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you have to take out student loans all
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financial aid is free money there aren't
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many options to pay for college if you
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live in the us or are attending an
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american school you may have heard
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things like this when it comes to
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funding your college education and it
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can be hard to know what's true and
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what's not hi i'm erica brazovsky and
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this is crash course how to college a
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study hall series presented in
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partnership with arizona state
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university today we're talking money
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[Music]
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no matter what kind of school you're
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considering understanding the costs can
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make the process of paying for college
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more manageable fortunately on their
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website all schools will have a total
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cost of attendance which is an estimate
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for all the expenses a student will have
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to pay for each academic year including
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both direct and indirect costs direct
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costs are all the expenses you paid
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directly to the school like tuition for
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the credits you need to complete your
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degree which can cover a wide range of
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things you'll probably have to pay
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building maintenance fees technology
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fees wireless fees fees for health
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services a lot of schools even charge
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you to support their athletic program
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and depending on what you choose your
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direct costs can also include your dorm
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room and meal plan most colleges require
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you to pay these costs before you can
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attend classes just remember if you
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don't live on campus you generally don't
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get a meal plan but there are also
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indirect costs which are pretty much
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anything else you need to be a student
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like books internet service and software
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programs depending on where you live
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these can also be travel expenses like
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gas vehicle maintenance and parking or
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public transportation fees in case
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that's confusing there's an easy way to
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keep track of it all direct costs are
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the things that will appear on your bill
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from the college and indirect costs for
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everything else as we mentioned in
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earlier episodes some schools require
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freshmen and sophomores to live on
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campus in the dorms while juniors and
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seniors have an option of where to live
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if you're an adult returning student you
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often are given an exemption to living
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on campus even if you're an
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underclassman for whatever reason if
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you're not living on campus you need to
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be prepared to cover your living
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expenses these will include housing food
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utilities and if you have kids child
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care although check with your college
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for help on that last one many offer
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before and after school child care to
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help parents stay in school and to help
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you make sense of it here's a brief
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overview of how costs compare between
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living on and off campus at different
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kinds of colleges you may be surprised
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to learn that in most cases students who
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live on campus pay less for additional
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expenses like transportation
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entertainment and personal care than
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students who live off campus the numbers
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depend on where you live and whether the
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school is public private or for-profit
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and while these expenses vary based on
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your own unique situation these figures
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can give you an idea of what to expect
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after all that budgeting and
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spreadsheeting that total cost of
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attendance can look like a really big
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number but there are so many ways to
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find financial aid to help pay for
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college first off let's consider federal
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financial aid which is kind of an
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umbrella term for several different
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options funded by the u.s government for
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instance federal financial aid includes
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need-based federal grants which are
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awarded based on financial need and
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don't need to be repaid federal
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financial aid can also include federal
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work study which is a government-funded
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part-time job designed specifically to
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help both part-time and full-time
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students pay for school while most
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federal work-study jobs are on campus
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some jobs are off-campus at
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organizations the college partners with
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if you plan to enroll as a distance
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learner or online student and want to
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know whether a federal work study job is
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an option for you check with the college
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you're interested in to receive a
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needs-based federal grant or be eligible
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for federal work study you have to
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complete a free application for student
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aid otherwise known as a fafsa you'll
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need to complete the fafsa for every
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year that you're enrolled in school and
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want to receive federal financial aid
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lots of students don't complete the
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fafsa because it requires a lot of
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information from you and often your
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parent or guardian but it also opens the
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door to so many other ways to pay for
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college and is the only way to qualify
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for federal grants and loans for
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instance loans are money you borrow to
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pay for a product or service upfront
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with the expectation that you'll repay
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the loan at a later date and if you
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complete the fafsa you may be eligible
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for federal student loans which often
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come with lower interest rates than
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private or bank based loans these
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include subsidized loans unsubsidized
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loans and graduate plus loans each one
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has its own benefits and requirements
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like with subsidized loans the federal
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government pays your interest while
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you're in school which can save you
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money over time on the other hand the
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interest rate on an unsubsidized loan
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builds up over time parent plus loans
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can also help students pay college costs
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although not required to parents can
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apply for this loan option if the
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financial aid that has already been
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awarded does not cover all your costs if
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they do apply and are denied you'll be
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eligible for unsubsidized loans to cover
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additional costs private loans are also
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an option for paying for school and are
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based on your credit history rather than
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financial need however it's important to
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note that private loans often come with
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higher interest rates than federal loans
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and may require you to have a cosigner
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some private loans like those offered by
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credit unions are more affordable we
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often hear about student loans and how
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difficult they can be but there's no
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shame in taking out a loan to pay for
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college and if you stick with us here on
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study hall we'll help you succeed
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throughout college so you can graduate
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get a job and hopefully not struggle to
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pay off those loans and in addition to
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federal financial aid and loans you can
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also round out how you're paying for
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college with scholarships which are
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another type of financial aid that you
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don't have to pay back some scholarships
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are needs based which means the amount
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for which you are eligible is dependent
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on you or your family's economic status
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others are merit-based which means
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they're awarded based on your academic
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achievement and there are also
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scholarships granted based on
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socioeconomic or demographic
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circumstances like income-based
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scholarships or scholarships meant to
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encourage people of underrepresented
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identities to go to college scholarships
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are amazing opportunities for you to
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earn money for school that you don't
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have to pay back but that also means
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that you have to plan ahead to earn them
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so you can submit a well-rounded
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application and stand out from the crowd
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the same is true for institutional aid
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which is any money that college gives
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you directly whether that's merit-based
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or needs-based aid you can get
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institutional aid by applying but some
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colleges automatically offer this type
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of aid to students after you get
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accepted to the college and no matter
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what types of financial aid you end up
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using perhaps one of the most important
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things to remember about financial aid
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is that it's rare for one aid option to
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cover everything instead think of each
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option as a building block toward your
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total cost of attendance some options
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will give you a bigger chunk of change
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and some will seem like drops in the
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bucket but it all adds up so as you're
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planning for college review each option
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carefully and understand the unique
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requirements limitation and terms of
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each one and keep in mind that just
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because you don't qualify now doesn't
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mean you won't qualify in the future as
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you review your aid options don't forget
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to check with your employer more and
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more companies such as starbucks uber
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and chipotle are offering 100 tuition
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coverage for employees and most
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companies agree to pay a portion of your
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school costs depending on the type of
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tuition assistance program they offer
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tuition reimbursement programs require
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you to pay for the costs up front then
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your employer will repay you after
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you've earned a passing grade for the
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course and in direct bill programs your
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employer will pay the school you attend
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instead of having you pay for the
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courses first but if you don't earn a
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passing grade in the course your
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employer may require you to pay them the
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money back unlike those tuition
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assistance programs a lump sum program
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offers all the money you're eligible for
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once each year although the amount of
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tuition assistance varies companies are
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allowed to offer up to 5 250 in tax-free
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funding annually
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some companies choose to offer more so
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it's important to ask how much tuition
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assistance is offered each year and you
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should ask whether you're limited to
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specific areas of study some companies
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only offer tuition assistance if your
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courses relate to the company's industry
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like if i worked for a tech company and
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wanted to take courses they might only
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cover things like cyber security
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programming web design and related
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topics but if i wanted to study
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something else like linguistics i can
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try to make a case that other courses
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will help me do my job better and
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convince my employer to cover it so
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research the courses you want to take
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before applying for aid through your
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company and be prepared to explain how
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each course relates to your job and how
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each one can help you contribute to the
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company if you're under 24 and
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considered a dependent you can also
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consider asking your parents or
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guardians to check with their employer
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for instance wells fargo offers tuition
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reimbursement for employees and
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scholarships for the children of
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employees or if your parent or guardian
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works for a college or university you
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may qualify for tuition assistance if
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you attend that school and if you or
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your spouse is employed by the military
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you may qualify for military tuition
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assistance which is available to both
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active duty service members and veterans
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as a veteran your dependents like your
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spouse or children may also receive aid
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through spouse or dependent assistance
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for example the post 9 11 gi bill is
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designed to pay for service members
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education and can be transferred to a
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qualifying spouse or other dependent and
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each branch of service has different
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tuition assistance programs so we
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encourage you to check with the
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appropriate branch for more specific
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information ultimately paying for
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college is about finding money to put
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toward your education but it's also
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about reducing the amount of money you
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need to pay out of pocket and what
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school you go to can be a big part of
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that trade schools may have higher
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upfront costs than four-year schools but
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offer more specific career focus that
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can lead to gainful employment quickly
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you can often earn a certificate there
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in one or two years and fund your
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program with federal financial aid
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scholarships or grants community
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colleges also cost less than state
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colleges or universities even if you
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decide to attend university later you
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can attend a community college first to
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complete your general education credits
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at a lower cost if you decide to take
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this path make sure you understand how
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the credits you earn at a community
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college will transfer to a university
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most schools have a transfer credit tool
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on their websites that you can use to
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evaluate the number of credits that
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could transfer earning college credits
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in high school like through advanced
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placement courses or taking low-cost
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college courses like asu's universal
00:09:35
learner courses is another way to reduce
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college costs by earning college credit
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before actually starting college you can
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also look into clep a college level
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examination program that enables you to
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complete tests in lieu of taking
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introductory courses in dante's which
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supports members of the military in
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completing exams to earn high school and
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college credits planning ahead for
00:09:55
college tuition and fees can help you
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save more money in the long run and
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reduce financial stress
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less stress means more energy to focus
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on your coursework create great memories
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and enjoy your college experience thanks
00:10:05
for watching this episode of crash
00:10:07
course how to college this series is
00:10:09
part of an expanded program called study
00:10:11
hall crash courses partnered with
00:10:12
arizona state university to launch city
00:10:14
hall on its own channel check out
00:10:16
youtube.com studyhall where you'll find
00:10:18
more tips about navigating college
00:10:20
choosing a major plus foundational
00:10:22
courses connected to college credit
00:10:24
courses that students struggle with most
00:10:25
in their first two years we hope to see
00:10:27
you over there
00:10:32
you
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