Funding a College Education
Funding your education can be daunting. The tools available to you can differ depending on whether you are an undergraduate or graduate student. There are often many unknowns regarding both funding and costs, which can vary widely.
Controlling Costs
Things like books, supplies, rent and utilities or room and board, travel and living expenses all add to the cost of a degree.
We addressed this briefly in a couple previous articles: Identifying Expenses: Fixed, Flexible, or Occasional? and Financial Aid Notifications: Cost of Attendance is Estimated.
With books, renting, buying used, or borrowing from a friend or the library can all cut down the costs of a degree, especially if you consider how those costs add up over the course of your education.
Lodging costs can be a very large chunk of your education expenses. Living alone will incur higher costs compared to living with roommates. Obviously, you must consider what living situation is most helpful for you to be able to complete your degree, but sharing expenses with roommates during your academic program can significantly cut the overall cost of your education.
Daily expenses, such as food and commuting costs, also add to the cost of your degree, so establishing habits that can help you avoid frequent convenience purchases can cut the cost of your degree.
Financial Aid Reminders
There are many financial tools to help you fund your education. Student loans, grants and scholarships, waivers, fellowships, and even tax credits can be used in addition to 529 college savings programs that you or your family may have already established.
When it comes to financial aid, a few things to keep in mind include:
- The FAFSA must be completed annually to get aid each academic year.
- Federal Work Study (FWS) is not counted as taxable income.
- Scholarships, grants, and fellowships don't have to be repaid, but portions could be taxable.
- Most people take out student loans to finish their degrees. Tracking the types and terms of your loans is important for navigating repayment.
One of our previous SMMC Support Specialists, Kendra Nalubega-Booker, wrote an excellent article, 6 Considerations for Finding Funding During COVID-19, on finding funding during COVID-19. The majority of the article is still relevant for finding funding today. Kendra was a multi-year fellowship recipient, and her experience is valuable for other students seeking fellowship funding, whether as an undergraduate or graduate student.
Campus & Community Resources to Help Cover Costs
There are several community and campus resources to help you meet your needs (e.g., housing, electricity, meals, healthcare), so seeking out offices and events to help you meet your basic needs while on campus can empower you to navigate larger systems in the future.
We have many listed on our Budgeting and University Resources pages, including aid programs like the Affordable Connectivity Program and Illinois SNAP.
Learn More About Funding a College Degree
You can learn more about funding and controlling the costs of your degree with:
Webinars & Website:
Podcast Episodes:
Or, you can enroll in our Borrow course by following the steps below:
- Visit the Borrow course.
- Click the NetID Login button.
- Log in with your NetID & password (requires 2FA).
- Under Self-enrollment (Student), click the "Enroll Me" button.
- Complete the modules that interest you related to borrowing money and managing debt.
