This fall my quadruplet cousins started college. Yes. Four people, all at once.
When they say it takes a village to raise a child, that is of course quadrupled for four children – it has been a team effort. And while money is a general anxiety with four children (never mind all at the same time!), our family has been especially focused on how to pay for their college degrees.
The price tag for even one student is something to contend with for most families. And, in the words of Ben Wyatt from Parks and Recreation, when we did the math on sending four kids to college…The numbers got a lot higher.
Where am I going with all this? Today’s blog topic focuses on just that…How can you pay for college?
Beyond my own experience, I’ve also had the opportunity to speak to a lot of students about how they’ve funded their time at Georgia Tech. Today I wanted to share a quick guide of tips as you navigate paying for your degree.
Make a Plan!
The one thing everyone I’ve ever spoken to had in common: Planning, planning, planning! Your plan to pay for college can never start too early (or, quite frankly, too late), and can never be too creative or use too many tools.
Most crucial, how much money do you actually need? Start by taking a look at your desired college’s cost of attendance page.
Next, have the tough conversations – Do you have any family who are able and willing to support you financially? Has anyone been saving for this moment? Can anyone start saving right now? Can you start saving right now?
Whether the answers to those questions are yes or no, knowing is the first step to building the rest of your plan.
What else can be in your plan? Let’s go over some options below.
Shop Local (Scholarships)
Many students I’ve spoken with started with local scholarships. The national scholarships with a $20,000 payout may sound tempting, but competition is tough. Instead, focus small. Your local Rotary Club, charities, and other foundations probably have scholarships.
Get niche – are there local companies doing the work you want to major in? Ask your counselors and teachers. Ask your parents and your friends’ parents.
Multiple students I’ve spoken to have taken this route and received enough money to either entirely cover their costs or cover most of it. If you want to learn more about these routes, check out Aboubacar’s story about how he got a debt-free degree from Tech, and Janet’s perspective on scholarships as a rural first-generation student.
Check your Email!
Another common theme mentioned by students, including Natalia – keep an eye on your email once you’ve enrolled in college. Once you’re a student, your major, department, and/or college may have additional scholarship or grant money available.
As I approached my own senior year of college, it was two scholarships from my academic department that helped me have the funds to study abroad and pursue an unpaid internship without the fear of cost and missing paychecks.
Similarly, get involved with different clubs and organizations on campus, because they might also have scholarships. This is particularly true for professional organizations – think American Society of Civil Engineers or Women in Engineering.
Submit Your Financial Aid Applications – Every Year!
I won’t belabor this point, since I already wrote a detailed blog post back in October, but financial aid applications play a key role in your process.
As Asia told me when I spoke to her, “Closed mouths don’t get fed – Financial Aid has to know what your financial situation is.” Financial aid is the first step to a huge chunk of knowledge about how to pay for college – whether that be qualifying you for loans, grants, or scholarships.
Financial aid is what made Tech possible for students like Oscar, who had competitive offers elsewhere but ultimately chose Tech because it came out with the lowest overall cost.
Consider Co-ops and Internships
Once you start gaining knowledge, internships and co-ops can play a huge part in covering your costs while also building your resume.
The average co-op hourly wage is $25/hour for Tech students, and students alternate between taking regular semesters of classes and three semesters where they work 40 hours a week at their co-op. During the working time periods, they remain Tech students but don’t pay tuition since they’re typically not taking classes.
Simultaneously earning money to pay for the next semester while pausing your college expenses can be a huge help. To learn more about the co-op route, read about Anna’s experience at Delta Airlines.
For those that want something shorter term, the average hourly wage for a Tech student working an internship is $27. This can be done over the summer or for a full semester, either in tandem with classes or by itself, with a range of time commitments.
Back to Planning
In summary, you have a lot of options! Start looking for scholarships now and learn where you can get plugged in that might further assist you.
If you need loans, figure out approximately how much you’ll need – you may not need the max amount offered, which can save you money in the long run.
I know it can be a daunting task, but always remember there is a community behind you, whether that be your family, your school, or your hometown, that wants to see you succeed. Additionally, this is just the tip of the iceberg of tools at your disposal! Continue doing the research and adjusting your plan as needed.
Amanda Budd is a communications officer in Enrollment Management at Georgia Tech. She joined the division in Summer 2023 and writes a variety of content for Undergraduate Admission, Financial Aid, and beyond. She cares deeply about access to education and sharing the ongoing work to expand access at Tech.