Paying for College: A Brokeman’s Ultimate Guide (Part 1)

Picture this: It’s the bottom of the ninth inning. The bases are loaded and the only thing standing between you and reaching the major leagues is getting to that home plate. Your practice and training have enabled you to get to where you are, and the movements themselves are automatic, so now the only thing that can stop you is your own mindset. 

A lot of people diligently prepare for college; they get into a good school that will set them on the path they’ve always dreamt of, and yet the moment they realize they are responsible for making it possible through their own planning and actions, they give up. 

As the first generation from my family to go to college and law school, I understand the challenges and triumphs that come with this journey. I know what it’s like to face the daunting task of figuring out how to pay for your education. If you’re looking to dwell on the cards you’ve been dealt in life, this guide isn’t for you. This guide is for the hungry and those of you that understand the American dream – everything and anything is within your reach. 

In this guide, part one will take you through a personalized journey to funding your college education, shaped by the unique blend of your state’s opportunities, your family’s background, and your own unique circumstances and goals. From uncovering state-specific financial aid options to leveraging your family’s experiences or professions, we’ll unravel the complexities of grants and scholarships. Prepare to discover how strategic planning and your determination can transform your college dreams into a concrete reality, tailored to your individual circumstances and goals.

Understanding the Basics of College Funding 

Before we dive into the details, let’s cover three essential terms: grants, loans, and scholarships. Grants are money you receive that you don’t pay back. Loans involve borrowing money with interest and specific eligibility requirements apply. Scholarships are essentially competitions for money that you don’t pay back. It’s important to note that we, at Ameribrights, avoid using the term “free money” as it can be misleading. Also, depending on the source or purpose, grants and scholarships may be subject to federal and/or state taxes.

Step 1: Consider Your State 

Many states offer financial aid to residents beginning their college journey. Each state provides unique resources and programs, each with specific eligibility criteria. Requirements may include attending a state high school or residing in the state for a defined period before applying. Moreover, there are deadlines for application submission and renewal.

In a future article, if this topic interests you, we’ll explore each state’s particular options in depth. In the interim, it’s important to understand how to begin researching financial aid options tailored to your state. The first step is to identify the authoritative entity responsible for disseminating this information in your state and locate their website. This will serve as your primary resource for understanding the financial aid programs available to you.

In this section we will highlight a few states and explore the various financial assistance programs they offer college students. This will provide a practical starting point for your research into state-specific opportunities.

Colorado 

Colorado supports a wide range of educational pathways beyond high school through its public institutions. Whether you’re pursuing a short-term certificate, an associate degree, or a bachelor’s degree, Colorado’s Department of Higher Education and public institutions collaborate to provide accessible education.

The state’s Promise Programs are designed to alleviate financial burdens by covering tuition costs at participating colleges and universities. The specific eligibility requirements differ depending upon the college’s specific requirements. Starting in the fall 2024, the newly passed Colorado Promise goes into effect and provides full reimbursement of tuition and fees for students from families with incomes of $90,000 or less attending public institutions. Eligibility for these programs varies by institution and may require residency status, completion of the FAFSA or CASFA (for non-U.S. citizens), and ongoing academic progress. 

Additionally, students can benefit from the College Opportunity Fund  (COF), which offers a stipend based on enrolled credits, enhancing affordability. A stipend refers to an amount of money the state pays on behalf of students. For the 2024-2025 school year, the stipend is $116 per credit hour for public colleges and $58 per credit hour for private colleges. Eligibility requirements are specific and linked to the institution attended, applying to both participating public and private colleges.

Florida

In Florida, the Office of Student Financial Assistance (OSFA), a division of the Florida Department of Education, acts as the  guarantor for the Federal Family Education Loan Program (FFELP) and administers various scholarship and grant programs. First time applicants are required to complete the FL Financial Aid Application (FFAA) to be considered for a range of scholarships and grants.  

The primary scholarship widely discussed among Floridians is the Bright Future Scholarship Program, which offers four distinct scholarships:

• FL Academic Scholarship (FAS): Requires students to graduate from a Florida high school with a standard diploma, complete 16 college-preparatory courses, achieve a 3.50 weighted GPA, and score at least 29 on the ACT, 1340 on the SAT, or 96 on the CLT. Additionally, students must complete 100 hours of volunteer service or paid work to qualify.
• FL Medallion Scholarship (FMS): Requires students to graduate from a Florida high school with a standard diploma, complete 16 college-preparatory courses, achieve a 3.00 weighted GPA, and score at least 25 on the ACT, 1210 on the SAT, or 84 on the CLT. Students must also complete 75 hours of volunteer service or 100 hours of paid work to be eligible.
• FL Gold Seal CAPE Scholarship (GSC): Requires students to graduate with a standard high school diploma, earn 5 postsecondary credit hours through CAPE industry certifications, and complete 30 volunteer service hours or 100 paid work hours. The GSC scholarship can be used for applied technology diplomas, technical degrees, or career certificate programs and may be applied to a baccalaureate degree after earning an associate degree, with a required minimum cumulative GPA of 2.75.

It’s important to note that the OSFA specifies that only certain high schools participate and certain colleges can disburse state aid. Be sure to review these lists when planning your college applications process or even moving while in high school. 

New York 

New York offers a wide range of financial aid programs to help students pursue higher education. From need-based grants like the Tuition Assistance Program (TAP) to scholarships for specific fields, such as the NYS STEM Incentive Program, students have various options to fund their education.

Among these, the Excelsior Scholarship stands out by making college tuition-free for certain New Yorkers. Under this program, families and individuals earning up to $125,000 annually can attend CUNY and SUNY two- and four-year colleges tuition-free.

To qualify, students must be New York State residents (defined as someone that has resided in NY for 12 continuous months), plan to attend a SUNY or CUNY college, complete 30 credits per year, and live and work in New York post-graduation for the same duration they received the scholarship. The scholarship is managed by the Higher Education Services Corporation and covers tuition costs after applying any federal or state grants, including PELL and TAP. This “last dollar” scholarship ensures that any remaining tuition expenses are fully covered.

Step 2: Reflect on Your Family

While this step may not be relevant to everyone, if you are fortunate to have a family, take a moment to reflect with me. Grab a sheet of paper and start jotting down interesting details about your family. Capture information about your parents or legal guardians, grandparents, and your spouse if applicable.  Below are some areas that you might want to focus on. Remember, not every bullet point will apply to you, but we encourage a broad exploration rather than a narrow focus.

• Is your parent currently working and/or available to work?
• Who specifically do they work for? Understand who owns the company. For example, your parent might say they work for Enforcement and Removal Operations (ERO), but you want to go deeper – ERO is part of ICE, and ICE is part of DHS.
• Did they serve, or currently serve, in the United States armed forces (e.g., Army, Marine Corps, Navy, Air Force, Coast Guard)?
• Did they serve, or currently serve, in any state’s armed forces (e.g., State Defense Force or State Guard)?
• Why did they die?
• Are they disabled?
• Where are your ancestors from (e.g., Ireland or Venezuela)?

State Aid

Some states offer targeted educational benefits or scholarships designed to support individuals based on their heritage, familial ties, or service contributions. These programs aim to assist children or grandchildren of state employees, veterans, and others who have made significant sacrifices or contributions to their communities.

Here are a few notable examples of such initiatives:

• Alabama G.I. and Dependents’ Scholarship Program: This scholarship provides tuition assistance to certain children and spouses of eligible Alabama veterans, including those who were permanently disabled or killed in action. 
• Virginia Military Survivors and Dependents Education Program (VMSDEP): VMSDEP provides educational benefits to spouses and children of military service members who were killed, missing in action, or became totally disabled as a result of military service. The program covers tuition and fees at Virginia public colleges and universities.

Employer-Sponsored College Benefits 

Some employers offer educational benefits as part of their employee compensation packages, extending these benefits to cover the college tuition costs of their employees’ children. These programs are designed to support employees in providing quality education for their families, fostering loyalty and satisfaction within the workforce. Employer-sponsored college benefits can vary widely in scope and eligibility criteria, often covering full or partial tuition costs at accredited institutions. This support not only alleviates financial burdens for families but also strengthens the employer-employee relationship through long-term investment in employee well-being and career development. Here are some examples: 

• Starbucks: Offers the Starbucks College Achievement Plan, which provides full tuition coverage for eligible employees and their children through partnerships with Arizona State University and other online programs.
• U.S. Department of Homeland Security (DHS): DHS offers educational benefits for employees, including tuition assistance and scholarships for employees and their dependent children. By the way, this is why when you reflected earlier, we asked you to consider the parent company of who your parent works for (if you had been looking online for ERO scholarships you probably wouldn’t have found it). Note that if you go through the rabbit hole of government educational benefits, you’ll see that dependent benefits apply only at certain universities of the ones listed ( e.g., Oregon State University and Penn State World Campus) and the particular discount will also differ depending on the university. Due to that, it might be more advantageous for you to get yourself into the government agency full-time and attend school part-time than to rely solely on your parent’s benefit.
• International Union of Operating Engineers, Local 825: Local 825 offers educational benefits for its members and their families, including scholarships. 

We shared with you those specific examples, just to highlight that this benefit isn’t unique to government jobs or unions, it also extends to private companies.

College Tuition Remission 

Some colleges provide free education to the children of their employees, often referred to as “tuition remission,” though the exact name may vary by institution. I first became aware of this benefit when I worked at the Rutgers Neilson Dining Hall and met some of the mommas. That was a few years ago (crickets), but here’s how it works today: Using Rutgers as an example, a parent who works full-time, earns a salary below approximately $106K, and meets certain other eligibility requirements can have their child’s college education completely covered. Note that if the parent dies after the child is admitted or enrolled, the child remains eligible until the completion of their degree.

If you have a stay-at-home parent who doesn’t mind working, you might want to suggest this option. This benefit exists at many colleges and is definitely worth researching. If you know there is a specific institution you want to attend and you have a solid chance of getting in, talk to your parents while you’re in high school and ask if one of them could get a job there. This is a particularly attractive option if you have a parent who has been a homemaker (in order to raise you) or has homeschooled you and now might have some time.

Conclusion 

As you stand at the plate, ready to swing, remember that preparing to pay for college is like getting ready for that crucial moment in a baseball game. You’ve taken the time to understand the opportunities your state offers, and you’ve reflected on how your family’s background can support your journey. These steps are essential, but the game isn’t over yet.

In Part 2 of our comprehensive guide, we will dive into Step 3: Reflect on Yourself. We will explore the intricacies of grants, loans, military benefits, and employer-sponsored programs. Just as a baseball player must adjust their stance and strategy for each pitch, you must consider all available resources and plan accordingly.

Stay tuned as we continue to unravel the complexities of paying for college, ensuring you are well-equipped to turn your dreams into a reality. Your determination and strategic planning are your best tools, and with them, you’ll be ready to knock your college goals out of the park.