Paying for college is one of the most expensive investments you will make in your lifetime. As the cost of college tuition continues to rise, many families and students struggle to find the money to pay for college.
Many students and their families are unaware of the financial aid opportunities to pay for college beyond high school. Let’s start by exploring some of the ways you and your family can pay for college.
Federal Student Aid :
This type of student aid includes grants, loans and/or work-study programs to help pay for college tuition and expenses. Federal student aid is aimed at assisting low to moderate income individuals and their families.
The amount of federal student aid a student or family can receive is based on the EFC or Expected Family Contribution. Some general information about federal student aid.
To learn more about available federal student aid programs
State Student Aid :
In addition to federal student aid, students may qualify for state aid. Individual states have aid packages for students and their families which can be used to help pay for college tuition and expenses. It’s pretty easy to learn more about state student aid programs in your area.
Private Loans :
If students and families are unable to qualify for financial aid or scholarships, private loans are an available option.
Work-Study Programs :
Work-study programs allow you to work while attending college in order to earn money to pay for tuition and expenses.
The cost of tuition is lowered because you are working to pay for your college expenses instead of receiving a pay check.
Scholarships are gift awards and do not have to be repaid. They are awarded based on talent, merit or financial need.