Lana Oconnell
Paying for college as an independent student can be daunting, but there are several options available to help you cover the costs. Firstly, you can explore financial aid options by filling out the Free Application for Federal Student Aid (FAFSA) as an independent student, without including information about your parents' income or assets. To be considered independent, you must meet certain legal requirements, such as age or other circumstances. Additionally, you can look into scholarships, grants, and loans offered by your state, school, or other organizations. Part-time work while studying can also help reduce the financial burden, although it may extend your graduation timeline. Lastly, employer-sponsored tuition reimbursement programs are another option to consider, as they can provide valuable benefits to both employees and employers.
| Characteristics | Values |
|---|---|
| Federal student loans | Offered by the US Department of Education |
| Private student loans | Offered by private entities like banks, online lenders, or credit unions |
| Federal PLUS loans | Offered to independent students, parents of undergraduate students, or graduate students |
| State grants and scholarships | Offered by individual states, often to help residents pay for in-state colleges and universities |
| School financial assistance | Offered by the school's own scholarship and grant funds |
| Part-time work | Working a part-time job while attending college part-time |
| Employer-sponsored tuition reimbursement | Tuition assistance programs offered by employers |
| Age | Students 24 or older are considered independent for federal financial aid purposes |
| Other circumstances | Being married, a U.S. veteran, in active-duty military service, an emancipated minor, a homeless youth, a parent, or having been in foster care can qualify a student as independent |
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What You'll Learn
Apply for scholarships
As an independent student, you may be eligible for a variety of scholarships. These can be offered by your state, your school, or other organisations.
State scholarships
Your home state may offer scholarships or grants to help you pay for college. These are usually intended for state residents to attend in-state colleges and universities. You can find your state college grant agency to see what's available to you.
School scholarships
Your school may offer financial assistance from its own scholarship and grant funds. This often starts with the FAFSA, which allows you to list schools on the form. When you're accepted, schools will send you financial aid offers that may include scholarships.
Other scholarships
There are many other scholarships available for independent students. These include:
- The Founders Scholarship: This supports nontraditional students with demonstrated financial need. Applicants must be undergraduates who contribute to their college and community and must be enrolled full-time in a bachelor's program at an accredited college.
- The President's Scholarship: This supports graduate students who show financial need and academic achievement. Applicants must be nontraditional student members of the Association for Nontraditional Students in Higher Education and must be enrolled full-time at an accredited school.
- The ASIST Scholarship: This scholarship is for students facing economic, social, or physical challenges. Applicants must live within the boundaries of a chapter that participates in the scholarship.
- The MBA Diversity Fellowship: This scholarship is for graduate students in business. Applicants must be Black, Hispanic, Native American, LGBT+, military veterans, students with disabilities, or women.
You can also find scholarships by inquiring with nonprofits and civic organizations in your area, asking your school counselor, or trying scholarship search tools like the one on CollegeXpress.
FAFSA
If you're an independent student, filing the FAFSA as such can greatly change your financial aid package. However, the process for filing as an independent can be tricky, especially if you're under 24. Before filling out the FAFSA, you must first determine your dependency status, which dictates whose information needs to be submitted on the form. If you're 24 or older when you apply, you are automatically qualified as an independent. If you're under 24, you must meet certain legal requirements to file independently. These include being married, a U.S. veteran, in active military duty, an emancipated minor, a homeless youth, or a parent who provides more than half of the financial support for a child who lives with you.
To file as an independent, review the list of questions provided by the U.S. Department of Education to determine eligibility and consult with a financial aid administrator. You can also reach out to your high school counselor to get help assembling the paperwork and filing it.
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Take out federal or private student loans
As a student, you can take out federal or private student loans to pay for college. Here's what you need to know:
Federal Student Loans
Federal student loans are provided by the US government to eligible students or their parents/guardians to help cover the cost of higher education. These loans are distributed directly by the government, making them a dependable option for financing your education. To be eligible for federal student loans, you must meet certain legal requirements and demonstrate your financial need. You can start by filling out the Free Application for Federal Student Aid (FAFSA). The FAFSA will determine your dependency status, which dictates whose information needs to be submitted on the form. If you are an independent student, you will need to provide your financial information, while dependent students must provide information from their parents or guardians.
It's important to note that there are limits on the amount you can borrow in federal student loans, and these limits vary depending on factors such as your year in school and whether you are an independent or dependent student. Additionally, there are two types of federal student loans: subsidized and unsubsidized. Subsidized loans have lower interest rates and are based on financial need, while unsubsidized loans are not based on financial need and may have higher interest rates.
Private Student Loans
Private student loans are offered by banks, credit unions, or other financial institutions. Unlike federal student loans, private student loans require a credit check and often require a cosigner. Applying with a creditworthy cosigner can increase your chances of getting approved and may result in a lower interest rate. Private student loans may also have different interest rate options, such as fixed or variable rates, and you may be able to choose whether to make payments while still in school or defer payments until after graduation.
It's recommended to explore federal student loans first before considering private student loans. Private student loans typically have higher interest rates and may require you to start making payments while you are still in school. Additionally, private student loans may have stricter eligibility requirements and may not offer the same loan forgiveness or repayment plan options as federal student loans. However, if you have exhausted your federal loan options or need additional funds, private student loans can help bridge the gap to cover your college expenses.
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Declare yourself independent on the FAFSA
To declare yourself independent on the FAFSA, you must meet certain legal requirements to file independently. The FAFSA is the Free Application for Federal Student Aid, which most schools use to determine financial aid awards. Before filling out the FAFSA, applicants must first determine their dependency status, which dictates whose information needs to be submitted on the form.
Undergraduates born before January 1, 2001, who complete the 2024-2025 FAFSA are considered independent for federal financial aid purposes. Additionally, students age 24 or older by December 31 of the award year are considered independent. However, there are other circumstances outside of age that can give a student independent status.
To be considered independent on the FAFSA without meeting the age requirement, an associate or bachelor's degree student must meet at least one of the following criteria:
- Be married
- Be a U.S. veteran
- Be on active military duty for purposes other than training
- Be an emancipated minor
- Be a recently homeless youth or be self-supporting and at risk of homelessness
- Be a parent who provides more than half of the financial support for a child who lives with them
- Have been in foster care, been an orphan, or a dependent or ward of the court for any period of time after the age of 13
It is important to note that simply considering oneself independent due to parental refusal to fill out the FAFSA is not enough to qualify for a dependency override. Students must provide documentation to support their request for an override, such as documents from third-party agencies and evidence that they are living away from their parents. Consulting with a financial aid administrator can help determine eligibility for independent status.
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Work part-time
Working part-time is a great way to pay for college as an independent student. Here are some tips to help you get started:
Determine your dependency status:
Before applying for part-time work, ensure that you meet the legal requirements to be considered an independent student. Review the list of questions provided by the U.S. Department of Education and consult with a financial aid administrator to confirm your eligibility. Age is a significant factor, as students 24 or older by December 31 of the award year are typically considered independent. Other criteria include being married, a U.S. veteran, or having specific financial responsibilities.
Balance work and studies:
Juggling part-time work and your studies can be challenging. Consider enrolling in college part-time to ease the burden and allow more time for work. However, keep in mind that this will extend your graduation timeline and may increase your tuition costs per class. Carefully weigh the benefits and drawbacks of this decision.
Look for part-time jobs with tuition perks:
Seek out employers who offer tuition assistance to their employees. Companies like Starbucks, Pizza Hut, White Castle, and Amazon have programs that provide tuition reimbursement or assistance for online or on-campus degrees. Fast-food companies, in particular, often provide tuition benefits for hourly employees.
Take advantage of federal work-study programs:
The federal work-study program allows students with financial needs to earn money through part-time work. Students who file the Free Application for Federal Student Aid (FAFSA) may be eligible for this program and can earn at least the federal minimum wage.
Explore the gig economy:
Consider flexible gig economy jobs that you can fit around your class schedule. Options include delivery services like Postmates, ride-booking services like Uber and Lyft, or task-based platforms like TaskRabbit. These jobs often provide higher earnings than traditional hourly wage jobs and can be tailored to your availability.
Pursue paid internships:
Paid internships can help pay for college and also enhance your resume. They can lead to valuable connections and increase your chances of securing full-time employment after graduation. According to a 2019 survey, nearly two-thirds of paid interns received a job offer upon completion of their internship.
Remember to manage your time effectively and maintain a healthy balance between your studies and work commitments. Good luck with your educational journey!
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Seek employer-backed tuition assistance
Employer tuition assistance is a powerful talent strategy that provides motivated employees with a path to skill and career advancement. It is an employer-sponsored program that helps employees pursue additional education, training, and skill development. It is a written plan by the employer to provide employees with undergraduate or graduate-level educational assistance.
Through strategically designed employer tuition assistance programs, companies can develop dependable talent pipelines, build a more engaged workforce, and create an education-focused culture that attracts top performers. Over two-thirds of Millennials value learning over salary, and companies that offer education assistance are likely to recruit top performers. Tuition assistance helps employers develop talented workers to fill critical roles and acquire essential skills.
For workers, employer tuition assistance makes it financially viable to earn additional degrees and certifications. Assistance programs may provide individualized coaching that helps employees take advantage of discounted tuition policies and develop skills that align with their career goals.
Bright Horizons EdAssist Solutions® is an example of an employer tuition assistance program that helps establish employer tuition assistance programs that align the career goals of employees with the talent management strategies of employers.
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Frequently asked questions
There are several ways to pay for college as an independent student, including scholarships, federal student loans, and private student loans. You can also look for grants, which are often provided by the state to help residents pay for in-state colleges and universities.
FAFSA is the Free Application for Federal Student Aid. Before filling out the FAFSA form, applicants must determine their dependency status, which dictates whose information needs to be submitted. Independent students are assessed based on their ability to pay, and they are not required to include their parents' income or assets.
The U.S. Department of Education provides a list of questions to determine eligibility. Generally, a student aged 24 or older by December 31 of the award year is considered independent. There are other circumstances, such as being married, a U.S. veteran, or having children, that can grant a student independent status.
Yes, scholarships and grants are good alternatives to loans. You can also consider working part-time while studying part-time, or look into employer-sponsored tuition reimbursement programs.
