In order to teach in a college and/or university you need to have an MFA--just not a good portfolio.
There are some schools that offer scholarships. UCLA does offer scholarships and Yale practices need-blind admissions. From my understanding, if you can demonstrate financial need, they will help a student go through their program without debt for tuition. At RISD all MFA photography students receive $10,000 off a year and one student gets half off tuition. I'm not sure how much money SVA gives to students, but I got the feeling they do not offer a significant amount of scholarship money.
Applications are due in the next few days. I assume you are applying next year?