow Be an entrepreneur. Campuses are like small towns. The students need services. Computer repair, transportation, hair services, running errands, and more. Is there a little business opportunity for you? If this is an avenue for you, make sure you understand the local rules for running your small service business.
Arrow Leverage your youth activity. If you danced or played soccer as a youth, consider offering your services as a paid teacher or coach. Local clubs and studios would love to have trained help in their organization. And if you have a passion for the activity, it is a great way to recharge.
Arrow Set up your own internship. Many schools will have programs to support internships with businesses. For every one formal program the school offers, there are hundreds of small businesses in the same field that could use the same type of help. Why not contact local businesses in the field of your choice. Perhaps it is a small accounting firm or a free-lance graphic design company. Can your graphic and web skills be used at a local business that cannot afford their own staff?

If you think creatively, there are many opportunities to reduce the financial burden of college. Just ensure the time spent in augmenting your finances does not get in the way of performing well in the classroom.

As always, should you have any questions or concerns regarding your situation please feel free to call.