How to Get Money as a College Student

College life presents financial challenges, with tuition and housing. Students seek financial stability to supplement resources and focus on studies. Navigating these aspects can enhance the college experience and offer opportunities for personal growth and career preparation. Strategies exist to help students manage finances, from traditional employment to academic funding and flexible entrepreneurial endeavors. Understanding these options is a step toward financial well-being.

Pursuing Traditional Employment

Securing a job can provide income for college students. These roles offer work experience and help manage daily expenses. Many students find employment both on and off campus to balance academic commitments with financial needs.

On-campus employment provides convenience, with scheduling that accommodates academic demands. Roles include library assistants, dining hall staff, resident advisors, or peer tutors. Positions are posted on university job boards, through career services, or directly within academic departments. A benefit of on-campus jobs is the understanding employers have regarding student schedules and exam periods.

Off-campus part-time jobs offer a range of opportunities in the local community. Roles include retail, food service, administrative support, or childcare. Students can find these positions through local business advertisements, online job boards like Indeed or LinkedIn, and community bulletin boards. Flexibility in scheduling is a consideration for students seeking off-campus work to ensure it does not interfere with coursework.

Some students may be eligible for federal work-study programs. Eligibility is determined through the Free Application for Federal Student Aid (FAFSA), and funds are integrated into a student’s financial aid package. These programs allow students to earn money through part-time employment to help cover educational expenses. Wages earned through work-study are subject to federal income tax and FICA taxes.

Paid internships offer a benefit of income generation and career development. These opportunities provide experience in a chosen field while offering compensation. Students can find paid internships through university career services, direct applications on company websites, and professional networking events. Income from traditional employment, including internships, is reported on a Form W-2 and is subject to FICA taxes. The federal minimum wage is $7.25 per hour, but many states have higher minimum wage laws, and the higher rate applies.

Exploring Academic Funding

Academic funding, non-repayable aid, can alleviate the financial burden of college. These opportunities do not require repayment, making them sought after by students. Understanding the various types and application processes is important for maximizing financial support.

Scholarships are a source of non-repayable funds, available in many categories. These can be merit-based, recognizing academic achievement, or need-based, determined by financial circumstances. Other types include athletic scholarships, major-specific awards, local community scholarships, and those with unique criteria. Students can search for scholarship opportunities through university financial aid offices, online scholarship databases, local community organizations, and professional associations related to their field of study. Successful applications often require essays, letters of recommendation, and adherence to deadlines.

Grants represent another form of financial aid that does not need to be repaid. These are need-based and originate from federal or state governments or educational institutions. Federal grants include the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG). The Free Application for Federal Student Aid (FAFSA) is key to federal grant funding, as it assesses a student’s financial need and eligibility. The FAFSA must be completed annually to maintain eligibility for federal student aid programs, including Pell Grants.

Scholarships and grants are tax-free if the student is a degree candidate at an eligible educational institution and the funds are used for qualified education expenses. Qualified expenses include tuition, fees, books, supplies, and equipment for courses. If a scholarship or grant covers expenses such as room and board or travel, that portion may be considered taxable income. If the scholarship or grant requires services like teaching or research, the payment for these services is taxable income, reported on a Form W-2.

Paid research and teaching assistantships offer another avenue for academic funding for upper-level students. These roles involve a stipend, hourly pay, or a tuition waiver in exchange for academic work, such as assisting faculty with research or teaching courses. Students can find these opportunities by checking departmental websites, directly contacting faculty members whose research aligns with their interests, or exploring university research centers. Compensation from assistantships is considered taxable income.

Engaging in Entrepreneurial and Gig Work

Flexible income-generating activities, entrepreneurial or gig work, offer college students to earn money on their own schedules. This type of work provides autonomy and can be tailored to academic commitments. Platforms exist for students to monetize their skills and time.

Freelancing allows students to leverage skills for projects. Areas include writing, graphic design, web development, social media management, tutoring, and editing. Platforms like Upwork and Fiverr connect freelancers with clients seeking these services. When freelancing, students must determine competitive rates for their services and manage multiple projects efficiently.

The gig economy offers opportunities for flexible work. Options include food delivery services (DoorDash, Uber Eats), ride-sharing (Uber, Lyft), pet sitting, dog walking, and task-based services (TaskRabbit). The advantage of these roles is to set hours, providing flexibility for class schedules and study time.

Selling unused goods provides a way to generate cash. Students can sell items like textbooks, clothing, electronics, or furniture through online marketplaces like eBay, Facebook Marketplace, Poshmark, or Depop. Local consignment shops also offer a way to sell gently used items. This method helps declutter and provides immediate financial returns.

Creative side hustles appeal to students with artistic talents or interests. These can involve selling handmade crafts, offering photography services, or creating content for online platforms like YouTube, TikTok, or personal blogs. While building an audience may take time, these ventures have the potential for significant income.

Income earned from freelancing, gig work, or selling goods through these platforms is considered self-employment income. Individuals earning over $400 from self-employment must pay self-employment tax, which covers Social Security and Medicare taxes. For 2025, the self-employment tax rate is 15.3%, comprising 12.4% for Social Security and 2.9% for Medicare, calculated on 92.35% of net earnings from self-employment. Self-employed individuals are responsible for both the employee and employer portions of these taxes.

If a student expects to owe at least $1,000 in tax from self-employment or other non-wage income, they are required to make estimated tax payments quarterly using Form 1040-ES. This helps avoid underpayment penalties. Deductible business expenses, like home office costs, supplies, mileage, and platform fees, can reduce net earnings subject to self-employment tax. Businesses that pay nonemployee compensation of $600 or more in a calendar year are required to issue Form 1099-NEC to the contractor and the IRS. Starting in 2026, this threshold will increase to $2,000. Accurate record-keeping of income and expenses is important for tax compliance and financial management in entrepreneurial endeavors.