Whether college is years or weeks away, it generally comes with an impressive price tag. Many students and parents are unsure how they will pay for four years of college. If you need help, this page will explain how to pay for college.
Introduction
- College costs are rising faster than families' ability to pay for them. If your family budget can't afford to pay $30,000 to $50,000 a year for college, you may be overwhelmed. Your alternatives for paying for school include selecting a school you can afford, applying for financial aid, earning a scholarship, or taking on debt.
Top 5 FAFSA Filing Tips
In order to be considered for federal grants and loans, you'll need to complete the Free Application for Federal Student Aid (FAFSA). This form is also required by most colleges and universities if you want to be considered for institutional aid. This video, by the Student Loan Network provides some tips you can use when completing the FAFSA.
Step 1: Select a College You Can Afford
- When applying to colleges, students should make sure they select a school that will be a financial safety school.
- State schools or community colleges can be good choices.
- Consider state schools is nearby states, as they may offer in-state or reduced tuition to residents of nearby states as well.
- Business Week has compiled a list of colleges with no tuition:
- Alice Lloyd College, Kentucky
- Berea College, Kentucky
- City University of New York's Teacher Academy, New York
- College of the Ozarks, Missouri
- Cooper Union, New York
- Curtis Institute of Music, Philadelphia
- Deep Springs College, California
- Franklin W. Olin College of Engineering, Massachusetts
- U.S. Military Academy
- U.S. Air Force Academy
- U.S. Naval Academy
- U.S. Coast Guard Academy
- U.S. Merchant Marine Academy
- Webb Institute, New York
Step 2: Financial Aid
- When applying for financial aid, check the school's website for the requirements. Make sure you complete all the required forms, and submit the supporting documents before the due date in order to be considered for aid.
Step 3: Scholarships
- Apply for both local and college sponsored scholarships. Several scholarship search services may help find awards you might qualify for:
- U.S. Department of Education: Scholarship Search
- FastWeb: Scholarships, Financial Aid and Colleges
- StudentScholarshipSearch.com: College Scholarships
Step 4: College Loans
You may receive a loan as part of your financial aid package, which might have the interest deferred while you are in school. If your aid package does not meet what you can afford to pay, other loan vehicles, such as a home equity loan, may be an option.
