PAYING FOR CollegE
You’ve researched colleges and you’re preparing to apply to the ones that fit you best. Now it’s time to think about the cost. How are you going to pay for school? College expenses can be covered by financial aid provided by the government. There are 3 types of financial aid that can help you pay for college. Your college costs can be paid for by one or a combination of these sources of aid.
Learn more about:
GRANTS​
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1. GRANTS
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A grant is an amount of money that is given to students from the federal government, the state government, or the college/university you attend. Grants are given based on financial eligibility and DO NOT need to be paid back. This money will go directly towards tuition, room and board (meal plan), books, etc. Click the links for more info.
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Pell Grant: Up to $5,645
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FSEOG: Up to $4,000
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ETV for Foster Care Youth: Up to $5,000
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TEACH Grant: $4,000
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Work Study: varies
State Grants (select your State Higher Education Agency)
Examples include:
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New York State Tuition Assistance Program
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Georgia: Hope Scholarship
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Pennsylvania: PHEAA
College/University Grants
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Based on need, merit, or special talent. Availability depends on the school
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Educational Opportunity Program grants (EOP/HEOP)
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2. Loans
A loan is money you borrow and must pay back. Loans are usually paid back with interest, an amount of money added to the original loan amount. There are different types of loans with different interest rates. There are 2 types of loans you can use to pay for your postsecondary education:
First and Best Option. The federal government offers 4 types of loans under the Direct Loan Program. Click the link for more info.
2. Private Loan
Private student loans originate with a bank, credit union or online lender rather than the federal government. Private should only be considered if all federal loan options are exhausted.
When considering taking a loan for college you need to ask yourself...
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Do I need a loan to help pay for college costs?
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Which federal loans will be enough to pay for school?
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What do I plan on doing for work after I graduate?
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How much will that job pay me?
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Can I afford to repay my student loans and pay my life expenses?
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3. scholarships
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Similar to grants, Scholarships don't have to be paid back. There thousands of scholarships available for a variety of reasons (Like your I Have a Dream Scholarship!).
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Generally, Scholarships are rewarded to students who exhibit special qualifications such as academic, artistic, athletic or even belonging to certain demographics.
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So these scholarships exist- where do you begin your search? One of the best ways is to use a scholarship finder site, where thousands are scholarships are consolidated and organized. Simply use a filter or search a term, and relevant scholarships should populate!
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Some Scholarship search engines are:
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Happy Searching!
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To apply for financial aid, you must fill out the federal government’s Free Application for Federal Student Aid (FAFSA)
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Federal Student AID
Plan ahead
It's important to develop a plan ahead of time. When it comes to money matters, it can take time. You want to get ahaead, catching mistakes and errors in time to recive aid.
Fill out form
After you've collected all your materials, its time to apply to the FAFSA.
Review + Compare
Your financial aid package will vary from school to school. This is where you review and comapre the offer each school has given you
Receive Aid
Once you've accepted an offer and officially enrolled- your aid will be applied to your student account!
