# 8 ways to pay for college for working adults

## 8 ways to pay for college for working adults

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Transcript: 0:00 (light upbeat music) 0:04 Hello, thank you for taking some time to learn about eight ways to pay for college. 0:08 I'm Chris Conway, the Director of Financial Literacy at University of Phoenix. I know that thinking about how to pay for college can feel overwhelming, but in this video I have some tips to share that can help you find several ways to cover your costs, so let's get started. 0:24 Tip number one is to consider financing your education with your own money. Use savings or income to pay tuition as you go. I recognize for a lot of us, this may not be realistic, but I wanted to begin with the most prudent way to cover your cost so that you don't have anything to pay back after you've completed your degree. 0:44 Tip number two is to apply for scholarships. This takes time and effort, but it can be worth it if you can chip away educational expenses with scholarship money. For example, if it takes 10 hours of work to get a $1,000 scholarship, you've just paid yourself $100 an hour for your effort, and that seems like time well spent. 1:09 Tip number three: To apply for Federal grants and loans. Fill out the Free Federal Application for Financial Aid, or the FAFSA. This seems pretty straightforward, but you'd be surprised how many people aren't aware of or forget this step. Filling out the FAFSA is an essential first step, and to complete the form, go to studentaid.gov. 1:28 Tip number four: If you're unemployed but know that you want to go back to school, consider focusing your job search on organizations that offer tuition benefits. This ensures that when you do find a job, it will be with an organization that will also help you with your education goals. 1:46 Tip number five: Students who qualify for military education benefits may also be eligible for Federal financial aid, and some people don't realize this and it could lead to additional support for military-affiliated students. Again, to apply, you'll need to fill out a FAFSA at studentaid.gov. 2:06 Tip number six: Apply for Prior Learning Assessment at the beginning of your college journey. This way, you'll have more options to knock out those general education courses that you'll probably need to graduate. Saving time like this also helps you save money and it lessens your investment in college. 2:27 Tip number seven. Like the Prior Learning Assessment Program, consider finding alternative credit options when you first begin college, and search through often less-expensive options like Sophia, StraighterLine, and Study.com. This path may help you complete your general education requirements for less time and cost. 2:47 Finally, tip number eight. You don't have to accept the full amount of the Federal loan that you're offered. This is a really important point to keep in mind. Only borrow the amount that you need to cover your tuition, and only after you've explored your other payment options. Federal loans may be better than a personal loan, but remember you still have to pay the money back in the end. So there you have it. Eight tips to consider on how to pay for college. 3:14 It is true. College is a big investment and it's a financial commitment. While it may take some extra effort to figure out your college financial plan, I encourage you to take the time to do so. When you look for free money first, use your own money second, look for lower cost options third, and consider borrowing only as a last resort, college can be more affordable. And when you consider the potential income with a degree, the time and money it takes to get an education is worth it. 3:46 However, you need to finish your program to reap the rewards. You're less likely to see the return on investment if you don't have that degree, and it's important that you recognize this up front. If you're borrowing money, make sure that your goal is to graduate so that you can reap the benefits of it. 4:06 Thank you and best of luck on your paying-for-college exploration, and remember that we're here to help.
The video was uploaded 08-01-2022  
You can view the video [here](https://www.youtube.com/watch?v=fDHjdKzdZl0).  
The video lasts for 4 minutes 22 seconds

Key Moments

00:24 Pay with savings or income  
00:44 Apply for scholarships  
01:09 Complete the FAFSA for grants and loans  
1:28 Look for employers with tuition benefits  
1:46 Use military education benefits with federal aid  
2:06 Apply for prior learning assessment  
2:27 Explore alternative credit options  
2:47 Borrow only what you need  
3:14 Why planning matters  
3:46 Why finishing your degree matters  
4:06 Closing