If you're a student, it's okay that you haven't taken over the world yet. It may require some time before you have it at your feet, so you don't need to ask too much of yourself. If you don't have enough money for your needs and wants, it's not the end of the world. Here are some financing options you can turn to while being a student. Whether you need to pay for your tuition or you're looking for a few hundred dollars for personal needs and wants, there are several practical ways to get you covered.

Options for Personal Needs

Student life is a wonderful time that may never happen again. You're young, full of strength, energy, plans, and wishes. And it's also a time for bright events, meeting new people, building relationships, and making useful contacts. But the problem is that for all this you may need money that you don't have at the moment. Below are some options you can consider to get extra cash for your personal needs.

Credit Cards

A student credit card is an option that provides students with access to a certain credit line. Student cards typically have lower credit limits but also more lenient requirements. For example, they may be obtained with no credit and help you build a strong credit history over some time. To get a student credit card, you need to meet one of the following requirements:

  • Be at least 21 years old;
  • Be at least 18 years old but have a stable income or bring a co-signer.

Student credit cards are not only about helping you bridge the financial gap. Although they provide you with immediate access to funds, there's one more advantage that you can benefit from in the long run. If you manage to pay your credit card bills on time, you will be able to access more favorable credit offers in the future.

Personal Loans

Personal loans are traditional borrowing options that are available through banks and credit unions, but some online lenders offer them two. These loans can be used for multiple personal needs, typically with no purpose limits. However, most lenders don't permit the use of their loan amounts toward tuition costs. You can use the funds to cover the cost of textbooks, traveling and living expenses, school supplies, food, and much more.

Personal loans allow you to get between $1,000 and $100,000, depending on your income. You will get a lump sum deposit and must repay the funds in equal monthly installments within up to 60 months. An interest rate can range between 5.99% and 35.99%. Most personal loans have minimum credit score requirements, so get ready to undergo a hard credit check. You are more likely to have a credit rating of at least 580 to qualify. The higher your credit score, the lower the interest rate you may be offered.

Secured Loans

Secured loans allow you to get funds against the cost of your valuable property. Are you a car owner? Consider using it as a pledge to access the funds. If you have some other items to pawn, you can also get extra money from a pawn shop. However, these options are risky. Keep in mind that a lender can seize your collateral if you default on your loan. Only use them as a last resort or if you have a clear understanding of how to repay the funds on time.

Bad Credit Loans

Bad credit loans are, in fact, not just for borrowers with credit issues. They can also be obtained if you haven't built credit yet or need money immediately. As they don't require applicants to undergo a hard credit check, the whole process can be completed in a matter of hours. Additionally, it won't affect your credit score as long as you repay the funds on schedule. The most popular bad credit options include:

  • Payday loans. These are small, high-interest loans that must be repaid with your next paycheck. A payday loan can help you get up to $1,000, depending on your state. However, some states ban them due to their expensive costs;
  • Installment loans. These loans work similarly to conventional options but accept borrowers with bad or no credit. Interest rates are higher compared to regular personal loans. You can typically get up to $5,000 and repay the funds in up to 24 months. Installment loan flexibility makes this debt more manageable compared to payday loans;
  • Personal loans for bad credit. This option can help you get up to $15,000 within your solvency. The repayment terms are usually up to 60 months.

Options to Pay for Education

This is probably the most burning issue for thousands of students. If you or your parents don't have enough savings to cover your college attending costs, below are some options you can consider.

Student Loans

Student loans are the first that comes to mind when it comes to financing education. These loans are designed to help students or their parents access the amount they need to cover education-related costs. Student loans can be simply divided into two categories: federal loans and private loans.

Federal Student Loans

A federal student loan is a form of financial aid backed by the federal government. They come with fixed interest rates and repayment terms of up to 10 years. Federal loans have their annual loan amount caps depending on the loan type, student, and year.

There are three main types of federal student loans:

  • Subsidized loans. These loans are available to undergraduate students who meet certain poverty guidelines. In other words, you need to demonstrate the need to be eligible. Subsidized loans don't require students to make payments while they are at school. Additionally, the interest rate doesn't accrue while studying and six months after graduation;
  • Unsubsidized loans. Unsubsidized loans can be obtained by undergraduate and graduate students without demonstrating financial need. They also come with a deferment period, meaning that a student doesn't make loan payments while studying. However, the interest rate accrues from the moment you receive the loan and accumulates over time;
  • PLUS loans. PLUS loans are options offered to graduate and professional students as well as parents of dependent undergraduate students. These are the only federal loans that require an applicant to go through a hard credit check. This means that your income and credit score will be one of the major determining factors. You can start repaying the loan after graduation, but the interest rate applies from the moment you get the funds.

Private Student Loans

A private student loan is an option offered by banks and private lenders. They can have either fixed or variable rates. Repayment periods range between 7 and 15 years, with some lenders offering longer-term options. Private loans are typically used by students who maxed out their federal loan limits. The main reason why federal loans are preferable lies in more favorable loan conditions. Private loans typically have higher interest rates, come with hard checks, and require borrowers to make payments from the moment they receive the loan.

Grants

Grants are a type of financial aid that typically doesn't require a recipient to repay the funds. Most grants are offered by the state and federal governments. Some available options include the following:

Pell Grants. These grants are awards that help low-income students receive additional financial support. If your family's income is approximately $50,000, you may be eligible for need-based funding. However, undergraduate students whose family's income is $20,000 or less are more likely to get Pell Grant money. To apply, you need to submit a FAFSA application form.

Federal Supplemental Educational Opportunity Grants (FSEOG). This grant program is directed by each participating school. It's created to help undergraduates with exceptional financial needs. Students can earn between $100 and $4,000, depending on their intended college, EFC, and how much financial need they have.

Iraq and Afghanistan Service Grants. These grants are offered to eligible students in order to help them finance their education. To qualify, you need to meet Pell Grant requirements, be under 24 years old, and your parent or guardian should be a member of the U.S. armed forces who died as a result of military service performed in Iraq or Afghanistan after the events of 9/11.

Teacher Education Assistance for College and Higher Education (TEACH) Grants. TEACH grants are offered to students who are going to serve other students from low-income families by teaching them subjects in a high-need field for four years after graduation. To qualify, you need to fill out a FAFSA form each year, complete TEACH Grant counseling, and sign a new Agreement to Serve every year.

Scholarships

There are various scholarships created to encourage outstanding students or those who belong to minorities and demonstrate good academic results. Below are some options to consider.

The Gates Scholarship. This scholarship is available to high school senior minorities who demonstrate strong academic records and leadership skills along with great financial need. Annually awarded, it's available to only 300 students per year. The scholarship amount covers the remaining attendance cost after family, loans, scholarships, and other contributions.

Dell Scholars Program. This program is aimed at helping low-income students who have overcome challenges and "are better than their numbers indicate," according to the scholarship foundation's website. Those who are eligible can win the award, which includes $20,000, a laptop, and credits for textbooks.

National Merit Scholarship Program. This program helps nearly 7,500 high school seniors annually. The main program entry and participation requirement is your PSAT/NMSQT Selection Index score. Additionally, you need to become a Finalist and demonstrate very high academic performance.

Coca-Cola Scholars Program. Coca-Cola offers a $20,000 scholarship to each of the 150 students with high academic merits and leadership skills. Smaller awards are also available. Also, there are other major corporations that offer scholarship options. Some of them include Microsoft, Burger King, and Dunkin' Donuts.

UNCF Scholarships. UNCF scholarship is aimed at helping African-American students. Each year, over 10,000 of them receive some form of aid. Available scholarship options include those for people pursuing the STEM (science, technology, engineering, and math) fields or aspiring entrepreneurs.

Society of Women Engineers Scholarships. This program helps women who are interested in engineering, computer science, and engineering technology become strong specialists and reach their career goals.

Google Scholarships. Google provides support for women, underrepresented minority students, and those with disabilities. It offers a variety of specific scholarships to eligible applicants who are interested in studying computer science.

Boren Scholarships. Boren scholarship is designed to invest in the linguistic and cultural knowledge of future federal government employees. The Defence Language and National Security Education Office awards students $8,000 to $20,000 to study abroad for a summer, semester, or a six- to 12-month period. The major eligibility is to pursue a career in national security and major in one of the "less commonly taught" languages, such as Arabic, Swahili, or Hebrew.

Elks National Foundation Most Valuable Student Scholarship. This four-year scholarship is available to 500 high school seniors based on their academic, leadership, and financial metrics. Finalists can expect to receive between $20,000 and $50,000 total, but there are only 20 participants who will reach the final. Others will get nearly $4,000 each.

Cooke College Scholarship Program. The education-focused Jack Kent Cooke Foundation selects high-achieving high school students who have financial needs and awards scholarships of up to $40,000 a year to them.

James Beard Foundation National Scholars Program. This program can help 10 candidates receive $20,000 apiece to study a variety of food-related subjects, including culinary arts, agriculture, and sustainability. Additionally, there are smaller awards available to those who don't enter the top 10.

Options for Increasing Your Income

If you want to improve your financial situation while being a student, there are various work/study jobs and multiple online activities that will help you boost your income. Below are some options that are more likely to fit students.

Become a Tutor

If you have an area of expertise, you can help other people improve their knowledge. Many high-school students may be willing to pay you for online lessons on a weekly basis, making tutoring a steady source of income. Additionally, as a native speaker, you can offer your service to foreigners who want to boost their language skills.

Try Freelancing

Freelancing can help you earn money online by doing various tasks. It can be copywriting, editing, proofreading, creating web designs, website testing, and much more. Also, you need to have some basic skills in the areas you want to work in. It's possible to get started even if you're a newbie. More than that, it can be a great way to improve your skills and create a portfolio for your future employment.

Sell Student Game Tickets

If you attend a sports school, you can benefit from free tickets for school games you get. Simply sell them to your out-of-town friends or fans who want to visit a game but can't get a ticket for free or with a discount. Websites like Stubhub.com or Craigslist.org can help you make the most of your tickets.

Make Money from Blogging

Blogging is a great idea if you like online communication and can present yourself and information in a way to grab people's attention. It can be an extremely great idea if you're studying abroad. This way, your blog may be a useful source of information for students who are going to follow your steps.

Think about what kind of content you want to create and what your audience will be. Choose what your heart desires, from educational content to beauty blogging or lifestyle. However, you need to keep in mind that it's a long run. Being a blogger can help you earn money only after you grow your loyal audience and build strong communication with it.

Become a Pet Sitter

Many people have pets, but not all of them can bring their cats or dogs with them on vacation or a business trip. Pet sitters are exactly the individuals who take care of pets while their owners are out of town. If you love pets and get along well with them, this option may be a great choice.

Final Thoughts

Being a student is great, but it's also the time when you may be short on cash while your needs and wants increase. Luckily, there are some ways to get financial assistance available for students. Figure out what is your financial goal and choose the right option from those mentioned above to reach it.