When it comes to paying for college, it's like asking how you can learn another language or become healthier. While there are many answers, there isn't one clear one that works for everyone. You'll likely get funds from several sources, although some types of aid are better than others.
Consider Taking Out Loans
You don't have to accept all the financial aid your school offers, such as student loans. But for many, borrowing money is the only way to afford school. Aim for loan payments that won't exceed 10 percent of your estimated monthly income after you're out of school. Federal loans often have advantages, such as access to forgiveness programs and repayment plans. Taking out private loans is a good option when you have maxed out your federal loans. Look for lenders that offer borrower protection and low interest rates. Private loans can cover the difference between your current financial aid options and the rest of the tuition.
Take Advantage of the FAFSA
Even if you don't think you'll qualify for aid, fill out the Free Application for Federal Student Aid. It's the best way to get financial aid, and once you submit it, you'll be eligible for programs like work-study opportunities, federal grants, and state-based aid. It's a good idea to fill it out as soon as you can. Some colleges prioritize those who filled out the form first. You might also have to fill out the CSS Profile (College Scholarship Service Profile) to receive aid.
Look for Grants or Scholarships
Any student can start looking for scholarships, even if it's not yet your senior year. For example, there are scholarships for golf caddies and other interests. But to be eligible, you might have to actively participate in your area of interest for a couple of years, so the sooner you start looking, the better your options. One of the advantages of scholarships is that you do not have to pay them back, unlike student loans. You can use scholarship search tools to narrow down the selection. Don't limit yourself to the ones your college offers, although you should certainly look into those options as well.
If you don't fill out the FAFSA, you might not claim all the grants you're eligible for. As long as you submit your FAFSA and renew it each year, you'll get these grants. There are also other ones from the federal and state governments. Spend some time researching agencies you might qualify for and apply to all the ones you can.
Get a Job
Getting a job in college gives you work experience, an income, and important connections. With the federal work-study program, you can get a part-time job if you have financial need. You can apply after submitting the FAFSA, and if you qualify, you'll see it on the award letter. But just because you qualify doesn't mean the money will start coming in. You have to find a job on campus and work several hours a week to get everything you're qualified for. Remember that many work-study jobs fill up quickly, so apply for them early.
