That tuition bag is costly, but there are other expenses beyond it, such as housing, food, and utilities that can cause students to feel financially overwhelmed. College is where the hustle begins for most because this is when students may no longer be financially supported by parents while having a desire to spend money on their own terms.
Even though the course load can be rough, it maybe possibly for students to make money to reach their financial goals. Money earned during college doesn’t simply have to go towards student loan interest or cell phone bills, but also to have fun and experience the college life to the fullest. College isn’t just to be endured; it is to be enjoyed. Having money in your pocket as a college student can help one enjoy the experience without financial worry as well as get a head start of their financial future.
Here are four main ways college students can get the bag.
Work-study grant.
Work-study is a need-based grant that helps undergraduate, graduate, and vocational students pay for college expenses. There are two types of work-study grants – state and federal. Some states, such as Pennsylvania, Minnesota, and Washington, offer work-study programs for on-campus and off-campus student employment.
Students are eligibility for state-funded work-study grants must have: completed the Free Application for Federal Student Aid (FAFSA) to determine financial need, residency in the state for at least 12 consecutive months outside of educational purposes, and been enrolled part-time in a participating college, university, or vocational school.
State work-study grants can range anywhere from $2,000 to $5,000 per academic year. Federal work-study, like state work study, requires part and full-time students to demonstrate financial need; however, the program encourages students to work in civic engagement or in their field of study. Funds from work-study programs are paid to you from the school according to the hours you’ve worked and the number of hours you’re eligible to work in an academic year, which cannot exceed 40 hours in a week.
Part-time job with a company with generous benefits.
Students who do not qualify for financial need work-study or simply don’t want to participate in the federal or state-funded program can seek employment beyond school-related positions. The key to finding quality jobs is not only considering working for companies that offer wages higher than the federal minimum wage but also considering ones that offer great benefits for part-time employees.
To be part-time in most cases, students would have to work a minimum of 20 hours a week. Part-time benefits contribute to your success and well-being today and for the future. Great benefits include health coverage (medica, dental, and vision), 401(k) with a matching program, employee stock option plan, and even tuition assistance. Leveraging a part-time position at a company that offer benefits beyond wages can help you get a head start on the wealth building journey as well as pay off college debt while enrolled in school.
Side hustles.
There are skillsets, talents, and passions you possess that even if you didn’t get paid for them you would do anyway. Students who live on campus can consider ways to make money based on the needs of the students on campus. These side hustles can include cutting and braiding hair, creating flyers for campus, editing research papers, and/or tutoring your peers. Students can also hustle outside of the campus’ community needs such as driving for Uber or Lyft, delivering for DoorDash, or renting their cars out on Turo.
