Keeping Those Part-Time College Jobs In Perspective

Many many young adults are starting college this month. For most of them, this also means, starting their first jobs. One common struggle for new college students is managing school, work, and their new found income. This tends to be a great lesson in prioritization and time management. It can be tempting for young college students to focus on making money in their part-time jobs, but their priority should be on studying and finishing that college degree.

For those that have scholarships, they may lose thousands of dollars in scholarship money if grades don’t meet a high average. No part-time minimum wage job in the world could make up for this type of loss. For others, college tends to get paid primarily through student loans and school-based grants. In this case, these loans and grants also depend on the student’s ability to stay in school and maintain a passing GPA.

Income from a part-time job can quickly become a distraction for college students. This supplemental income can start to provide students with spending power that they’ve never had before. However, it’s important to remember that the bulk of college and living expenses are coming from scholarships, loans, and grants, and all these can depend on the student maintaining high grades and or graduating.

In the case of student loans, if the student doesn’t maintain good grades and remain in school full-time, they can be required to start paying back their loans immediately. These loan payments would more than likely put the student in a position where their part-time job would no longer provide the income they need to live.

The point here is if you or your child is starting college it’s important that they keep those part-time college jobs in perspective. Remember that good grades and staying in school are a much higher priority than a part-time job income. Especially if you are using scholarships, student loans or grants to pay for college and living expenses.

6 Ways You Can Afford College

A college education is an important, very expensive, investment. While investing in college is worthwhile, financing college isn’t easy. The average American leaves college with a debt of $23,000. This can be a major setback to the personal budget of someone who is just stepping out into the ever so competitive job market. While financial aid is tricky, there are still ways to finance college.
1. Keep an eye out for tuition deals. In the past couple of years, several colleges have introduced tuition freezes. With more universities moving toward freezing or reducing tuition fees it might just be possible to land a good tuition deal. A few cities have begun to offer free tuition to eligible students as well.
2. Earn scholarships. While full academic and athletic scholarships are a smooth deal, these are highly competitive. Consider smaller scholarships. Ranging from ethnicity, locality, university and field of interest, you might just land a few small scholarships that take a huge load out of your student debt. 3. Consider Income-Driven Repayment. IDR makes it easier for federal loan borrowers earning salaries that are low compared to the debt they incur to pay back their loans. Under this scheme you could get student loan forgiveness on up to 25 years of payments. This keeps you from defaulting on your repayment plan. 
4. Inquire into employee benefits. You will find many employers who make student loan repayment plan as part of their benefits. These range up to full tuition reimbursement programs. Some organizations offer this benefit even on part-time jobs. Additionally, if you work at your college, you might just have your tuition paid for. 
5. Make sure your grades stay up. Federal aid for some students is hard to get. However, there is a significant increase in merit-based financial aid. With merit based aid doubling up, it is in the best interest for students to pull up and maintain their grades. Ensuring eligibility is a matter of keeping grades up and starting your search for scholarships early. 
6. Pick your college wisely! How much you pay for college is directly related to what college you go to. Find out which colleges offer aid to students from the same financial background as you. Use online tools to decide which colleges are best for you. 
Financing college is all about planning and staying aware of all information on benefits and student aid. Saving, studying and working smart is the key to putting yourself through college. 
Click here for more information on the income based repayment plans!