The Complete Guide to Getting Paid to Go to School

Pursuing higher education has many rewards – increased knowledge, exciting career opportunities and greater lifetime earning power. However, the rising cost of attendance has made funding this investment in yourself a difficult barrier for many hopeful students.

Average tuition and fees alone at private non-profit 4-year institutions reached $38,185 in 2022-2023. And over 40 million Americans now have student loans, carrying an average balance of $39,351.

With smart planning, resourcefulness and responsible borrowing, there ARE still ways to get your schooling funded or even earn money in the process through:

• Grants and scholarships
• Work-study programs
• Employer assistance
• Military benefits
• Affordable student loans

This guide will explore all of your options in detail…

Grants and Scholarships Offer Unmatched Funding

Free money that does not need to be repaid, grants and scholarships should be your first avenue to pursue for offsetting the expenses of higher education.

Between federal and state governments, universities themselves, and private organizations, there are many programs available:

Federal Pell Grants

The Pell Grant is one of the most well-known sources of funding from the Department of Education. For 2023-2024, the maximum annual award is $6,895 with eligibility determined based on financial circumstances.

Nearly 7 million students receive over $27 billion in Pell Grants each year.

To qualify, you must:

• Display financial need
• Be an undergraduate student
• Be a U.S. citizen or permanent resident

And amounts awarded can be up to $6,895 per year based on your income, cost of attendance at school choice and enrollment status as a full or part-time student.

State and Institutional Grant Aid

Beyond federal grants, many state governments and colleges themselves also offer financial aid support. The University of Michigan for example distributes $85 million in institutional grants ever year – one criteria being underrepresented minority status.

Research what is available in your home state as well based on academic, athletic or other achievements.

Scholarships from Private Organizations

Separate from government sources, there are many scholarship programs funded privately by:

• Non-profit foundations and charities
• Individual donors
• Corporations
• Professional associations
• And more

Scholarships can be merit or needs-based and recognize all types of exceptional talents, community service endeavors and personal backgrounds.

Using aggregator sites like FastWeb and Scholarships.com allows you to find many small, local community and niche opportunities beyond crowded national programs.

Here are just a few examples:

Scholarship	Amount	Eligibility
Gate Millennium Scholars	$5,000 – $40,000+	High-achieving minority students
ACS Scholars	$5,000 per year	Underrepresented groups pursuing chemistry
Pride Foundation	$2,500 – $7,500	LGBTQ+ students
Alfa Fellowship Program	$2,000 – $20,000	Mexican-American/Latino students

Casting a wide net and persistently applying is crucial – remember success rates for some scholarships dip well below 5% due to extensive competition.

College Work-Study Jobs

In addition to free aid, work-study makes up the other primary form of financial assistance facilitated directly by schools‘ financial aid offices.

These programs provide part-time employment opportunities for students with demonstrated financial need to earn money help cover their educational expenses.

How Work-Study Operates

Unlike a typical job, work-study programs allow students to work more flexible schedules of around 10-15 hours per week on or off campus while accommodating their academic priorities.

On-campus positions are often tied closely to a student‘s field of study and career interests. For example:

• Research assistant
• Lab technician
• Resident advisor
• Peer tutor/notetaker
• Website developer
• Graphic designer

The average pay rate is typically between $8-$15 per hour depending on your role and skill level required.

And the funds earned through work-study do NOT have to be repaid like a loan – it is money you keep to put towards any college costs you may face.

Significant Advantages

Beyond the financial benefits, work-study also enables students to:

• Gain practical experience
• Apply knowledge from the classroom
• Make professional connections and references
• Develop time management abilities

Studies from groups like the National Association of Student Financial Aid Administrators back this up, finding work-study participants graduate faster and have higher incomes after college.

Check with your target institution‘s financial aid office for open positions.

Employer Tuition Reimbursement Opportunities

Once enrolled full-time in the workforce after college, many companies now offer tuition reimbursement or assistance programs to help employees professionally develop their skills.

Instead of paying for an expensive Master‘s degree, JD, or PhD completely out of pocket, your employer foots part or all of the bill.

How Tuition Assistance Programs Work

Over half of employers surveyed provide some level of tuition benefits with 29% fully covering costs at least for certain schools or degrees.

Programs do differ, but generally employees can request funding for pre-approved accredited institutions/degrees that relate to their current role or align with company needs.

Upon completing courses or terms while maintaining proper grades/enrollment status, they submit evidence of tuition payments to their employer for reimbursement.

Often times this money does not need to be paid back or comes with minimal commitments to stay with the company for a certain time period post-graduation.

Top majors supported are MBA, Computer Science, Data Science, Healthcare Administration, etc.

Advancing Your Education and Career

Assuming you select an economically valuable degree, tuition assistance offers advantages including:

For employees

• Save significantly on education
• Opportunity to pursue majors otherwise unaffordable
• Develop specializations to advance role
• Build skills for increased pay and leadership

For employers

• Retain top talent by investing in their growth
• Incentivize continuous learning culture
• Gain uniquely qualified personnel
• Remain competitive recruiting recent grads

Getting an employer to invest in your education lets both parties share risk AND reward.

Here is a table of top companies and their tuition benefit offers:

Company	Tuition Assistance Offer
Starbucks	100% college tuition coverage through ASU online program
Home Depot	$5,250 per year
UPS	$5,250 per year
Verizon Wireless	Up to $8,000 per year
Bank of America	$5,250 per year
Chipotle	Up to $5,250 per year

When job hunting, be sure to inquire about education benefits available.

Military Education Benefits

Active duty service members, veterans, National Guard and military families have several excellent programs available to pursue degrees affordably or at no cost.

These options even allow transferring benefits to spouses and dependents in some cases – making them a very valuable education resource.

Major Education Funding Programs

Some of the notable military tuition assistance options include:

Post-9/11 GI Bill

• Earned through active duty service
• Covers 100% in-state tuition
• Provides generous housing allowance
• Up to $24,476 per year

Military Tuition Assistance

• For active duty pursuing degree programs
• 100% tuition and fees paid
• Annual cap of $4,500

Yellow Ribbon Program

• Closes GI Bill coverage gaps
• Helps afford private institutions
• VA matches additional funding

Spouse/Dependent Transfer

• Share benefits with family members
• Expand education access

Veterans Education Success found the Post-9/11 GI Bill alone has benefited over 1 million people and counting through these amazing programs.

Deeply understand your options through your associated education office.

Student Loans

When tapped judiciously after exhausting grants, scholarships and work opportunities, student loans can fill remaining gaps allowing you to pay for school now that you repay slowly in the future.

However, borrowing does come with risks – so maintaining reasonable debt levels and repayment discipline is key.

Loan Types and Terms

If you decide loans are necessitated and make financial sense based on your earning potential from your degree path, there are two avenues:

Federal Loans (Recommended)

• Dept. of Education direct loans
• Lower interest rates
• Income-based repayment options
• Credits like forgiveness programs

Private Loans

• Offered by banks/credit unions
• Credit score dependent
• Higher/variable rates
• Fewer flexible repayment options

Think carefully regarding whether you really require loans, how much and what terms work for your situation.

Research thoroughly!

Borrow Responsibly

If using loans in your funding mix, keep these tips in mind:

• Never borrow more than one year‘s expected salary from your career field
• Prioritize subsidized loans to avoid interest growth
• Make monthly interest payments while still enrolled
• Take advantage of graduated repayment structures

While loans do offer school access, excessive debt burdens graduates for years restricting their financial choices and options.

Be judicious!

Finding and Successfully Applying for Funding

After reviewing the wide range of programs available from multiple sources, here are some core strategies boosting your probability for securing money for school:

Thoroughly research options early

• Explore all state, school, federal and independent offerings with 12+ months of lead time
• Seek out fellowships and aid aligned with interests

Cast a very wide net

• Apply to dozens and dozens of scholarships
• Can‘t win if you don‘t play!

Get extreme with cutting costs

• Reduce transportation/housing needs through work-study
• Buy/share used textbooks and materials

Maintain academics

• Keep grades as strong as possible
• Ensure test scores like SAT/ACT are competitive

Learn how to appeal for more aid

• Negotiate offers year over year
• File complaints if misinformed

Do not allow perceived barriers to deter you from relentlessly seeking any possible opportunity – with creativity and grit, funding is possible!

Between escalating college costs and burdensome loan balances causing over 1 in 5 borrowers to eventually default, funding education can feel impossible without massive personal sacrifice.

But in reality:

• Grant and scholarship providers DO offer billions in free aid
• Schools themselves want to incentivize attendance through benefits
• Employers/military also share interest increasing skills
• And reasonable, conservative borrowing IS possible

Stay encouraged and be relentless seeking any angle to get your schooling funded through the smart combination of:

• Need or merit-based grants
• Highly-competitive scholarships
• Working flexible part-time jobs with earnings unmatched repaying loans
• Free tuition offers from forward-thinking companies/institutions

Getting paid to learn or graduating debt-free IS feasible with focus, dedication and intentional planning – don‘t let the published costs deter you. Where there‘s a will, there‘s a way – now go make it happen!