Chapter 14 Researching Careers 301
Potential Sources of Funding a College Education
Source Brief Description Repayment
529 Plan Tax-advantage savings plan designed to encourage saving
for future college costs. Plans are sponsored by states, state
agencies, and educational institutions.
No repayment.
Grants Money to pay for college provided by government agencies,
corporations, states, and other organizations. Most grants are
based on need and some have other requirements.
No repayment.
Scholarships Money to pay for college based on specifi c qualifi cations
including academics, sports, music, leadership, and service.
Criteria for scholarships vary widely.
No repayment.
Work-study Paid part-time jobs for students with fi nancial need. Work-
study programs are typically backed by government agencies.
No repayment.
Need-based
awards
Aid for students who demonstrate fi nancial need. No repayment.
Government
education
loans
Loans made to students to help pay for college. Interest rates
are lower than bank loans.
Repayment required.
Repayment may be
postponed until you
begin your career.
Private
education
loans
Loans made to students to help pay for college. Interest rates
are higher than government education loans.
Repayment required.
Internships Career-based work experience. Some internships are paid
and some are not. In addition to experience, you will likely
earn college credit.
No repayment.
Military
benefi ts
The U.S. Military offers several ways to help pay for
education. It provides education and training opportunities
while serving and also provides access to funding for
veterans. The U.S. Reserve Offi cers’ Training Corps (ROTC)
programs and the military service academies are other
options to consider.
No repayment,
however a service
commitment is
required.
14-8
There are many sources of
funding for you to consider.
Work Hours
In the workplace, different jobs involve different work hours. A baker
may start work at 4 a.m., while a night security guard may start at 7 p.m.
When some people are beginning their workdays, others are ending their
jobs to go home. What work hours would you prefer? Would you mind
working long workdays or irregular hours? Would you prefer a seasonal
occupation?
Most employees work forty hours a week. Offi ce workers usually
work from 9 a.m. to 5 p.m. on weekdays. Factory and service employees
work in eight-hour shifts for any fi ve days of the week. They may work
the morning shift, 7 a.m. to 3 p.m.; the afternoon shift, 3 p.m. to 11 p.m.;
or the night shift, 11 p.m. to 7 a.m. Some employees work 10 hours a