4 Ways to Pay for College

Getting accepted into your dream school is something to be proud of. But what if your acceptance letter doesn’t mention any scholarships? The good news is that you will likely receive some financial help, which can bring down the school’s initial cost. If you’re in-state, you’ll likely pay less.

Take Out Student Loans

Often, loans are an unavoidable part of going to school. Make sure you max out any grants and scholarships first. No matter what your family’s income, you should be able to borrow money for school. You’re limited on the amount of money you can borrow with federal loans. If it’s your first year as an undergrad student, you can take out up to $5,500. If you have more financial need, you might be able to take out subsidized loans. These don’t accrue interest until after graduation. But if that isn’t enough, you might need to take out private undergraduate student loans. You aren't limited in the amount you can borrow this way.

GrantsStates, colleges, and the government give grants, which you don’t need to pay back. They’re most often awarded based on financial need. You’ll have to fill out the Free Application for Federal Student Aid (FAFSA) to be eligible. Your financial award letter lists any grants. This should arrive with the acceptance letter, but some schools sent it out later. Usually, the college gives you the biggest grant. They’ll consider how much they believe your family can pay and fill in the gap. On the other hand, Federal Pell Grants are limited at $5,920 each year, and you’re only eligible if your family makes less than $30,000 annually.

Ask Your School for More Money

If your college didn’t offer you enough, consider writing them a formal appeal letter. Then you should follow up with a phone call. Emphasize why you would do well at the school. If you received more aid from another school, feel free to mention that. Sometimes, not every financial concern is taken into consideration, so you might be able to do a better job of explaining things. For example, if your family has large medical bills, you might not be able to contribute the full expected amount. Remember that the FAFSA only takes your income from the previous year into account, so let the school know if your financial circumstances have recently changed.

Look for a Work-Study Job

Depending on your school’s funding and your finances, you might be eligible for a work-study program. The money you earn will go directly to you once or twice a month. You’ll likely be paid by the hour. However, you’ll probably only be able to work a certain number of hours each week. Don’t worry if you don’t qualify for a work-study position. You can look for other part-time jobs in your college town. For example, you might look into tutoring, dog-walking, or babysitting. If you can, try to get a position that relates to your field of study. For example, tutoring might be a good option if you hope to be a teacher.

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