Work-Study Programs

Sometimes you'll get that financial aid letter and think all is well: until you start crunching the numbers. You may get a significant amount in financial aid help, but with the rising cost of tuition, significant is not quite enough. To fill the financial aid gap, students often look to private students loans. These can be a surefire way to bankroll an education, but they do have their drawbacks.

Often student loan payments fall on the back of students themselves. This means that they'll be paying student loan payments right out of college. Even a couple hundred dollars a month can be an enormous undertaking in the lean years after graduating college. Student loans may have a fairly high interest rate, so payments can drag on for years. Not to paint student loans in too dark a light---they are still the quickest way to pay for a college education. Another way to fill the financial aid gap is through a work study program. The premise is basically the same: the student will receive a lump sum to help pay for tuition.

However, instead of deferring payment until after graduation, the student works it off while he is still in school. The pay-as-you-go program is a way to not be saddled with loan payments after you graduate.

Building Experience

Work study programs have an added benefit: building your resume. If you're looking for a job right out of college, you probably won't have a lot of credits to add to your resume.

A work study program is a resume-builder, in addition to a way to pay for school. Unlike much on-campus employment, or retail work in the local community, many work study programs will be residencies in high-profile businesses connected to a college major. Research scholarships are also available if you have a research-based major.

Even if a work-study program is for on-campus work--such as in the cafeteria, library, professors' offices, or other location--this is still a good credit to add to the resume. A professor's office is recommended, especially if the professor has contacts in a particular industry. Like other types of financial aid programs, students must prove financial need in order to qualify for work study programs. You will have selected an interest in work-study on the original FAFSA application. However, you can apply for a work-study program at any time.

Keep in mind that work-study programs are highly popular so the earlier you apply for a work-study position, the better your chances for securing a position.

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