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  URBANE Magazine
EDUCATION //  College

You Don't Have to be a Broke College Student

by Dawn "DJ" Johnson - Aug.01.2021
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Affording college has always been a barrier for a great deal of Americans. One of the ways to get over these barriers is to take out student loans and in much more rare occasions, grants.
 
According to CollegeFactual.com, 37.0% of all undergraduate students (including freshmen) at the University of Arkansas utilize federal student loans to help pay for their college education. The average loan amount is $6,450 per year. The bulk of this usually covers most – if not all – of the tuition cost only (depending on which university you attend). If there is anything left over, students can purchase books, school supplies, food, and campus housing.
 
To sum this up, college is not cheap! Here are a few ideas that you can use to help you alleviate the weight:
#1—EMPLOYEE REIMBURSEMENT
For the most part, students will start working in some industry before they exit college. Working for organizations that will reimburse the amount that you must pay in tuition will benefit you. Terms and requirements will vary per employer. You may need to work during the day and take classes online or at night, but sacrificing your time in order to work for an employer that will pay your tuition can save you 10s of thousands of dollars. It will also get you working experience.

#2— GOVERNMENT FORGIVENESS
Much like the employee reimbursement, there are positions that you can take at certain companies that will allow you to apply for forgiveness of your student loans. This works best if you’re planning to work for that company for a significant amount of time. Government forgiveness requires that you work for a company for years, and your student loans are paid for at the end of that period. For example, I was employed at the American Heart Association. Because it was a non-profit, I would have been eligible for the forgiveness had I committed to the company for a length of time. Nurses, civil servants, teachers, and many other positions are often eligible for this forgiveness.

#3—WRITE YOUR COLLEGE EXPENSES OFF
Admittedly this may be one of the most out of the box but simply put, you pay for school, and each year you write off your expenses on your taxes and get it refunded to you. The American Opportunity Tax Credit, previously called the Hope College Credit, allows thousands to be refunded.

The Lifetime Learning Credit is another tax credit that allows you a refund for your college expenses. In addition to these two, you can also write off expenses like books, travel costs, school equipment, etc. in deductions and recoup some of the funds you have paid out throughout the year.

BONUS IDEAS – MILK YOUR STUDENT STATUS!
  • Amazon Prime is free for six months, and half-off after that
  • Microsoft Office 360 Online is free to students
  • Spotify Premium, Hulu, and Showtime are offered for $5.00 a month to students
  • The meditation app, Headspace, is offered to students for $10.00 a year versus the normal $70.00
  • Apple gives students $200 off their MacBook and a free set of AirPods
  • The budgeting app, YNAB (You Need a Budget), is free for a year for college students
  • Apple Music is half-off for students
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  • HOME
  • CURRENT ISSUE
  • SECTIONS
    • Arkansas Black History
    • Business & Money
    • Community
    • Culture
    • Décor & Design
    • Education >
      • Arkansas Black Graduates 2021
    • Entertainment >
      • Book Club
      • Listen First
    • Family & Relationship
    • Fashion
    • Food & Travel
    • Government
    • Health
    • NishaSpeaks
    • People
  • GALLERY
    • Chief Keith
    • Sister Friends United 14
    • Camp Unidad
    • The Black Derby Brunch
    • Delois J Braggs
    • Coach Davis Dedication
    • 1st Anniversary Mixer
    • Who Is Scipio Africanus Jones
    • Stephanie Hobbs
    • 2022 King Kennedy Awards
    • Emerging Arkansas Artists Showcase
    • Bank On America
    • 2021 >
      • MLK Christmas
      • Fredrick Love
      • Black Caucus
      • Wingtips
      • Arkansas RGB Music Showcase
      • Korto Momolo Fashion Show
      • Flyght Black Wine Tasting
      • New Black Panther Party
      • Speak Now
      • Same Different Amazing
      • Return of The Mac
      • Bobby Portis Foundation Back-2-School
      • Bobby Portis Foundation Gala
      • Worship Recharge Concert
      • Jones Bar-B-Q
      • Natalie James
      • We The People
      • Being Your Own Boss
      • Meet The Editor
      • BizAr Networking Mixer
      • The Honorable Choice
      • Creme de la Creme
      • Green Book Exhibit Opening Reception
      • Sister Friends United
      • Brae Leni & Friends
  • LOCAL GUIDES
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