How to Pay for College When Your Parents Won’t Help
Credit: O2O Creative / E+ / Getty Images- Paying for a college education without parental assistance is possible.
- Grants, scholarships, and student loans can help you cover the cost of college.
- Loan forgiveness programs can help you clear your debt after graduation.
- You may also choose to work while you study to offset costs.
There are many reasons you may have to pay for college all on your own.
Perhaps your parents or guardians can’t afford to contribute to your college education after high school. Perhaps you’re in the foster care system or emancipated from your parents, leaving you on your own. Or, perhaps your parents subscribe to the belief that what you need is the school of hard knocks and that forcing you to figure out how to pay your college tuition will only make you stronger.
Whatever the reason, there are many ways you can pay for college when your parents won’t help.
Student loans, grants, and scholarships can all go a long way in helping you meet your tuition and living expenses. Additionally, it could help to work while you learn to help offset some of the costs associated with college.
Financial Aid Options
Grants, scholarships, and student loans are the most common forms of financial aid that help subsidize the cost of a college education.
Grants
Federal and state grants often help cover the cost of college.
They are also relatively common. According to the National Center for Education Statistics (NCES), 72.8% of full-time undergraduate students received a grant during the 2019-20 academic year. The average grant amount was $15,060.
Looking for more info on college affordability? Read more:
The Pell Grant program is the federal government’s primary grant program for low- and middle-income students. You’ll need to complete the Free Application for Federal Student Aid (FAFSA) to qualify for a Pell Grant, which will likely require a parent’s or guardian’s cooperation if you are under the age of 25.
A parent filling out the FAFSA does not mean they must help you pay for college, however.
Scholarships
Scholarships are often seen as a lifeline for low- and middle-income college students.
However, people tend to over-emphasize the value of private scholarships. While helpful, this is a very competitive space and very few students actually benefit from private scholarships.
A Business Insider analysis found that private scholarships account for just 5% of college students’ aid.
In 2015, the Hechinger Report found that wealthier students were more likely to receive private scholarships than low-income students. Nearly 13% of students from families earning more than $106,000 a year got private scholarships, compared to 9% of students from families earning less than $30,000 annually.
The Lesson: Private scholarships may seem alluring, and it’s worth applying for them. However, it may be unwise to base your degree attainment plan on the premise that scholarships will cover all or most of your education costs.
Loans
The prospect of taking on debt to go to college may seem daunting. However, the federal student loan program offers students relatively low interest rates, making it a viable option for many.
| Year | Dependent Student | Independent Student |
|---|---|---|
| First-year, undergraduate | $5,500 | $9,500 |
| Second-year, undergraduate | $6,500 | $10,500 |
| Third-year and beyond, undergraduate | $7,500 | $12,500 |
| Graduate/Professional | Not applicable; all graduate/professional students are considered independent | No borrowing limit for Grad PLUS loans |
Experts often advise that private student loans should be considered a last resort for students.
Private student loans typically have higher interest rates than federal loans. There are also fewer repayment and forbearance options, so you may more easily default on these loans in the future.
Work While You Learn
Holding a job — usually a part-time job — can help you earn money to offset the cost of an education while you study.
The federal work-study program provides part-time jobs to undergraduate and graduate students. Typically, the jobs are on-campus, and recipients must demonstrate financial need to qualify for a work-study grant.
| Family Income | Percentage of Recipients | Percentage of Funds Disbursed | Average Award |
|---|---|---|---|
| Less than $6,000 | 6% | 6.3% | $1,953 |
| $6,000 to $11,999 | 3.4% | 3.7% | $1,990 |
| $12,000 to $23,999 | 11.6% | 12.3% | $1,977 |
| $24,000 to $29,999 | 6.2% | 6.6% | $1,947 |
| $30,000 to $41,999 | 12.2% | 12.8% | $1,916 |
| $42,000 to $59,999 | 15.9% | 16.4% | $1,862 |
| $60,000 and over | 44.7 | 41.9 | $1,776 |
| Total | $1,856 |
Many students also work off-campus jobs while attending college. It may be more difficult to manage your schedule as a full-time student alongside your work responsibilities, however, unless your employer is accommodating.
Let Others Pay for Your Education
Parents and guardians aren’t the only people who can contribute to your education.
BestColleges has identified over 50 companies that offer tuition reimbursement to employees. While the methods may vary, partnerships between employers and institutions may allow you to work while pursuing a degree to graduate debt-free.
Some employers offering tuition reimbursement include:
- Amazon
- Chevron
- Disney
- Kroger
- McDonald’s
- Microsoft
- Starbucks
- Walmart
Private corporations aren’t the only entities that can cover the cost of higher education.
You can often qualify for complete reimbursement after graduation if you agree to work in specific fields and/or in certain parts of the U.S. While this means you’ll have to front the costs of education — usually through federal student loans — these programs offer a pathway to affordable education in hindsight.
For example, 30 states offer student loan debt forgiveness for social workers.
Programs vary by state, but they typically require you to work as a social worker for a set number of years in a Healthcare Shortage Service Area (HSSA). Once you meet your obligation, the state will pay off all or part of your student loan debt.
Similar programs exist for other professions, such as nursing and teaching.