Financing

Paying for community college can be overwhelming. Use the tools, resources and tips within this section to help you finance your education. From student loans to scholarships, we’ll cover the most common financial aid options available to community college students. Get money saving tips, learn more about Pell grants, and explore the federal work-study program.
View the most popular articles in Financing:
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Is President Obama's Plan for Free Community College Right for America?
President Obama recently introduced a plan to deliver free Community College tuition to all Americans across the country. Is it the right call? In this story, we will not attempt to make a judgment call on whether free Community College is right or wrong for the United States. Instead, we paneled a few experts in education and economics to get their take on the issue. We’re showing both sides of the coin, and letting readers decide on their own.
Last week, President Obama introduced a plan to deliver free Community College tuition to all Americans across the country. Is it the right call?
 
In this story, we will not attempt to make a judgment call on whether free Community College is right or wrong for the United States. Instead, we paneled a few experts in education and economics to get their take on the issue. We’re showing both sides of the coin, and letting readers decide on their own.
 
The Case for Free Community College
 
Democratization of Higher Education
 
The biggest supporters of Obama’s plan laud the proposal as a right step in the right direction toward a more equal democracy. One such organization, University of the People, offers tuition-free degrees to many students who would have been shut out of the opportunity to attend college otherwise. Founder and President, Shai Reshef says, “According to the proposed plan, students could save an average of $3,800 a year. It is known that the average student spends as much as $1,200 each year on textbooks and supplies alone.”
 
Rasheen Carbin, Co-founder and CMO of career app nsphire, says Obama’s plan is the right step for America. “As we all know, the price of college has skyrocketed. We also know, having a Bachelor’s degree adds about a million dollars to your lifetime earnings.” Rasheen is adamant that free community college can lift a burden on lower-income families, and close the gap between poor and wealthy classes in the U.S.
 
“College is still a very elite . . . read more

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7 Savvy Scholarship Tips for Community College Students
Are you taking full advantage of scholarships? Use these 7 smart tips when applying for your scholarships, whether need or merit-based awards, as well as those for individuals from certain ethnic, religious, or socioeconomic groups. Increase your chances of being awarded scholarships!
Getting college scholarships is a process that involves much more than filling out applications and writing essays. There are both practical and creative steps that must be taken that can help you win as many scholarships as possible. As a current or future community college student, you’re already one step ahead by choosing a school that is far less expensive than four-year or private school options. With a little work, you can make your community college expenses even less.
 
It’s never too early to start searching for scholarships. As surprising as it may sound, there are many college scholarship programs available for students in their freshman, sophomore, or junior years of high school, as well as for students in elementary and middle school! That being the case, waiting until your senior year to locate and apply for scholarships puts you at risk because you could be missing out on all kinds of scholarship opportunities.
 
It’s also vital to start your scholarship search early because it’s a time consuming process and one that requires a healthy commitment of time and energy. Each application will have its own unique requirements, and the time it takes to gather transcripts, letters or recommendation, and other required materials can be up to several weeks. And while there are thousands of students who receive scholarships each year, not everyone will get something in return for all their hard work on their application materials. Although it can be discouraging to not receive . . . read more

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Federal Student Loans – Unavailable at 20% of Community Colleges
Although a community college education is inexpensive when compared to tuition and fees at a four-year institution, some students still need financial assistance to pay their education bills. Yet, some community colleges don’t participate in the federal student loan program, putting some students in a financial bind.
Community colleges offer a cost-effective means for students to obtain a degree or certificate or complete the first half of studies required for a bachelor’s degree. Because they are so affordable – annual tuition and fees average just under $3,500 – many students do not need to take out student loans in order to pay for their expenses. Some students live at home or take public transit to further lessen costs, while others attend part-time and work so they can avoid taking out loans and instead pay for their schooling out-of-pocket as they go.
 
However, some students don’t have the luxury of depending on mom and dad for free room and board, money for textbooks, or gas money to get to campus. For those students, the additional costs of attending a community college can add up: When all fees, room and board, and textbooks and supplies are added in, the average annual community college expenses rise to $15,000. Federal student loans provide a lifeline for many students who would not otherwise be able to afford these expenses, minority and socioeconomically disadvantaged populations among them. But for a million students nationwide, federal student loans are not an option because their community college does not participate in the federal student loan program.
 
Opting Out
 
At first glance, it may seem counterproductive for a community college not to participate in the federal student loan program. After all, more available financial aid means more students are able to enroll in courses, thus helping that institution’s . . . read more

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Simple Mistakes Cost Community College Students Millions
Are you receiving the full financial aid you should? The process of applying for financial aid can be both time-consuming and confusing, especially for first-time college students. Learn about common errors to avoid in order to maximize your financial aid opportunities.
For many students, community college is the most affordable option for obtaining a higher education. The cost of tuition, fees, room, and board at a two-year institution averages a little over $8,500, while the same expenses for a four-year institution cost nearly double that at just under $17,000 per year. Yet, despite the cost savings, some community college students still need financial assistance to pay for their education. The financial aid application process can present a number of barriers, especially for first-time college students who are unfamiliar with the process. However, these barriers can easily be overcome when armed with the right information.
 
Always Apply For Aid
 
Each year, millions of college-bound students apply for federal financial aid. Yet, millions more eligible students don’t apply at all. During the 2011-2012 academic year, an estimated 2 million students who would have qualified for a Federal Pell Grant didn’t even fill out the Free Application for Federal Student Aid (FAFSA). Even more surprisingly, approximately two-thirds of those students would have qualified for a full grant award that would have paid for all of their college expenses.
 
Instead, for a variety of reasons these students did not bother to apply. Nearly half the students who would have qualified for the Pell Grant simply believed they were not eligible for those funds. Another 34 percent reported that they didn’t want to take on debt, even though Pell Grants do not have to be repaid. Many more maintained that they did not have a financial . . . read more

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Learn about proposals to freeze community college tuition that would make the cost of college attendance much more affordable.
The cost of a college education has risen rapidly over the last three decades. In fact, according to the Bloomberg Report, the overall cost of a college degree has risen a whopping 1,120 percent since 1978. This rate of increase is nearly double that of medical care costs and has outpaced housing costs by threefold. The exorbitant cost of college has many people concerned that higher education is beyond their means, and rightfully so. As a result, many politicians in Washington, D.C., as well as state-level officials, are examining ways they can help curb the exponential growth of college costs in order to make higher education more affordable for more people.


Source: Bloomberg
 
Ohio Plans to Freeze Tuition
 
For those for whom college is too expensive, some states have launched plans to freeze tuition. In Ohio, House Bill 484 seeks to hold tuition rates steady while students complete their degrees. The guaranteed tuition rate would be good for a specified period of time, most often two or three years. The cost of tuition a student pays in their first year of study would remain constant over his or her tenure at the school, making their college studies more affordable and increasing the likelihood that they will stay in school and graduate.
 
Supporters of House Bill 484 maintain that the program will encourage more first-time students to enter college and obtain a degree. Additionally, they argue that more students will enroll full-time, thus . . . read more
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Recent Articles
Community Colleges Offer Online Options
Community Colleges Offer Online Options
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Arizona Community Colleges Defunded: What Students Need to Know
Leading the country in slashing public education spending, Arizona voted to defund higher education, including Pima and Maricopa Community College Districts, leaving many Arizona college students wondering what this new state legislation means for the future of their education.
5 Alternative Methods for Earning Community College Credits
Not all community college students spend their winter and summer break on vacation. Some utilize that time to take a few extra classes and earn credits that can help them graduate early. Other students test out of courses and receive credit for work experiences in order to get ahead. In this article, learn about the various methods you can use to pursue extra college credits.
Financing

Financing Basics

Build the foundation needed to navigate the community college financial aid system. Learn which schools are the most affordable, get money tips on reducing college costs, and explore the latest initiatives to make community colleges even more accessible.

Tuition

This section will help you prepare for the costs of attending community college and any future increases. Explore pricing plans, learn where you may be able to attend community college tuition-free, and examine the latest initiatives to make higher education more affordable.

Financial Aid

Our articles will provide you with the tools and resources needed to make sure you are qualifying for all the financial aid available, as well as maintaining your aid throughout your college career. Get the latest news on student loan interest rates, learn what to do when your financial aid is late, and explore all of your financial aid options.

Saving Money

This section is full of money saving tips for community college students. From free textbooks to finding affordable childcare, we’ll provide you with a wealth of information on keeping college affordable.

Grants & Scholarships

There's nothing better than free money, and these articles can help you get grants and scholarships for your community college education. Acquire information on Pell grants and why you should take advantage of them, learn how you can earn money through community college writing and get the latest news on scholarships and funding.