How to Pay for College

While higher education is definitely an investment in your future, the thought of paying for college can often seem very overwhelming. However, there are several strategies you can use to get the money you need for your educational expenses.

Instructions

Difficulty: Moderately Challenging

1. The first step to paying for your educational expenses is completing the Free Application for Federal Student Aid (FAFSA). This form will ask for information regarding income and assets for both you and your parents. If your parents are divorced, you’ll need information from the custodial parent or the parent who claimed you as a dependant on their tax return.
2. When your FAFSA is completed, you’ll receive a form called a Student Aid Report (SAR) that lists your Expected Family Contribution (EFC). Your EFC is the amount that the government has determined that you and your parents should be able to contribute to your educational expenses. The lower your EFC, the more financial aid you will be eligible to receive.
3. The information on your SAR will automatically be sent to every school you listed on your FAFSA. Then, each school will send you an award letter from the financial aid office that lists which grants and loans you are eligible to receive. The award letter will include funds from federal government programs as well as awards that are specific to that particular school. There can be a considerable difference in financial aid packages between schools, so compare your award letters carefully.
4. In addition to completing the FAFSA, you should also plan on spending some time investigating scholarship opportunities that may be available to you. Contrary to popular belief, you don’t necessarily need an outstanding academic record to be eligible for a scholarship. Many scholarships consider criteria such as financial need, community service, extracurricular activities, and future career goals. Awards can range from $100 to the entire amount of your tuition and fees.
5. If the price of college admission seems overwhelming even after you’ve applied for financial aid and you're worried about finding enough scholarships to meet your expenses, you may want to consider looking for part time employment. Most schools have an office that is devoted to helping students find employment both and off campus. A variety of positions are generally available, ranging from food service cashiers to computer lab monitors and office assistants. Most jobs are for 5 to 20 hours per week, with the flexibility to work around your class schedule and extracurricular activities.

Tips & Warnings

• As you’re trying to find ways to reduce the price of college admission, think twice before charging your living expenses on a credit card. Although credit card offers are widely available to most college students, it’s easy to rack up thousands of dollars in debt in a matter of months. If you miss even one payment, you’ll risk ending up with a credit history that could make it harder to apply for a car loan or find a suitable place to live after graduation.