College Fears Debunked: Financial Pressure

Going to college for the first time can feel like you’re stepping into the unknown. Whether you’re dreading it or you can’t wait for this experience, you may still be feeling nervous.

So instead of fretting, let’s talk about these fears. No matter what, you should know that going to college is not as scary as you think it will be. In this post of our College Fears Debunked series, we’re diving into the four biggest “what ifs” about handling the financial pressure of college—and why they shouldn’t deter you from continuing your education.

“What If I Can’t Afford College?”

Talking about your fears with trusted advisors is a productive way to find the path forward to fulfilling your dreams.

This is a real, genuine anxiety of most students and parents. In a survey of nearly 11,500 students, 85% of respondents reported needing money for college expenses. College is a big deal, and so is the cost, but that shouldn’t be a reason for you to shy away from a higher education. 

Here are some important ways that you, and maybe your family, can prepare for your next steps financially:

• Learn about your options. Scholarships are a huge factor in any college student’s tuition, and it’s important to know where to look! Ask your high school counselor for scholarship recommendations, and apply for literally anything you can. Look at local businesses, clubs, and organizations, and look within your own interests for scholarships as well—organizations like churches and sports leagues often hand out scholarships to their current or past members. In addition, continue to search online for more opportunities.
• This article, Mastering The Financial Aid Process, will give you up-to-date information walking you through the Free Application for Federal Student Aid (FAFSA), and a financial aid checklist of must-do’s and deadlines for your junior and senior year of high school. Even if you don’t think you’ll get anything from the FAFSA, it’s very beneficial to still fill it out!
• Work-study can also be a great option to earn money towards your tuition (usually in an easy way). It’s just an on-campus job that could be anything from custodial to assisting in your desired field of study. (For example, writing this blog is my work-study job!) Your FAFSA results will determine how many hours of work-study you are eligible to work. 
• Another way you can help lower the cost of college is to attend a community college, and then transfer to your desired school after a year or two. A similar way to go about this is to take advantage of PSEO (Post-Secondary Enrollment Options) if your high school offers it. Many high schools allow you to take college classes on campus entirely free of charge. It’s possible to get your associate’s degree this way and have two years of free college already under your belt!

“What If It’s Too Much Debt?”

If we’re honest, the headlines are terrifying. The “broke college student” stereotype feels more accurate than ever. But let’s take a step back and recognize that the reality is a little different when you break it down by income, repayment options, and the long-term payoff of a degree. 

• Put the numbers into perspective: It all looks really overwhelming when you see the total, but most repayment plans break that down into manageable monthly amounts after graduation. Federal loans often have lower interest rates and flexible repayment options. 
• Understand the basics of loans: Not all financial aid is debt. Grants and scholarships don’t need to be paid back, while loans do. Ask your financial aid office lots of questions! They’re used to walking students through every detail. Be sure to borrow responsibly and only what you need to.

• Look for colleges that match your budget and/or give you scholarships. Depending on your financial situation, the college of your choice will usually make it possible for you to go there. Talking with the school’s financial aid services is essential for getting to know your options. Here’s What You Can Expect From Campus Financial Services. 

“What If My Parents Can’t Help?”

Sometimes it isn’t an option for parents to chip in for tuition, but that shouldn’t take college off the table. Plenty of students are in this same position and are able to make it work. Sure, that doesn’t make it feel any less daunting, but here are some ways you can manage college expenses on your own. 

• Look into what options your college has for you. Just like anybody else, it’s important to talk with your school’s financial aid office to see if they might have any specific payment plans that might work best for you. Most colleges offer a monthly payment plan that might be more manageable. It’s possible you might even qualify for a dependency override, where in very unique circumstances the FAFSA or colleges will be able to look at your own personal assets as an independent student and provide financial aid that way. 

• Learn what a healthy work/school life balance looks like for you. Start with a small, flexible job and adjust your schedule as needed. It doesn’t help to be burned out in your first semester. You can’t take on a full-time job when you’re already a full-time student, so remember that maintaining your mental health is just as important as making money. 

• Budget! This probably means that you don’t get to go out to eat every night, or it might even mean finding used textbooks and saving money everywhere you can. It doesn’t sound glamorous, but it’s very doable and adds up to real savings. 

“What If Unexpected Financial Needs Happen?”

Sometimes things go exactly to plan, but more often than not there are unforeseen bumps in the road that ultimately change things. It might be that in the middle of the semester, a parent loses their job or there are unexpected medical expenses that need to be covered. What happens when all of a sudden you need more financial aid than you thought?

• At Luther (and similar at some other colleges), there is a program called the Norse Microgrant that provides short-term help for students facing unexpected expenses. Most grants are between $200–500 based on your need and the available funds.
• Major changes in family income, as well as other unforeseen expenses that might affect your success while at college, is something you should talk with the financial aid office about. At Luther College, this website outlines some next steps and contact information you can reach out to.
• Understand that your college will help you navigate your needs. Don’t let financial changes derail your college journey. 

Whatever your financial situation or anxieties about college, it’s completely possible to continue your education. It will just be a little extra work!

Luther College Financial Resources