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In the first two parts of Brokeman’s Ultimate Guide, we covered state-specific aid, grants, scholarships, and loans. You’ve mastered the basics, but there’s still more to explore.
In Part 2, we asked you to reflect on your personal strengths, priorities, and career goals. Now, it’s time to put that self-reflection to use as we dive into the final installment.
In this last part, we’ll take a closer look at additional financial strategies, such as the federal work-study program, internships, military benefits, and employer-sponsored benefits. These options not only offer financial support but also provide valuable career experience.
Get ready to uncover new opportunities and take the final steps toward turning your college dreams into reality. Let’s dive in!
Can I Work While Studying to Help Pay for College?
Absolutely, you can work while studying in college. Balancing work and classes is possible, but it requires strong time management, organizational skills, and self-discipline. If you’ve determined that you can handle this balance, the next step is to evaluate your options.
The key question is whether a federal work-study program, if you qualify, is a better fit for your situation compared to a traditional part-time job, paid internship, or entrepreneurial venture. Our advice: don’t assume that government-sponsored programs are automatically the best choice. Evaluate the financial and practical benefits of each option to find what works best for you.
Federal Work Study-Program
This program is federally funded and allows eligible students to work part time (under 20 hours) and get paid. You can not elect to work however many hours you want since it can’t exceed your total federal work-study award. In order to qualify you have to be eligible which is determined by your FAFSA. Typically, the jobs are on campus but can be off campus as well. The money goes directly to you and you can use it for the costs of classes, your housing, or whatever you see fit. These jobs may pay minimum wage or above. Typically, these funds do not count as “income” (in the sense of taxable income), so it shouldn’t impact your eligibility for federal aid. To learn more about this program check out Federal Student Aid.
Paid Internship vs. Job
A job typically involves performing specific tasks and contributing to the company’s goals. At great companies, such as Capital One, there’s often a strong focus on employee growth and development. These companies aim for you to succeed both in your role and within the organization, offering opportunities to expand your knowledge, take on projects beyond your job description, and engage in leadership development.
In contrast, an internship is designed to provide hands-on experience while helping you gain new knowledge and skills. Ideally, you’re not expected to know everything upfront; instead, your supervisor should guide you and make the experience meaningful. Internships should include a nurturing component. For instance, in my previous internships, I was encouraged to keep a journal documenting my work and learning experiences.
Unfortunately, the reality of internships often falls short of expectations. You might find yourself lacking the knowledge or skills to excel immediately, and sometimes you won’t receive the level of guidance or mentorship you anticipated. In my opinion, 99% of the time, this lack of support is not a personal reflection on you; your supervisor or team may simply have limited bandwidth or be overwhelmed with their own tasks. In such cases, you’ll need to navigate challenges independently, akin to the “School of Hard Knocks,” like my hero, Annie.
It can be challenging to assess the organization’s culture and the team’s attitude before starting an internship.
Pro Tip: Ask detailed questions during the interview to gain a clear understanding of what to expect and to ensure the opportunity aligns with your goals and needs.
Example: Evaluating Job Vs. Internship Opportunities
As an example, a part-time job at Goya could potentially offer better pay and growth opportunities than a part-time internship with a local congressman. Don’t assume that an internship will automatically be more beneficial just because it sounds prestigious. Assess each opportunity based on how well it aligns with your goals and needs and the growth opportunities it presents. This topic deserves its own article, so let us know if you’re interested.
Reflect on your long-term career goals—maybe you want to get into law. Consider which opportunity might lead to building stronger relationships with your manager, making it easier to ask for a recommendation for your law school application. There are many different factors to consider, so create your own checklist of what matters most to you.
Here’s some controversial advice: Don’t assume that a higher-paying job is always the better choice. Think about short-term sacrifices for long-term goals. In our example of the opportunity at Goya, consider how a strong recommendation from this role, combined with other meaningful recommendations, could not only help you get into law school but also open up opportunities for scholarships—potentially worth thousands of dollars.
Entrepreneurship
When it comes to jobs, there are two options: working for someone else, which we already discussed, or being your own boss. This is referred to as entrepreneurship. Reflect on your unique talents, knowledge, skills, and resources (yes, list them on your sketchpad). Now, connect these talents to potential income opportunities. It’s helpful to think about the platform(s) you’ll use and how you’ll market yourself. Here are some examples:
Math Skills
- What can you do? Tutor both in-person and virtual.
- How will you market yourself? Post flyers on student bulletin boards and via your LinkedIn page.
Photography Skills
- What can you do? Freelance photographer. License out pictures as stock images; Offer services for events and weddings.
- How will you market yourself? Promote via Craigslist, Shutterstock (Contributor Program), Adobe Stock.
Japanese Language Skills
- What can you do? Tutor both in-person and virtually.
- How will you market yourself? Promote via LinkedIn, local community boards, and platforms like italki.
Book Collector
- What can you do? Become a book dealer. Purchase the books at flea markets and Goodwill and resell them.
- How will you market yourself? Sell on Craigslist, Amazon, or AbeBooks.
Remember to always consult with an accountant to ensure you comply with any applicable regulations or requirements related to your freelancing or entrepreneurial activities. Properly managing your taxes and financial responsibilities is crucial for your long-term success.
Caution: Remember to always be safe and take precautions. For example, don’t meet with a stranger from Craigslist other than in a public location where you are surrounded by other people (like a library or Starbucks). Also, share your location with your parents or a friend to be extra safe.
What Military Educational Benefits Are Available?
Remember in Part 2 of our Brokeman’s Ultimate Guide, we asked you to write down any medical issues you might have. If you’re in good health, you should consider serving your country. However, even if you’re not in perfect health, it doesn’t mean you can’t serve in the armed forces. You might just need to put in some extra effort, such as obtaining a medical waiver, to make it happen.
The military offers several benefits for financial aid to active-duty service members, veterans, and their families. These benefits can provide substantial support for your education and future career goals.
- Army ROTC: Currently, over 1,000 universities in the US offer the ARMY ROTC program. Basically, the army will pay your tuition while you go to college and during that time you’re also trained to become an Army Officer. You end up graduating as a second lieutenant in the Army, Army Reserve, or Army National Guard.
- Navy ROTC (NROTC): Like Army ROTC, NROTC offers scholarships that cover tuition, fees, textbooks, and a stipend for living expenses. NROTC scholarships are available at over 160 colleges and universities nationwide. In exchange, students commit to serve as officers in the Navy or Marine Corps after graduation.
- Veterans Educational Assistance Program (VEAP): VEAP is available to veterans who contributed to the program while on active duty. The government matches contributions made by the service member, and these funds can be used for tuition, fees, books, and other educational expenses
- GI Bill: Provides education and training benefits to eligible veterans, service members, and their qualified dependents. These benefits can be used for a wide range of educational pursuits, including degree programs, vocational training, certification courses, apprenticeships, and more. The GI Bill benefits typically cover tuition and fees, a housing allowance, and a stipend for books and supplies, helping recipients pursue their educational goals without financial burden. Eligibility and benefits vary depending on the specific GI Bill program and individual circumstances, so you’ll want to research carefully here.
Note that there are several other similar programs depending on what branch you’re interested in – such as the Coast Guard College Student Pre-Commissioning Initiative (CSPI), and Air Force ROTC (AFROTC) to name a few. It is important to keep in mind that even though these programs offer amazing benefits and can cover the costs of college and even a graduate degree, there are significant sacrifices involved in serving your country. There are several factors to weigh before making such a commitment, and it’s something you’ll want to discuss with a family member, mentor, and other service members.
What About Employer Sponsored Benefits?
Employer-sponsored benefits, such as tuition assistance programs and scholarship programs, are valuable offerings that many companies provide to support their employees’ educational pursuits. Tuition assistance programs are employer-sponsored initiatives that reimburse employees for tuition costs related to courses or degree programs that are relevant to their job or career development.
Some of these employers offering these programs include Capital One (which provides up to $5,250 per year for course-specific tuition and fees, regardless of whether you’re part-time or full-time) and various federal government agencies (which may make payments to the loan holder of up to $10,000 for an employee in a year, but not more than $60,000 for any employee). This is a common method to attract and retain employees, so definitely research individual employers and apply carefully.
Be mindful that if you accept money from an employer, you likely won’t be able to leave whenever you feel like it—these agreements often have clawback provisions. A clawback provision means that if you leave the company within a certain period, usually 1-3 years, you must repay the tuition assistance you received. By accepting, for example, $10,000 a year, you might be agreeing to stay with the company for that period, and if you leave early, you’ll have to pay back the amount you received. Note that some employers may allow you to repay this amount in monthly installments. Always make sure to understand the fine print and any agreements they ask you to sign in connection with accepting tuition assistance or other financial benefits.
Conclusion
In the Brokeman’s Ultimate Guide, we journeyed through various aspects of paying for your education, from state-specific aid and scholarships to internships and employer-sponsored benefits.
In this last part, we explored valuable strategies to further support your college journey. Whether it’s through federal work-study programs, exploring entrepreneurial ventures, tapping into military benefits, or taking advantage of employer-sponsored educational programs, each option offers a unique way to ease your financial burden and gain meaningful experience. Remember, while these strategies can significantly benefit your financial situation and career growth, it’s essential to evaluate each opportunity based on your individual goals and circumstances.
I hope this guide has provided you with the insights and tools you need to make informed decisions about your educational and career path. If you have any questions, suggestions, or topics you’d like us to cover in more detail, please let us know. Share your thoughts, experiences, and any additional queries you might have—we’re here to help you succeed!
Thank you for following along with Brokeman’s Ultimate Guide. Best of luck 🍀 with your educational journey and future career endeavors. Stay driven and keep striving toward your goals!
