We encourage you to take advantage of grants, scholarships, family contributions, savings and wages before taking out student loans to pay for college.
When it comes to paying for college, free money in the form of grants and scholarships is best since you do not have to pay it back.
There are thousands of grants and scholarships available through colleges and universities, federal and state governments and public and private organizations. Grants are a type of financial aid from the federal government, your state government or your school. Scholarships are typically awarded by schools and private organizations. There are a variety of grants and scholarships, and not all of them are need-based.
Many schools automatically consider you for grants and scholarships when you apply for admission. For those not offered by your school, you can visit:
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Your family may be able to help you pay for college. Education Saving Plans, such as 529 Plans or Coverdell Education Savings Accounts, are investment trust accounts, often from pre-tax contributions, specifically for college costs. Other savings can include money set aside in traditional savings accounts, certificates of deposit and money market accounts.
The Federal Work-Study Program is a part-time employment program funded by the government that allows students to earn money that can be used to help pay for college.
Did You Know?
Once you exhaust free money, family contributions, savings and wages, consider federal and private student loans. If you need to borrow, compare federal and private student loans and choose the loans that best fit your needs.
If your financial aid award letter falls short of the funds needed to pay for college, there are avenues to appeal. Learn how to appeal an award letter with Discover Student Loans.
Learn what the FAFSA is and how filling it out early can benefit you and you finances as you prepare for college financial aid and student loans.
Learn the difference between subsidized and unsubsidized federal loans when you apply for a Federal Direct Loan, previously called a Direct Stafford Loan.
Find helpful information about the different federal student loan options for college. Compare federal and private loans and choose the loan that best fit your needs.
Consider these features to help with research and student loan comparison. Learn how to compare private student loans at Discover.com.
Learn how to avoid these common mistakes when filling out the FAFSA. Submitting an application the right way can help ensure you get the most money possible.
Learn more about the Federal Work-Study Program that provides part-time jobs to help students pay for their college education.
It helps to get organized when the time comes to pay your tuition. Discover Student Loans prepares you for what you need to know about paying college tuition.
