Paying for School

If you’re like many students who want to enroll in a college or university, there’s one thing standing in your way: Knowing how to pay for school. There’s the looming desire to choose the right school and degree program that will ensure you make enough money in the future to justify going back to school, and there’s also the more immediate concern about how to cash flow life while you’re attending classes.

Fortunately, you’re not alone. The Imagine America Foundation has great resources to help you make sense of paying for school with the help of financial aid and scholarships that can make it feel easy to enroll in a college, university or trade school.

Budgeting

When you prepare for any big financial commitment, you need to start with a budget. And we know: Just the word “budget” can cause anxiety and dread. But all we’re really talking about here is a plan. Having a basic plan (or budget) before you start school will help make sure you’re prepared for this stage in your life and don’t unintentionally create financial problems that can take years to fix.

The government offers budget planning tips that help you put together an estimated budget so that you can borrow enough money to cover all your expenses — without incurring unnecessary debt. From there, you can find a variety of user-friendly dashboards and templates online that make it easier to compare program costs, separate living expenses from education expenses, and plan for.

Scholarships and Awards

A great way to ease the financial burden of returning to school is by applying for scholarships. There are many programs out there to help you pay for your higher education, allowing you to keep more money in your pocket to support your family and other financial needs.

If you fall into one of these categories, be sure to apply through our website! Each year, thousands of students are awarded scholarships for career college and vocational training through these programs.

Grants and Loans

Applying for student loans and grants might feel overwhelming at first, but it’s a process designed to help students like you afford college. The best place to start is by filling out the Free Application for Federal Student Aid (FAFSA) at studentaid.gov. This form helps determine your eligibility for federal grants, loans, and work-study programs. It’s a good idea to complete it as early as possible each year, since some aid is given on a first-come, first-served basis. The FAFSA is free to fill out, and there’s plenty of help available online or through school counselors if you need support.

Grants are a great option because they usually don’t have to be paid back — so always look for those first. Popular federal grants include the Pell Grant and FSEOG, which are based on financial need. If you still need more help covering costs, federal student loans can be a smart next step. These loans often come with lower interest rates and more flexible repayment options than private loans. Remember, you’re not alone in this process — many students use a mix of grants, scholarships, and loans to pay for school. Take it one step at a time, and don’t be afraid to ask questions along the way.

Finances After Graduation

While you’re in school, it’s easy to focus so much on your education that you forget to consider what life is going to be like after graduation. Hate to break it to you, but money will still be a consideration after school, no matter how in-demand your degree is.

Once you’re ready to graduate, IAF provides tools to improve your financial literacy around topics like credit, debt, saving, and budgeting so you can hit the ground running in the next phase of your life. We’ll help you navigate any unfamiliar terms and vocabulary, figure out how to prioritize money goals, and plan for your financial future.

As stressful as thinking about your finances can be, there is good news! There’s still a big difference between the way of life for someone with a minimum wage job and someone with entry-level skills in a thriving field like health care, information technology, or business. With your degree or certification, you can earn a higher salary than you would have without additional education. According to the U.S. Bureau of Labor Statistics (BLS), the average American with a high school diploma earns $930 per week, which comes out to $48,360 a year. Compare that with $738 per week for those without their diploma! But with an associate degree, the average weekly salary rises to $1,099, and with a bachelor’s degree, the average weekly income rises to $1,534 per week — more than double the income of people without a high school diploma.

Ready to take charge of your life and your finances? Create an account and apply for Imagine America Foundation scholarships today.