Alternative Ways to Pay for College!
$1.44 Trillion is the current level of student debt in the United States. This means that spread across the 44.2 million Americans with debt, they each owe on average $37,000. The trend does nothing to settle the stomach either. The average college debt per capita went up 6% from 2016 to 2017. The aforementioned average debt per capita is not nearly what college will cost you and your family. Instead, the unseen costs of attending college can be an additional $10,000. This comes from an average of 3% interest on these loans. College is a serious expense and now we are going to look at alternative ways to reduce the cost.
1. MindSumo
I stumbled across this game-changing organization on Instagram. I was impressed by the symbiotic relationship opportunities they have brought to students and companies. I was in touch with a member of their marketing department, who was able to provide me with information that will change how you pay for college. MindSumo has awarded over $650,000 to various students for solving problems. The company began when a few friends from Stanford and John Hopkins saw the plague of rising college costs. They treated this issue with unique, creative problem solving. Seeing how valuable it would be for students to work on corporate projects, they created a financial incentive, and MindSumo was begun.
The way you can earn financial compensation for solving problems is as follows. Companies have problems and so they sponsor a challenge. Students submit their responses, carefully crafted with ingenuity and practicality. The company chooses a winner and that person is awarded a money prize. For solving just one problem, a student may earn from $10-200, based upon the time spent.
I decided to find out just how feasible MindSumo is as an alternative way to seriously cut costs. The top earner is Matthew Gaiser, who accumulated more than $10,000. This sum is enough to pay for two full years at a community college. All around, I was impressed with MindSumo and their earnest desire to aid both students and companies. This combined with the potential to develop powerful problem-solving skills makes it my top recommendation for aspiring, young students.
2. Scholarships
Free money is the best kind, and more than $2.9 billion went unclaimed last year in 2016. Let's find out how you can put a little more change in your bank account marked college funds. Many communities have local scholarships that you can apply for, but there are also other opportunities. Many who live in small towns should turn to their greatest resource to find more money, the Internet. There are myriad scholarship websites out there.
1. Scholly- After filling out seven simple questions, you will be connected to scholarships that you can apply for! Check my blog post for more info!
2. Zinch- After building a quick username and password you can head to one of my favorite challenges. You can write a 280-character essay that enters you a competition for $1,000! This is the very definition of fast and easy! Check out the short essay competition here!
3. ScholarshipPoints- Enter drawings, earn points, redeem points for more chances to win! It is that easy and the best part is that many scholarships require no essay. You are quite literally a few clicks away from earning thousands of dollars!
3. Claim a $2,500 Tax Credit
If your parent earns less than $90,00 or $180,000 if filing jointly then you can file for a tax credit! This means that for every child enrolled in college you can reduce your taxes after paying for education expenses, such as books. You can find more information at the American Opportunity Tax Credit.
4. Negotiate
This may seem one of the more intimidating methods outlined here. First you should write a formal letter to the university and wait and give them a call if they haven't reached out to you. It is a good idea to explain your motivation behind going the extra step to call.
Another important point to make here, is to let the university know if your finances have changed. Oftentimes, unexpected medical issues give rise to high costs that were not previously listed on your FAFSA.
5. Community College
Despite all of the work you have put into all the methods outlined above and even more, it does not make fiscal sense for you to attend that university. Don't stress too much, you can just start at a two-year community college. Many students find this option to be much better when considering the massive savings. The majority of these schools will run anywhere from $3,000 to $5,000. This becomes much more reasonable. Many students will earn their associates and then pursue higher education at a four-year university.
Abstract
1. MindSumo is a college enabler for many simply by solving problems.
2. Scholarships are plentiful and easy so apply.
3. Tax Credit to reduce cost.
4. Negotiate with your university on financial aid.
5. Community College is a viable option for many.
The ideas outlined above will require a time investment. My recommendation for many is to spend one hour each week looking into earning college funds. This is easy and will set you far above the norm. If you have any ideas, please share in the comments below. If you want to keep the content coming hit the Like Button on here and Join our mailing list! Go check out my YouTube Channel as well!!Click Here For YOUTUBE!