Adult education is becoming increasingly common in the modern world. The educational requirements for many jobs combined with the ever-growing cost of said education have pushed many individuals to “double-dip” by trying to work and learn at the same time.
If you’re trying to balance both freelancing and paying for a college education at the same time, it can be particularly difficult to make ends meet. Fortunately, difficult doesn’t mean impossible.
The Struggle to Pay for College as a Freelancer
Freelancing is popular in the current technologically-driven world. Tens of millions of individuals in the U.S. alone work as self-employed contractors in an endless number of industries. Writers, programmers, photographers, construction workers, rideshare drivers, dog walkers, and countless other activities take place on a freelance basis.
Freelancing provides a unique sense of flexibility and adaptability in your work schedule, which can open up the doors to certain things, like going back to school. The only problem is figuring out how to pay for higher education when you’re living off of a notoriously unpredictable freelance income.
If you’ve found yourself stuck between the ebb and flow of freelance finances and the steady need to pay those college bills, don’t worry. There are plenty of ways to use some creativity and forethought to pay for college, even on a freelance income.
Paying for College as a Freelancer
If you’re thinking of going back to school to give your career a boost, you want to do so without ending up in a worse financial state than when you started. Instead, consider the following tips and recommendations to help you prepare your finances and then pay for college, even as a contractor.
Start with a Budget
The first step in paying for anything, including college, is making sure that you have a solid budget in place. Just because you already have a budget doesn’t mean you can simply skip over this step, either.
If you’re serious about returning to school, start the process by going over your budget. If you don’t have a budget yet, make one from scratch. If you do have one, update it so that you can get a better picture of your current income and expenses.
As you go about the budgeting process, ask yourself some questions. Are you covering your cost of living? Are you living below your means? Do you have extra money to regularly put toward college expenses? Do you have an emergency fund to cover any unexpected expenses?
Your budget is the perfect tool to gauge what you need to do to pay for a college education.
Create a Clear Educational Plan
Once you have an idea of what you can afford through your budget, it’s time to flip over to the other side of the equation. What do you actually want to accomplish in college?
In other words, don’t mindlessly sign up for a full battery of courses so that you can finally pursue your passion for metal detecting. Consider what specific skills, courses, certifications, or degrees you need to get out of your college experience to enhance your career and boost your income.
Consider Extra Sources of Income
Next up, think about your schedule. Does your current freelancing work allow you to take the time to attend college classes? If you have to give up some of your working time for school, will it seriously eat into your current income? How will that impact your budget?
Another area to consider is if you can earn an extra income while you’re at school. If you have the time and the bandwidth for a little extra work, many side hustles can help you make money while you’re a student, such as:
- Becoming an online tutor.
- Offering photography services.
- Mowing lawns in your neighborhood.
- Selling your possessions on eBay or Facebook Marketplace.
Your side hustle doesn’t have to mirror what you do for your normal freelance work. On the contrary, doing something else can often help you avoid becoming burned out from too much of the same activity.
Look for Alternative School and Funding Options
Finally, don’t feel like you’re stuck taking a specific path through the college experience. For instance, digital schooling is a viable alternative to in-person classes, and it can often be way more affordable, too.
When it comes to finances, take some time to look for grants, tuition reimbursement, tax breaks, and other funding sources aimed at helping students. If you can’t find anything like this or it’s not enough to help you, you may need to take out a modest student loan to help counterbalance your freelance income, regardless of the state of your finances or your credit. Just make sure you don’t bite off more than you can chew with your student loans.
Cashing into the Benefits of Higher Education
As a freelancer, there are many reasons that you might want to go back to school, like opening up a variety of new doors within your freelance occupation.
A writer can expand their copywriting skills. Photographers can hone their craft as well. Coders can stay abreast of the latest in software development. Construction workers can fulfill licensing requirements in more than one state to give themselves a competitive edge. Marketers can keep up with the latest advertisement trends. The list of benefits goes on and on.
On top of the skill-based advantages of returning to school, often a degree or certification can be the item that helps you stand out against other candidates. If you’re a freelancer, you’re likely used to the constant need to pursue new gigs. When you can add a university degree to your list of skills and experiences, it can give your application that much more pep.
Returning to School the Right Way
While there are many reasons to go back to school, it’s important to do so the right way. It doesn’t matter if you’re struggling with your freelancing income or you’re finally finding financial freedom and simply looking for a way to up your game. The last thing that you want to do is dig yourself into a deep, dark hole of fresh debt.
Instead, consider the recommendations above and think about what kind of financial options you have available. Once you’ve identified the options that apply to your unique situation, start pulling together a strategy that can help you go back to school without breaking the bank in the process.
