4 Ways to Make Extra Money for University Expenses

University can be an exciting time in the lives of young people who are living out on their own for the first time. With this excitement comes stress and anxiety as financial worries become a reality. Fortunately, there are a lot of ways that university students can make a little extra cash to ease their financial burden. Here are four of the best ways to come up with additional money to cover the mounting expenses of university life:

Grants and Scholarships

Each year thousands of dollars of financial aid goes unused because students are not aware that it is available to them. Be sure to make it a priority to stop by your university financial aid office to inquire about grants and scholarships that may be available to you. Because this money does not have to be paid back, it will not saddle you with debt as you progress through your schooling and begin your career.

Working Between Semesters

It is understandably hard to hold down a job while you are in the middle of a semester. However, summer breaks and other times between semesters are ideal times to work and save money for the upcoming term. By Sophia Lee recommends, “some of the best summer jobs are nanny, server, lawn maintenance, daycare teacher, lifeguard, CNA, brand ambassador, dog walker, receptionist, or driver!” By setting financial goals, you can ensure that you will have enough money to cover the costs of attending school full-time.

Short-Term Loans

Many lenders are willing to consider university students as loan candidates if they can demonstrate the responsibility and good credit necessary to qualify. Students should look for bank loans or lenders associated with their university for the most reliable and professional service and favorable interest rates.

Obviously, this puts people with low or bad credit scores in a tricky situation. That’s why for those with poor or unfavorable credit should look into cash advance loans. Power Finance Texas defines cash advance loans as “reliable short-term solution for financial binds, regardless of how good or bad your credit may be,” but warns that “first and foremost, your loan payments must be made promptly on your due dates. Failure to pay on time may result in added charges and fees.”

Part-Time Freelance Work

Although it may be challenging to commit to a job with fixed hours during the semester, many students find success doing freelance work. Because you are your own boss, you can set your own hours and take on as much work as your schedule allows. Possible ideas for university students looking to freelance part-time include tutoring, driving for a rideshare service, housesitting, or any variety of on-campus jobs.

The one definite truth about university is that it is not cheap. However, by exploring your options and taking the appropriate action, you can build up the savings you need to get you through this season in your life.