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. Money earned from other part- or full-time employment can also be used toward college expenses.
Some employers offer tuition reimbursement that will help pay for a portion of your tuition and books. Tuition reimbursement benefits vary by employer, so it is important to check the details to ensure you can take full advantage of them.
Did You Know?
Once you exhaust free money, family contributions, savings and wages, consider federal and private student loans. Student loans are designed to pick up where grants, scholarships and other types of financial aid leave off.
Navigating the financial aid process can seem daunting whether it's your first time in college or you are a returning student. Use these step-by-step instructions to help guide you through the process.
You will receive your Student Aid Report after you submit your FAFSA. Learn about the SAR and how it is used to determine financial aid.
It is a common belief that out-of-state tuition can be more expensive than in-state tuition. Check out which states offer affordable costs to attend state schools.
Learn about the average cost of a college education and how choice might affect the average annual costs.
It's important to understand the ins and outs of student loans before applying. Discover Student Loans provides advice for avoiding common student loan regrets.
It may be tempting to borrow for college, but there are ways to avoid it. Discover Student Loans offers first-person accounts on graduating college without debt - or very little.
Wondering how rising interest rates may affect your student loan rate? Find out how the Federal Reserve movements could affect the interest rate of your student loan.
Did you get a student loan refund? Before rushing out to spend it all, find out the best way to use your student loan refund to avoid costly mistakes.
