Many employers offer their employees tuition assistance or reimbursement benefits; to see if this applies to you, speak with HR or financial-aid office.

There are scholarships that can help cover educational expenses based on merit, sports ability or other individual characteristics.

1. Scholarships and Grants

No matter whether you are still in high school or already enrolled in college, scholarship hunting should not wait! Scholarships provide free financial aid that may be awarded based on merit, achievement or interest without having to repay anything like student loans would.

Scholarships can be offered by schools, states and other organizations; some scholarships are specifically tailored for minority or female students while others can be chosen based on your career goals, extracurricular activities or even hobbies. Some scholarships might only cover a fraction of tuition costs while others could cover everything you need - the key is to find ones that best meet your needs early and apply!

Find scholarships with help from your school guidance counselor or by searching online. When considering college costs, be sure to run a net price calculator, and remember that some scholarships require filling out an FAFSA (Free Application for Federal Student Aid).

Work-study programs can also be a fantastic way to make extra cash while studying, often providing part-time employment that allows you to cover some of your tuition with on-campus work. Qualification for work-study can depend upon both the results of your FAFSA as well as college financial aid offices and private companies that offer them; be sure to stay organized by keeping a list of scholarships you are researching along with any requirements, as they often have strict deadlines attached.

2. Work-Study

Work-study, offered through the Free Application for Federal Student Aid (FAFSA), gives eligible students part-time jobs on or near campus to help pay for college. These jobs may even relate to your area of study such as research assistant positions with professors. Students receive pay checks each month that can be used towards food, textbooks or supplies - though given its limited availability and relatively low wages (usually around minimum wage), this form of aid should not be counted on as tuition is paid directly through these sources.

Student employment does not count against your financial aid award, making it easier to qualify for grants and loans. Work-study earnings also do not incur federal and social security taxes reducing overall tax burden significantly.

But balancing school and work can be challenging for students enrolled in challenging academic programs or carrying heavy workloads, since work-study wages typically don't cover living expenses. Therefore, students should focus on finding alternative forms of financing their education such as scholarships and grants or possibly finding an employer with tuition assistance programs; such programs offer great ways of paying for a college education without incurring massive debt that takes decades to pay back.

3. Tuition Reimbursement

Companies increasingly provide tuition reimbursement programs as a means of keeping employees up-to-date with modern skills that enable them to do their jobs more effectively and ultimately contribute to an increase in profits for the company.

Before enrolling in any classes, it is advisable to speak to your employer's human resources department in order to ascertain whether they will reimburse you and what educational requirements must be met - including minimum grade standards and any specific timetables related to returning after finishing a course.

These requirements depend on your company. Some may only cover costs related to courses directly related to your job or industry; other might partner with certain universities and limit your degree options, so that they fit within their parameters.

Tuition assistance benefits are typically tax-free; to make sure, consult with an accountant or attorney. They cover tuition and fees, textbooks, supplies, and equipment purchases but do not typically cover meals, lodging, transportation costs or personal expenses like meals/lodging/transport. Furthermore, this benefit does not typically extend to sports activities that do not relate directly to an academic degree program nor meet reasonable business ties within an employer's company.

4. Student Loans

Student loans provide you with an option for borrowing money from either the government or private lenders to cover college tuition and related educational costs. Like other forms of debt, these student loans must be repaid with interest; financial advisors can assist in determining how much is eligible to borrow as well as the best ways to use this money. In addition to traditional financing sources like loans or grants, financial advisors also help identify other avenues available to cover these expenses such as scholarships and grants.

Kristin Balazentis, senior vice president of student lending at PNC Bank explains that by spending your student loan funds on noneducational expenses such as an expensive spring break trip or other leisure purchases, such as shopping sprees or leisure events, this only increases your repayment debt post graduation.

Utilizing your student loan funds for necessities such as rent and books is an acceptable use, while returning any leftover loan funds back to your private lender can reduce how much interest is owed upon graduation.

Students may use student loan funds for other expenses, like purchasing a laptop or tablet computer. But be careful: student loan funds should not be used as down payments on real estate or cars; while it's okay to treat yourself every once in awhile with drinks with friends or pizza for campus groups, make sure that these purchases remain within your budget.