The Worst Myth: College Is for Rich Kids

Do you need to be rich in order to get a college degree? Absolutely not! But if you're concerned about affording your college costs, check out this advice.

If you think college is only for rich kids, you’re not alone. One of the longest-standing myths in the higher education world is that you need to have deep pockets in order to get a degree—and unfortunately, the recent college admission scandal that’s rocked the country has done nothing to dispel this belief. But the fact is that nothing could be further from the truth! There are many ways deserving students can make their college dreams possible without totally breaking the bank (or resorting to bribery).

First, you need to look at college with a growth mindset. There’s a good chance you’ve heard people talk about college as an investment in your future—and one that pays off over time. If you view higher education this way, it makes it easier to see how paying off your debt over time is a reasonable approach to affording a degree, with one caveat: how you afford college may look entirely different than how your peers afford it. The good news is that making college both accessible and affordable is within your reach. Here are six ways you can make a post-secondary education a reality for you.

Federal aid in the form of loans and grants

Your first order of business is to look into the federal financial aid program. Through the FAFSA, everyone is eligible to apply for loans. The benefits of borrowing money for college from the federal government include lower interest rates and better terms. If you qualify, you may also be eligible to receive aid in the form of grants, which is money you don’t have to pay back. Plus, if you demonstrate financial need, you may qualify for subsidized loans, which means the federal government pays the interest on the loan while you’re in school.

Related: How to Fill Out the FAFSA, Step-by-Step

Start at a community college

For many students, the option of starting at a community college means they’ll be able to pursue a four-year degree without taking on a massive pile of student loan debt. Community colleges offer students the first two years of college with the option of finishing a technical or two-year degree or completing an associate degree that can transfer to a four-year college. The cost advantage of completing your first two years at a community college is significant. For starters, tuition is lower, and if you can live at home, you’ll save on room and board. These two factors combined can potentially save you thousands of dollars.

Apply for scholarships

Scholarships are available through both private donors and the school you plan on attending. If you’re still in high school, it’s a good idea to begin your scholarship search before your senior year. This will give you a chance to see what the providers are looking for and which scholarships you may be eligible for. Once your senior year begins, plan on filling out scholarship applications from September through the end of your senior year. Typically, scholarship season is most active from September to April.

Related: 6 Student Tips to Help You Apply for Scholarships the Right Way 

Work while going to school

Another popular option among students is working while going to college. For some, this may be minimal work to help cover some basic costs (like a part-time job or work-study). But for others, this could mean going to school part-time while working as many hours as possible. While this option may require you to be in school longer than the typical four years, you will likely borrow less money and pay for some of your schooling along the way. For example, rather than taking the full-time academic load of 15 credits per quarter, you may only take eight credits while working 30 hours a week. 

Earn a four-year degree on a community college campus

More and more community colleges are partnering with four-year colleges and universities to offer degrees on site. What this means for you is the chance to earn a bachelor’s degree without leaving home. Typically, you will complete your first two years at the community college, then once you have your associate degree, you will apply to a bachelor’s degree program on the same campus. In addition to saving money on your overall college costs, remaining on campus can also help with a smoother transition to your degree program.

Consider private student loans

If you’ve maximized federal aid, applied for scholarships, and still need more money to cover the financial gap, you may want to consider private student loans. Separate from the federal loan program, private loans are issued by lenders associated with banks or credit unions. Each lender sets their own rates, terms, and fees, so if you’re considering this option, it’s worth your time to shop around. 

Related: What You Need to Know About Taking on Student Loans

Long story short: Don’t be discouraged about the cost of college! If your dream school seems out of reach, there are many options you can pursue to get there. And if you and your family really can't make it work, there are certainly a lot of other colleges that will fit you both academically and financially. Good luck with your search and don't give up!

For even more advice that can help make your higher education more affordable, check out our Financial Aid section. 

Like what you’re reading?

Join the CollegeXpress community! Create a free account and we’ll notify you about new articles, scholarship deadlines, and more.

Join Now

Tags:

About Sara Lindberg

Sara Lindberg

Sara Lindberg is a freelance writer and former secondary school counselor. She has a Master of Education in Counseling and 20 years of experience working with middle and high school students and their parents. 

 

Join our community of
over 5 million students!

CollegeXpress has everything you need to simplify your college search, get connected to schools, and find your perfect fit.

Join CollegeXpress

College Quick Connect

Swipe right to request information.
Swipe left if you're not interested.

New York University

New York, NY


Aaliyah

Aaliyah

High School Class of 2022

My mother signed me up for a couple of scholarship contests through CollegeXpress. I was also able to do some research and compare the different schools on my list. I was able to see the graduation rates and different programs that helped me decide on Adelphi University. I will continue looking for some scholarships for my start in September.

Alexandra Adriano

Alexandra Adriano

$2,000 Community Service Scholarship Winner, 2016

I've used CollegeXpress quite a bit as a senior, particularly for colleges and scholarships, so it's been a very big asset in that respect! I would recommend it to anyone looking to pursue a college education, especially seniors! This scholarship will help me achieve my goals in ways I couldn't have before, and I know that there are opportunities like that for everyone on the website and in the magazines!

Sadie Hartmann

Sadie Hartmann

High School Class of 2021

I'm a senior in high school, and CollegeXpress has helped me in so many ways this year in trying to navigate the process of deciding and committing to a university. The COVID-19 Student Resource Center has helped me many times with the most up-to-date and accurate information, along with financial aid and student life [advice]. During these uncertain times, CollegeXpress has been a great recourse to relieve the stress as a senior. Along with the COVID-19 Student Resource Center, I'm constantly using the extremely helpful tools off the site to aid me during this stressful process. Tools like the lists and rankings of universities have been the most beneficial. I've also used the site to receive expert advice on topics like financial aid. Finally, CollegeXpress has helped me easily apply for several scholarships. I'm thankful to be given the chance to win a scholarship to lessen the burden of my college debt.

Victoria Fuss

Victoria Fuss

March Madness Scholarship Winner, Class of 2022

CollegeXpress has helped me dramatically. Moving on to the next level has been a dream of my mine since I was just a young kid, and the support and help CollegeXpress has given me will help me further my education. I couldn’t be more grateful to everyone at CollegeXpress!

Khush

Khush

High School Class of 2021

CollegeXpress is a multi-maneuver platform that has been helping students in their college applications and scholarship hunt process. For me, CollegeXpress has been a boon. I've been able to find my dream university via CX, and I've also been able to apply to thousands of scholarships through it. All the thanks to CollegeXpress for doing such a great job for free. I express my sincere gratitude to you for doing such a wonderful job. I recommend CollegeXpress without any reservations.