The economic recession is not only an everyday subject in the news, but is also present in regular conversations. Money is tight, and most people no longer have the luxury of eating out everyday and taking vacations, let alone forking over thousands of dollars for college. With the economic recession, students are having greater difficulty paying for school. From winning scholarships to applying for financial aid, here are some tips for earning some extra cash.

Students are forced to get a degree because of the tightening job market, and affording college is no easy venture. Students can no longer rely on their parents’ college savings fund, and individual efforts must be made by the student. The good news is that there are many ways to pay for a college tuition; you just have to look for them. Financial aid, scholarships, jobs, and loans are four of the most common ways to pay for your education.

Financial Aid

As long as you are an American citizen going to college, you can apply for government assistance and aid. In order to receive federal money, students must fill out the Free Application for Federal Student Aid, or FAFSA. The FAFSA can be found online and must be completed before June 30th, 2009 for the 2009-10 school year.

The FAFSA examines information about the student and his/her family and determines how much money the student will need for schooling. FAFSA takes into account the parents’ income, number of children in college and at home, and assets. If you come from a family that is suffering from the economic depression and has little money, then you may be lucky enough to receive government assistance. If not, then you must look for other resources for money.

Scholarships

Two main types of scholarships are available to students. Need-based scholarships grant money to students who have a necessity for money, and merit based scholarships are awarded to students who have proven their academic prowess, or have special characteristics. Merit-based scholarships are awarded without regard to a student’s financial standing.

Scholarships are aplenty and available, but students must spend time looking for them. Some universities will give merit-based scholarships to exceptional students, but there are many more to apply for. A quick search at Scholarships.com or Fastweb.com will list dozens of scholarships that apply directly to you. For example, some scholarships are strictly available to only African Americans, or students who are in the Boy Scout Program.

Apply for as many scholarships as you can. The chances for winning scholarships are not great, but the more you apply for, the more you can win. Students should also check with their parents’ employers, which may offer scholarships only available for employee relatives.

Working

Another way for students to support themselves through college is to work. Students should work during the summer and save most of that cash for the upcoming school year. If students can manage working during the school year, then they should do that as well. A tip for working during the school year is that students should work for the school. Students can become Desk Attendants in the dormitories or work in the bookstore.

Working for the school will grant the student lenient hours, and your employers know how busy you are with schoolwork. This is especially important during midterms or final, when you will need all the studying time you can get. Students can also try and get jobs pertaining to their major, and can actually receive college credit for working. More information can be found with the department of the chosen major at the university.

Loans

Loans are the trickiest option for students. Loans are tricky because interest can build up and students will leave college with a bill they will be paying for their whole lives. There are three main types of loans: federal student loans to students, federal student loans to parents, and private student loans made to students or parents.

Federal student loans made to students do not have to be paid for as long as the student is fully enrolled at a university. However, the amount a student can receive is usually very limited.  Federal student loans made to parents must be paid off immediately, but much more money can be loaned. Private student loans made to students or parents are the loans to watch out for. There are less limitations, money does not need to be paid until after graduation, but the interest will start to build up immediately. More information on loans can be found at the CollegeBoard website.

Money for college is necessary in this day and age, but leaving college with a debt larger than the college tuition will hound you for years to come.