How to pay for college tuition as a working adult student

1 00:00:00,181 --> 00:00:03,264 (light upbeat music) 2 00:00:04,170 --> 00:00:05,970 - Hello, thank you for taking some time 3 00:00:05,970 --> 00:00:08,580 to learn about eight ways to pay for college. 4 00:00:08,580 --> 00:00:11,130 I'm Chris Conway, the Director of Financial Literacy 5 00:00:11,130 --> 00:00:13,500 at University of Phoenix. 6 00:00:13,500 --> 00:00:15,390 I know that thinking about how to pay for college 7 00:00:15,390 --> 00:00:16,950 can feel overwhelming, 8 00:00:16,950 --> 00:00:18,930 but in this video I have some tips to share 9 00:00:18,930 --> 00:00:21,690 that can help you find several ways to cover your costs, 10 00:00:21,690 --> 00:00:23,133 so let's get started. 11 00:00:24,240 --> 00:00:27,990 Tip number one is to consider financing your education 12 00:00:27,990 --> 00:00:29,430 with your own money. 13 00:00:29,430 --> 00:00:32,670 Use savings or income to pay tuition as you go. 14 00:00:32,670 --> 00:00:35,820 I recognize for a lot of us, this may not be realistic, 15 00:00:35,820 --> 00:00:36,750 but I wanted to begin 16 00:00:36,750 --> 00:00:39,600 with the most prudent way to cover your cost 17 00:00:39,600 --> 00:00:41,670 so that you don't have anything to pay back 18 00:00:41,670 --> 00:00:43,420 after you've completed your degree. 19 00:00:44,820 --> 00:00:48,360 Tip number two is to apply for scholarships. 20 00:00:48,360 --> 00:00:50,640 This takes time and effort but it can be worth it 21 00:00:50,640 --> 00:00:52,950 if you can chip away educational expenses 22 00:00:52,950 --> 00:00:54,840 with scholarship money. 23 00:00:54,840 --> 00:00:57,660 For example, if it takes 10 hours of work 24 00:00:57,660 --> 00:00:59,850 to get a $1,000 scholarship, 25 00:00:59,850 --> 00:01:03,030 you've just paid yourself $100 an hour for your effort, 26 00:01:03,030 --> 00:01:04,893 and that seems like time well spent. 27 00:01:06,240 --> 00:01:09,900 Tip number three: To apply for Federal grants and loans, 28 00:01:09,900 --> 00:01:13,200 fill out the Free Federal Application for Financial Aid, 29 00:01:13,200 --> 00:01:14,700 or the FAFSA. 30 00:01:14,700 --> 00:01:16,320 This seems pretty straightforward 31 00:01:16,320 --> 00:01:18,690 but you'd be surprised how many people aren't aware of 32 00:01:18,690 --> 00:01:20,430 or forget this step. 33 00:01:20,430 --> 00:01:23,250 Filling out the FAFSA is an essential first step, 34 00:01:23,250 --> 00:01:27,093 and to complete the form, go to studentaid.gov. 35 00:01:28,710 --> 00:01:31,740 Tip number four: If you're unemployed 36 00:01:31,740 --> 00:01:33,870 but know that you want to go back to school, 37 00:01:33,870 --> 00:01:36,570 consider focusing your job search on organizations 38 00:01:36,570 --> 00:01:38,970 that offer tuition benefits. 39 00:01:38,970 --> 00:01:41,250 This ensures that when you do find a job, 40 00:01:41,250 --> 00:01:42,660 it will be with an organization 41 00:01:42,660 --> 00:01:45,160 that will also help you with your education goals. 42 00:01:46,590 --> 00:01:49,170 Tip number five: Students who qualify 43 00:01:49,170 --> 00:01:51,300 for military education benefits 44 00:01:51,300 --> 00:01:54,300 may also be eligible for Federal financial aid, 45 00:01:54,300 --> 00:01:56,070 and some people don't realize this 46 00:01:56,070 --> 00:01:57,840 and it could lead to additional support 47 00:01:57,840 --> 00:02:00,540 for military-affiliated students. 48 00:02:00,540 --> 00:02:03,300 Again, to apply, you'll need to fill out a FAFSA 49 00:02:03,300 --> 00:02:04,923 at studentaid.gov. 50 00:02:06,420 --> 00:02:10,050 Tip number six: Apply for Prior Learning Assessment 51 00:02:10,050 --> 00:02:12,570 at the beginning of your college journey. 52 00:02:12,570 --> 00:02:13,950 This way, you'll have more options 53 00:02:13,950 --> 00:02:16,530 to knock out those general education courses 54 00:02:16,530 --> 00:02:19,050 that you'll probably need to graduate. 55 00:02:19,050 --> 00:02:21,720 Saving time like this also helps you save money 56 00:02:21,720 --> 00:02:24,063 and it lessens your investment in college. 57 00:02:25,530 --> 00:02:27,300 Tip number seven. 58 00:02:27,300 --> 00:02:29,640 Like the Prior Learning Assessment Program, 59 00:02:29,640 --> 00:02:32,040 consider finding alternative credit options 60 00:02:32,040 --> 00:02:34,260 when you first begin college, 61 00:02:34,260 --> 00:02:36,630 and search through often less-expensive options 62 00:02:36,630 --> 00:02:40,650 like Sophia, StraighterLine, and Study.com. 63 00:02:40,650 --> 00:02:42,090 This path may help you complete 64 00:02:42,090 --> 00:02:46,143 your general education requirements for less time and cost. 65 00:02:46,980 --> 00:02:49,800 Finally, tip number eight. 66 00:02:49,800 --> 00:02:52,140 You don't have to accept the full amount 67 00:02:52,140 --> 00:02:54,180 of the Federal loan that you're offered. 68 00:02:54,180 --> 00:02:57,090 This is a really important point to keep in mind. 69 00:02:57,090 --> 00:03:00,150 Only borrow the amount that you need to cover your tuition, 70 00:03:00,150 --> 00:03:03,930 and only after you've explored your other payment options. 71 00:03:03,930 --> 00:03:06,420 Federal loans may be better than a personal loan, 72 00:03:06,420 --> 00:03:08,460 but remember you still have to pay the money back 73 00:03:08,460 --> 00:03:09,690 in the end. 74 00:03:09,690 --> 00:03:11,670 So there ya have it. 75 00:03:11,670 --> 00:03:14,640 Eight tips to consider on how to pay for college. 76 00:03:14,640 --> 00:03:15,540 It is true. 77 00:03:15,540 --> 00:03:19,504 College is a big investment and it's a financial commitment. 78 00:03:19,504 --> 00:03:21,420 While it may take some extra effort 79 00:03:21,420 --> 00:03:23,910 to figure out your college financial plan, 80 00:03:23,910 --> 00:03:26,043 I encourage you to take the time to do so. 81 00:03:27,120 --> 00:03:29,490 When you look for free money first, 82 00:03:29,490 --> 00:03:31,860 use your own money second, 83 00:03:31,860 --> 00:03:34,500 look for lower cost options third, 84 00:03:34,500 --> 00:03:37,290 and consider borrowing only as a last resort, 85 00:03:37,290 --> 00:03:38,883 college can be more affordable. 86 00:03:39,990 --> 00:03:41,700 And when you consider the potential income 87 00:03:41,700 --> 00:03:42,990 being with a degree, 88 00:03:42,990 --> 00:03:46,950 the time and money it takes to get an education is worth it. 89 00:03:46,950 --> 00:03:49,650 However, you need to finish your program 90 00:03:49,650 --> 00:03:51,720 to reap the rewards. 91 00:03:51,720 --> 00:03:54,180 You're less likely to see the return on investments 92 00:03:54,180 --> 00:03:56,310 if you don't have that degree, 93 00:03:56,310 --> 00:03:59,700 and it's important that you recognize this up front. 94 00:03:59,700 --> 00:04:01,020 If you're borrowing money, 95 00:04:01,020 --> 00:04:03,360 make sure that your goal is to graduate 96 00:04:03,360 --> 00:04:05,360 so that you can reap the benefits of it. 97 00:04:06,630 --> 00:04:08,640 Thank you and best of luck 98 00:04:08,640 --> 00:04:11,250 on your paying-for-college exploration, 99 00:04:11,250 --> 00:04:13,048 and remember that we're here to help. 100 00:04:13,048 --> 00:04:16,131 (light upbeat music) 101 00:04:20,628 --> 00:04:22,511 (music ends)