You may always ask yourself, “how do I pay for college?” and wonder what the true answers are. Don’t worry, you’re not alone. There is no definite answer to that question because there are a lot of answers on how you can pay for college.
Like most students and families, you will try to gather as much money as possible from different sources. There are some options that are better than others, so read on very carefully. We have crafted 5 expert-proven tips to answer the very question: how do I pay for college?
Table of Contents
- Fill out your FAFSA
- Start your search for scholarships
- If you don’t qualify, use grants
- Tap into federal loans if you need to
- Look into getting a work-study job
Fill out your FAFSA
How do I pay for college? Fill out a FAFSA as soon as you can. If you don’t already know, FAFSA stands for Free Application for Federal Student Aid. Ben Biller, a senior director of post-secondary education at the Center for American Progress, says you should fill one out even if you don’t qualify for any aid.
FAFSA will help you get into the financial aid platform. If you submit your FAFSA, you will be put into the pool to receive different options for financial aid, such as loans and federal grants. Additionally, you will have options for work-study opportunities, state and school-based aid, and more.
It’s best to fill one out as soon as possible because many colleges award money on a first-come, first-serve basis. You don’t want to miss out on potential funds that can help you fund your education and your future.
Start your search for scholarships
Believe it or not, you don’t have to wait until you’re a senior in high school to start looking and applying for scholarships. The process starts much earlier than that. Many students start applying as early as the first semester of their junior year.
One of the best things about scholarships is that, unlike student loans, you don’t have to pay scholarship money back. There are thousands upon thousands of scholarships available and so many go unclaimed. So, to answer your question about “how do I pay for college”, search for scholarships starting now.
The best place to start your search is to look up a scholarship search tool that will help narrow down the type of scholarship you’re seeking and options on how you can apply for them. It’s important to also remember that scholarships generally will require you to have a FAFSA filled out as well as there may be additional paperwork and application work for the scholarship itself. Some scholarships require you to write an essay while others have assessments.
If you don’t qualify, use grants
Each year, there are billions of dollars in unclaimed grant funds left on the table. For example, the federal Pell Grant money has billions left over every year and they go unclaimed. It’s highly encouraged you don’t make the mistake of leaving out grant funds, even if you think you may not get it.
As long as you have submitted the FAFSA and you renew it each year you’re enrolled in school, you will continue to qualify for grants. In this case, you will continue to qualify for the Pell Grant money.
There are plenty of other federal government programs available that offer other types of grants. It’s important to note that you don’t need to pay these grants back. It’s not just the federal government, state governments have grant programs, too, that are worth looking into. You can head on over to this map on the Education Department website to find the agencies in your state that offer college grants. Yes, it’s that easy to answer your question, “how do I pay for college?”, and get the answers.
Tap into federal loans if you need to
Before you think of taking out student loans through private institutions, it’s worth checking out to see if you can get federal student loans. If you need to borrow to pay for college, first look into federal student loans to pay for college.
It’s important to mention that there are many benefits of federal student loans that you don’t get through private student loans, such as access to income-driven repayment plans and loan forgiveness programs. Yes, you read that correctly. You can potentially have your entire student loan forgiven under certain criteria.
Look into getting a work-study job
A work-study job allows multiple benefits that only students who do this can experience. You’re provided with income, work experience, as well as the biggest opportunity to build connections. The federal work-study program helps to fund part-time jobs for college students that have a financial need.
To get started with work-study, you will first need to submit your FAFSA. If you qualify for the work-study, you will see “work-study” listed under your financial aid award.
Remember, just because you qualified for the work-study doesn’t mean that you get the funds automatically. You will need to find an eligible work-study job that meets the criteria on your campus and work the required number of hours. Then, you will be able to earn all of the federal work-study aid awarded to you.
It’s important to keep in mind that no matter the route you choose to go with to help pay for college, there are many, many options available. After you graduate, you will have to start paying back the money you borrowed, such as through federally subsidized loans. You will have to pay back more than what you borrowed due to interest and accrued interest. You should choose your options very carefully. It’s important to also reiterate that you should look into grant money because you won’t have to pay that back. Did we answer your question about “how do I pay for college?” We hope so.
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