Paying for It — Scholarships, Loans, Working While Studying

What if someone told you there are billions of dollars in free money available for students, and much of it goes unclaimed every year? It’s true. Paying for education after high school isn't just about taking on debt. It’s about finding the opportunities that already exist. The search for that free money, called scholarships, can be one of the highest-paying jobs you ever have.

Thinking about the cost of education can be stressful. But knowing your options puts you in control. There are three main ways to pay for it, and most people use a mix.Free Money (Scholarships & Grants): This is the best kind. A scholarship is money awarded for something you've achieved (like good grades, sports, or art) or for who you are (your background or interests). It does not need to be paid back. Many scholarships go unclaimed simply because not enough people apply.Borrowed Money (Student Loans): A student loan is debt. You must pay it back with interest (an extra fee for borrowing). Imagine borrowing enough for one car, but by the time you're done paying, you've paid enough for two. That's how interest can work.Earned Money (Working): Many students work part-time. Working 10-15 ho...

Jordan (15) was listening to some older students talk in the hallway. They were complaining about their student loans, saying they'd be paying them off forever. Jordan’s heart sank. How could anyone afford to go to university if it meant a lifetime of debt? It felt impossible. Later that week, a school counselor gave a presentation. She pulled up a list of 50 different scholarships. There were scholarships for community service, for being good at a certain video game, for being left-handed, and for writing a good essay. Jordan realized paying for education wasn't just about avoiding a debt trap. It was also about hunting for opportunities. That night, Jordan created a new file on the computer: “Scholarship Tracker.”