How can I afford it?
Paying for college is often a daunting task. That’s why governments and universities go to such great lengths to help students make ends meet.
From subsidized loans to scholarships to tuition discounts, students have a variety of tools to help with the financial investment required for college:
- Government-subsidized loans: Because a college degree will usually open doors to higher paying careers, it often makes sense for students to borrow money now that they can pay back as college graduates. The federal government makes this option easier with low-interest loans that do not require repayment until after graduation. Students only need to fill out the Free Application for Federal Student Aid (FAFSA)
- Tax credits: Educational tuition and materials are largely tax deductible and can be written off on federal tax returns. This means students don’t pay taxes on the money they use to pay for college.
- Merit-based grants (scholarships): Nevada offers merit-based scholarships to new freshman based on high school grade point average and standardized test scores. Awards range from $2,500 to $1,000. There are also hundreds of endowed scholarships offered by the university’s academic units. There are also literally thousands of scholarships available from numerous sources around the country. Though there is a certain amount of leg-work involved in applying for many scholarships, others are as simple to come by as filling out a quick application.
- Need-based grants (scholarships): These grants are awarded based on student need. Often, this is determined by filling out the Free Application for Federal Student Aid (FAFSA).
- Tuition discounts: Nevada offers discounted tuition to Nevada residents as well as residents from states participating in the Western Undergraduate Exchange program.
- Work-study: Based on a student’s Free Application for Federal Student Aid (FAFSA), the federal government may award work-study which allows students to work on-campus or off-campus jobs and earn money for living expenses.