Other Types Of Financial Aid

While not as prevalent, there are other types of financial aid available to consider when determining the funding of your finance major. They include, but are not limited to:

  • Student employment, on- or off-campus. Most colleges and universities offer a wide variety of on-campus jobs to help defray tuition and/or personal expenses while attending school. On-campus jobs are designed with students' schedules in mind, so it may be easier to squeeze in an on-campus job in with your academic obligations than an off-campus one. However, on-campus employment is not particularly lucrative. Minimum wage for on-campus jobs is commonplace. Off-campus jobs may not have flexibility in scheduling, but they usually pay more than on-campus jobs. It is up to you to decide what works best for you. Also, in most cases, wages from student employment, whether on-campus or off-campus, is not directly applied to tuition accounts, so it is up to you to have the discipline to make sure that earnings are applied toward tuition and/or room and board expenses.
  • Federal work-study. Many campus departments and off-campus nonprofit agencies have employment opportunities available through the Federal Work-Study (FWS) program. You will need to indicate your interest in the FWS program on your Free Application for Federal Student Aid (FAFSA). If accepted, wages from your federal work-study position will be applied directly to your college or university tuition account.
  • Payment plans. If you are unable to pay all tuition and room and board expenses by the due date of the applicable semester, trimester, or quarter, most colleges and universities allow you to establish an alternative payment plan. You will need to make payment arrangements with your campus's bursar office.
  • Military enrollment. Depending on how long you enlist in the army and the job you choose, the army could pay up to $85,000 of your college expenses as part of the Army College Fund. You are required to give $100 a month during your first year of service as a condition of participation in this program. The Army Reserve offers a Montgomery GI Bill of up to $12,000. In addition, soldiers who have served 90 or more days of active duty on or after September 11, 2001 may qualify for up to 36 months of educational expenses under the Post-9/11 GI Bill. Expenses covered include tuition, fees, a monthly living allowance, books, and supplies. This can also be transferred to a spouse or dependent children of the soldier. Visit goarmy.com or contact your local recruitment office for more information.

Last Updated: 06/08/2014

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