HOW WILL I PAY FOR COLLEGE?

College Costs

When it comes to college costs, remember

The bottom line is that if you want to go to college and are willing to work at it, you can find the money to pay for your college education.

While it's very important that your family prepare financially for college (save, save, save!), don’t forget—you don’t have to pay for college all by yourself! The U.S. Department of Education has over $80 billion (yep that’s $80,000,000,000—with ten zeros!) in financial aid for students who qualify.

Want an idea of how much of that $80 billion you might be eligible for? Use FAFSA4caster to get an estimate (just an informal calculation) of how much financial aid you possibly could receive. Then, learn what types of aid are available.

Types of Aid

There are two basic types of financial aid:

Financial aid can come from colleges, companies, private scholarship funds or the state you live in, but a lot of it comes from the U.S. Department of Education. The money that comes from the government is called federal student aid.

Federal Student Aid

Most federal student aid is based on need. After January 1 of your senior year of high school, you should complete and submit your Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Based on the info you provide, the FAFSA determines your Expected Family Contribution or EFC, a number that most colleges, states, and some scholarships use to figure out how much help you need.

Keep in mind that the U.S. Department of Education, colleges, and scholarship providers can only grant you aid if you APPLY for it.

More About Scholarships

Scholarships may reduce the cost of college by paying for all or part of your education. Unlike most federal student aid, many scholarships are not “need-based” and can be available for all kinds of students based on

A number of civic groups, foundations, businesses and community organizations offer scholarships. Some colleges also have special scholarships or fellowships for incoming students.

There are tons of scholarships out there. The most important thing is to find out what your options are.

Create a MyFSA account to use our Financial Aid and Scholarship Wizard!

Now What? As you put into action all the ideas we've given you on this site, you'll learn so much—about college, about careers, and even about yourself. Have fun!