To make your educational dreams a reality, it's important to consider all the ways to pay for college. While students often rely on grants, scholarships, savings, and student loans, it's crucial to look at every possible option. This article provides an in-depth look to help you make smart choices about your educational future.
How to Pay for College Without Loans
Paying for college is no easy feat. Savings, scholarships, and grants are some of the tools you can use to prevent the need for student loans. Let’s take a look at ways to pay for college that don’t include borrowing money.
Find Scholarships
Take the time to locate and apply to scholarships you qualify for. Scholarships are a form of gift aid, which means it is money that does not need to be repaid. Each year more than $7 billion dollars is awarded in scholarship funds, but you can’t get a scholarship if you don’t apply. We recommend using a scholarship search site to locate gift-aid opportunities you qualify for.
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It’s not uncommon for scholarship applications to require an essay. Keep track of the scholarships you are applying for and their due dates to ensure you don’t miss out on your opportunity to apply. Also, keep your scholarship essays handy. You may be able to reuse some portions for other scholarship applications.
>>>More: How to Write and Proofread Scholarship Essays
While some scholarships you locate may require an essay there are also no-essay scholarships available, such as the scholarships offered on our site. We give away one $2,500 and three $1,000 scholarships every month.
Explore Grants
Grants are another form of gift-aid students may receive to help pay for college. The most common grant is the Pell grant, awarded by the U.S. Government. You must file the FAFSA® to be considered for a Pell grant. Many grants are need-based awards, and the Pell grant is no exception. The amount of Pell grant you qualify for will be determined by factors such as your family’s income. The current maximum for a Pell grant is $7,395 .
Pell grants aren’t the only type of grants available to students. Ask your financial aid office about institutional grants or other grants you may qualify for. And don’t forget to check out your state grant options! While many state grants only require the FAFSA, some grants may require an additional application.
Tuition Payment Plans
Tuition payment plans are a great way to avoid taking out student loans. With a tuition payment plan you make a number of payments at different intervals as set by the college. This allows you to save and pay as you go. Talk to your financial aid office to see if a tuition payment plan is an option for you.
>>>More: About Tuition Payment Plans
Work-Study
A federal work-study job provides part-time jobs to undergraduate and graduate students with demonstrated financial need. To qualify for a work-study position, you must first file the FAFSA.
Federal Work-Study positions provide students in need with the opportunity to earn money for educational expenses. These jobs can be on or off campus. On-campus positions typically involve working for the school, while off-campus positions are usually with non-profit or public agencies, focusing on work performed in the public interest. One significant benefit of Federal Work-Study is that the money earned is excluded on the FAFSA. In contrast, other types of employment may be counted as earned income on the FAFSA, potentially affecting the expected family contribution. For more information on whether your school participates in the Federal Work-Study program, reach out to your financial aid office.
>>>More: About Federal Work Study
Tap Into Savings
Now is the time to assess your savings account to find out what you can afford to spend on your education. We recommend using savings before borrowing federal or private student loans. This is because student loans require you to pay interest, costing you more in the long run than paying for your school up front.
Taking savings to the next level, you may want to go beyond evaluating your current savings account balance. It’s recommended that you continue to save! If you are still working before your classes start or plan to work while you’re in college, set some savings goals. If your employer gives you an option to direct deposit your paycheck to more than one account, have a certain amount placed in your savings account—making this automatic makes it easier! If that’s not an option, it may be best to have your paycheck deposited to your savings account first and then transfer* your spending money to your checking account.
*Remember to read the terms and conditions of your bank account, you may be limited on the amount of time you can transfer money each month.
Attend an Affordable College
This is one option that some students don’t like to hear, but it’s important to assess whether or not you are planning to attend a school that is beyond your means. If you find yourself in a position where you will need to borrow tens of thousands of dollars per year, this college is likely beyond your means. Look to community colleges and state run schools in your home state for more affordable options.
>>>More: How to Choose a College: Making a College List and Comparing Schools
Attend College Part Time
Attending college part-time increases the amount of time it takes you to earn your degree, but is also easier to cash-flow, meaning pay as you go. Not only does attending college part-time make college more affordable, but it will also free up your calendar to work and save more for your education, helping to prevent graduating college with debt.
Seek Tuition Reimbursement
If you are working while attending school, find out if your employer offers tuition reimbursement. Tuition reimbursement plans vary by employer but typically will cover up to a set dollar amount per year and may have requirements such as one year of employment, or receiving a certain minimum grade in order to qualify.
Not only can you earn money toward paying for your education, but you may be able to get some or all of your investment back in the form of tuition reimbursement if you qualify.
>>>More: Some Employer Benefits Help You Pay for College
How to Pay for College with Loans
Many students require loans in order to pay for school. In fact, according to Investopedia, 54% of college students take on debt. When paying for college with loans it’s important to remember to borrow only what you need. This will help to prevent excessive student loan debt.
There are two types of student loans available to students. Federal student loans and private student loans. We recommend always exhausting federal student loan options before taking out private student loans.
In order to apply for federal student loans, you must first file the FAFSA.
File the FAFSA
The first step in paying for college with loans is to file the FAFSA. Filing the FAFSA is the only way to receive federal student loans (and grants). You may file the FAFSA each year on or after Oct 1 for the upcoming academic year. We recommend filing the FAFSA as early as possible to qualify for the maximum amount of aid.
To learn more about the FAFSA, we have a FAFSA Guide to help you through the most important financial aid application.
>>>More: What is Financial Aid?
Paying for College with Federal Student Loans
There are three types of federal student loans you are likely to encounter: Direct Stafford Subsidized, Direct Stafford Unsubsidized, and Direct PLUS Loans. Federal student loans come with generous periods of deferment and forbearance, as well as potential eligibility for income-driven repayment plans and Public Service Loan Forgiveness. Private student loans do not offer the same benefits. That is why we recommend at least reviewing your federal student loan options before considering private student loans.
>>>More: Student Loans for College
Paying for College with Private Student Loans
Private student loans exist to fill in the gap when other financial aid comes up short. They may also be a good alternative to PLUS Loans for borrowers with excellent credit. That is because the lowest available rates on private student loans, are lower than the fixed rate on PLUS Loans, and most private student loans do not charge an origination fee.
Private student loans come with competitive interest rates based on market trends. The interest rate you qualify for will depend on the creditworthiness of the borrower and their cosigner if applicable. Students applying for a private student loan will likely need a creditworthy cosigner to qualify. Those applying (and their cosigner, if applicable) will need a FICO® score of at least 680 in most instances, and at least two years of stable employment in order to qualify without a cosigner.
A private student loan may come with a fixed or variable rate. A fixed rate will remain unchanged over the life of the loan. A variable rate may change over the life of the loan, meaning your payments may go up or down as interest rates fluctuate.
>>>More: Best Private Student Loans for College
Private Student Loan vs PLUS Loan
Private student loans may be a good alternative to PLUS Loans for borrowers with excellent credit history and stable employment. This is because private student loans offer competitive interest rates based on market trends and the creditworthiness of the borrower. That means you may qualify for a lower interest rate on a private student loan than a PLUS loan. Most private student loans also come with no origination fees, and no prepayment penalties for paying the loan back early.
PLUS loans have a fixed interest rate for all qualified borrowers regardless of credit. There is a credit check required to borrow PLUS loans, but this credit check is not as stringent as that of a private lender. If you do not qualify on your own for a PLUS loan, you can apply with an endorser. PLUS Loan have no prepayment penalty, and come with an origination fee of 4.228 (for loans first disbursed on Oct. 1, 2024 through Sept. 30, 2025).
>>>More: Compare Private vs PLUS Loans
Student Loan Cosigners
A student loan cosigner is a co-borrower who agrees to be equally responsible for your student loan should you fail to pay. A good cosigner will have excellent credit, stable employment, and no recent bankruptcies. It’s not uncommon for student borrowers to need a cosigner on a private student loan. Cosigners are often a parent, spouse, other family member, or trusted friend.
When comparing private student loan lenders , you may want to look for a lender that offers cosigner release. This allows you to release the cosigner from responsibility for the loan after a series of on-time, consecutive payments, typically 12 to 48 months.
Best Private Parent Loans for College
- Choose the #1 Private Student Loan Lender in the Nation. Sallie Mae is trusted by more families than any other private student loan lender.
- Variable Rates: 5.04% APR - 15.21% APR. Fixed Rates: 3.49% APR - 15.49% APR. Lowest rates shown include 0.25 percentage point interest rate discount with auto debit payments.1
- Applying online is easy - you could receive a credit result in about 10 minutes.2
- Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty2
- Last year, students were 4x more likely to be approved with a cosigner3 and it may help you get a better rate.
- Borrow up to 100% of school-certified expenses, whether you're online or on campus4
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.
4For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
Information advertised valid as of 10/25/2024.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Sallie Mae Loans are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2024 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.
- Competitive APRs starting at 3.59%1
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum) 2
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
- Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
2As certified by your school and less any other financial aid you might receive. Minimum $1,000.
3This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/01/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
- AFFORDABLE fixed rates starting at 3.69% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for eligible undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No late fees and no prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 11/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Check your eligibility in just 2 minutes
- Flexible repayment options you can choose from
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
- Will cover up to 100% of the school's certified cost of attendance
- 9-month grace period (3 months more than most lenders)2
- Apply over the phone with the Client Happiness Team
- Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
- Mention us when you call in to start your application
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.94% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 09/10/2024. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107
Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2024 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Prequalification: Prequalify to estimate your rate without affecting your credit score
- Online Application Process: Submit online application in minutes
- Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
- No Fees: No application fees, origination fees, or prepayment penalties
- Low Rates: Fixed rates from 3.69% to 14.22% and variable rates from 5.00% - 14.22%*
- Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process
*ELFI is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 10-01-2024. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
- All online, all easy.
- SoFi covers 100% of school-certified costs.
- No fees. Period.
- Repay your way with flexible repayment options (find the monthly student loan payment and rate that fits your budget).
- Applying with a cosigner may increase your chances of approval and getting a better rate.
- Over 1 million students have chosen SoFi.
Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 5.54% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 11/20/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org)
How to Pay for College Without Parents
Not all students have parents who are willing to help pay for college. This may make getting a private student loan difficult, but federal student loans may still be an option.
Federal Student Loans
Unlike private student loans, federal student loans do not require a cosigner. This means, students can get federal student loans without the assistance of their parents. In order to receive federal student loans, you must first file the FAFSA. If you are considered a dependent student, your parent’s information will be required to complete the FAFSA.
If your parent refuse to assist you with completing the FAFSA, you may request a dependency override or a professional judgement from your school’s financial aid office. The decision to grant a dependency override or a professional judgement is up to the discretion of your school.
Income Share Agreements
An income share agreement is an alternative to a student loan that does not require a cosigner. This is basically a contract you sign to receive the money you need to pay for school in exchange for a percentage of your future salary for a set period of time. You will not be charged interest, however your payments will be a fixed percentage of your income. That means as you income increases, your payments will increase regardless of how much you originally borrowed until your repayment term is over.
How to Pay for College with Financial Aid
To pay for college with financial aid you will first need to file the FAFSA. Filing the FAFSA is necessary in order to receive federal student aid such as subsidized and unsubsidized loans, PLUS loans, and work-study.
Depending on your college you may also need to file the CSS Profile to determine aid eligibility.
Once your college has determined your financial aid eligibility you will receive an award letter with the types of loans and grants you qualify for. Here are the most common loans and grant you’ll encounter from the federal student aid program.
Direct Subsidized Student Loan
Direct Subsidized Loans are need-based loans from the federal government. With a subsidized loan, the government pays the interest on your loan while in school, during your grace period, and during periods of authorized deferment.
Direct Unsubsidized Student Loan
Direct Unsubsidized Loans are non-need-based loans from the federal government. With an unsubsidized loan, you are responsible for the interest that accrues while in school, during your grace period, and during authorized periods of deferment.
Federal Pell Grant
The Pell Grant is a federal grant awarded to students with financial need. If you qualify for a Pell Grant, the amount you receive will be determined based on need. The current yearly maximum for a federal Pell Grant is $7,395
Non-Federal Financial Aid
While federal student aid offers some of the more common types of aid, you may be eligible for financial aid that is considered nonfederal aid. When you complete the FAFSA, the information you provide on that application can also be used to help qualify you for state and institutional aid.
We recommend that you take the time to review your state and institutional aid options to make sure you don’t miss out. Like we said before, some state and institutional aid may only require you to complete the FAFSA, however, some states and schools may ask for additional financial aid applications. By not taking this extra step, you could miss out on valuable financial aid.
A common application asked for by some schools is the CSS Profile™. This application is offered by the College Board, and there could be fees to complete (there could be a waiver option for those with financial need). If your school requires you to submit a CSS Profile, make sure to submit that application by your school’s deadline.
How to Pay for College Without Financial Aid
Savings
Tapping into savings to pay for college is an investment in your future. While it may or may not be enough to cover your entire tuition, if you are able to contribute some of your savings to help you pay for college you may reduce the amount you need to borrow.
Tuition Payment Plans
Many colleges offer tuition payment plans, allowing students to make a set series of payments on a predetermined schedule. With a tuition payment plan, your entire tuition isn’t due at once, allowing you time to save up for each installment.
Attend Part-Time
One way to pay for college without financial aid, is to pay as you go. It may tack a little time on to obtaining your degree, but you will graduate debt free. If you’re working while in school, don’t forget to ask your employer if they offer tuition assistance or reimbursement (or seek out an employer that offers this benefit).
>>>More: How to Pay for College Without Financial Aid
Learn More About Student Loans for College
Best Private Student Loans for November 2024
Introduction to Parent PLUS Loans
