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.
The advertised interest rate for student loans can be confusing. Here are four tips that can help you compare interest rates.
As you compare financial aid award letters, you may have questions about the total cost of each college. Find out how to compare college costs.
Get insight about applying for financial aid and the FAFSA process. Understanding the federal financial aid process and how student loans work.
Learn about the ways the application process for private vs federal student loans differs.
Families often ask how much financial aid they will we qualify for. Learn about programs and strategies for families to help pay for college.
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.
Don't let these top four FAFSA myths prevent you from filling out the FAFSA and receiving the money you need for college.
The FAFSA4Caster and Net Price Calculator are financial aid tools that can help you better understand what you may be expected to pay for college.
