For many families, saving enough money to pay for the whole price of their children's higher education is just not possible. Often, affording university comes down to a mix of financial aid, scholarships, and loans, but there are several persistent misconceptions about these options.
If you're wondering how to pay for college with no money, there are lots of great options to consider.
Find Colleges Offering Merit Scholarships
Merit-based scholarships are some of the best causes of free money for school. Most of these awards don't have to be paid back except in rare circumstances, such as a college student going on academic probation or getting expelled.
There are lots of merit scholarships that are based on a student's academic performance. Most of these determine eligibility using GPA and/or standardized test scores (SAT, ACT). PSAT scores determine eligibility for that National Merit Scholarship.
Most scholarships are based purely on merit, even though there are some which take financial need into consideration. In either case, there are lots of colleges offering merit scholarships which range from $1000 each year to $40,000 each year. When a college provides a merit scholarships it is usually for all for years of college, as long as a student meets the GPA requirement. There are even “full-ride” scholarships that cover expenses, fees, and room and board costs along with tuition.
Students who are outstanding athletes, musicians, innovators, or choose to serve their community may also qualify for merit aid.
Apply for Private Scholarships
It's never too soon to start looking for private scholarship opportunities, as well as your child's school counselor is probably a great source of scholarship tips. There are lots of awards that are open to high school freshmen and sophomores in addition to juniors and seniors. Here are a few excellent places your son or daughter can go to look for scholarships:
- The internet (scholarship websites and check engine results)
- The library (for info on state, city, and native awards)
- The senior high school counselor's office (specifically for state and college-specific awards)
- The school's financial aid office (may colleges their very own scholarships)
- Local organizations (community centers, charities, and religious groups)
Apply for that Pell Grant
While most scholarships are merit-based, that isn't the only type of financial aid available. There's also many causes of need-based aid, including grants. Generally, a grant is a type of “gift aid” that does not have to be paid back.
Some grants are contingent upon the recipient maintaining a particular GPA or completing a service obligation after graduation (e.g. the Teacher Education Assistance for school and Higher Education (TEACH) Grant). However, there are lots of other grants which have no strings attached.
One of the very most well-known kinds of need-based aid is the Federal Pell Grant. This grant is offered through the authorities to undergraduate students. To become eligible, students must demonstrate “exceptional financial need” and not have earned a bachelor's, master's, or doctoral degree yet.
The first step for the child to be eligible for a a Pell Grant is completing and submitting the Free Application for Federal Student Aid (FAFSA). A student Aid Office uses the data on the FAFSA to find out whether your child is entitled to need-based educational funding.
While your son or daughter may be eligible for a a Pell Grant based on their FAFSA, that's not the only real possible outcome. The FAFSA can also be necessary to determine whether your student is eligible for federal student education loans along with other need-based grants. Your son or daughter must submit an updated FAFSA for each academic year they're signed up for college to stay entitled to a federal grant along with other types of need-based aid.
Apply for State-Level Grants
Most people learn about federal financial aid for students, but there is also a lot of state-based grant money your child may be eligible for a. Most states make use of the information on the FAFSA to find out eligibility for need-based college grants, that is one more reason to never skip the FAFSA. Although, your child may need to apply straight to the state's department of education to be considered for many grants.
In most cases, state-level grants can be found to residents who're attending in-state colleges. In some instances, only certain schools qualify. But there might be exceptions, therefore it is always worth doing a bit of research on any state where your child is considering likely to school.
If you're not sure who to speak to about state-level financial aid, make use of this list from the U.S. Department of Education to find the reason for contact for that state under consideration.
Negotiate Using the College for Financial Aid
Many individuals don't realize that it's possible to negotiate for any better financial aid package, however it certainly is. If your little one can instruct a compelling case as to why they require more financial assistance to attend a college, there is a good chance the college can increase its offer.
A college bases its financial aid offer around the distinction between the price of Attendance (COA) and your child's Expected Family Contribution (EFC). The us government calculates the EFC based on the information inside your child's FAFSA. The bigger the distinction between the EFC and COA, the greater financial aid a potential school will probably offer your son or daughter.
The college will offer you some educational funding for your child, but time isn't just set in stone. There are several explanations why you might be able to successfully negotiate for more aid:
- Your family's financial circumstances will vary than what's reflected on the FAFSA
- There's been a substantial parental event, such as a death or divorce
- You or your spouse lost their job
- You have significant medical bills
- Your child has received better educational funding offers from other institutions
Once your son or daughter gets all of their acceptance letters and financial aid offers, you can compare the numbers to see which school is the most affordable. It's also possible to use other financial aid purports to negotiate a better aid package at the child's first-choice school.
Get a Part-Time Job
Many parents don't want their child to have to work while attending college. But this option can in fact have numerous benefits. If your child assumes a part-time job while they attend school, they are able to reduce and sometimes even get rid of the need to take out an education loan.
There can also be some mental health benefits of working part-time while likely to school. All students state that working helped them avoid obsessing about their grades. Students who split their time between work and school could also think it is simpler to see real-life applying the topics they're studying.
Many employers offer education advantages to their employees, even people who work part-time. Your son or daughter may be able to be eligible for a tuition reimbursement from their employers as well. Plus, everything experience can help fill out their resume, making them more competitive in the job market when compared with graduates without any career history.
Depending on the information inside your child's FAFSA, they may be eligible for a a work-study job. This kind of opportunity is available to students who meet financial need requirements, also it provides them the opportunity to focus on campus. Most work-study jobs have very flexible schedules since they are designed specifically for enrolled students.
Another option is a co-op program – or cooperative educational experience – that provides students a chance to earn income and academic credit for actual job experience throughout their undergraduate career.
Lower Expenses
The best way to reduce the price of educational costs and costs is through an economic aid package, but there are many other expenses that bring about the total cost of attendance. For example, the cost of room and board is generally very expensive, specifically for students who reside in on-campus housing.
If your child really wants to save money on the price of room and board, the best thing to complete is to live both at home and within an off-campus housing complex. For many students, the least-expensive option is living in your own home, but off-campus housing is generally still more affordable than an on-campus dorm.
Some universities require freshmen to live on campus unless a student qualifies for any housing waiver. You might be able to secure a waiver for the child to live at home in case your house is close enough towards the campus. It's best to verify housing requirements using the universities your son or daughter is considering.
The price of textbooks and supplies may add up quickly. To save cash on textbooks, encourage your son or daughter to purchase used versions when possible.
Consider Taking Out a Loan
Sometimes, there just aren't enough cost-cutting options or educational funding funds to pay for the whole cost of college. In this case, the best call may be taking out loans to cover the gap.
Federal student education loans would be the most typical option, and your child must submit their FAFSA to access them. The U.S. Department of Education may be the lender for federal student education loans, there are four types:
- Direct Subsidized Loans: Available to undergraduate students who meet the government's financial need eligibility requirements.
- Direct Unsubsidized Loans: Available to undergraduate, graduate, and professional students, and there is no need to demonstrate financial need.
- Direct PLUS Loans: Open to grad students, professional students, and fogeys of undergraduate students. An advantage loan is for expenses that aren't covered by other kinds of financial aid. There isn't a financial need threshold, but borrowers need to pass a credit assessment.
- Direct Consolidation Loans: An option to consolidate multiple eligible student loans right into a single loan.
There is a limit to how your child can borrow each year. This depends on their own dependency status and which year of faculty they are funding.
Another option is to get a private loan to cover college. You or your child may take out a personal education loan. In most cases, the interest rate for a private loan is going to be greater than the speed for a federal education loan, but private loans might have lower fees.
If you or your child is considering financing, it may be worth researching private loans and comparing these to federal student education loans to find the best deal.
Start in a Community College
Another excellent way for your child to lessen college expenses would be to attend a community college for the first two years. Tuition and fees for community colleges are usually much less than other schools, even in-state public institutions. Here are some other potential advantages community college offers:
- Lower living expenses: Community colleges typically do not require students to pay for room and board to live on campus.
- More flexibility: Many community colleges offer online and night classes, which can make scheduling easier for college students who are also working.
- Minimal degree restrictions: Many students who attend community college make use of the time for you to complete their general education requirements, which is especially efficient for college students who aren't sure what they need to major in.
Most states have been making changes to help ensure college credits transfer equally to four-year universities, minimizing the possibility students will have to retake courses.
Additionally, some states have programs that permit high school juniors and seniors to take a few of the classes at vocational schools. This enables students to earn senior high school and college credits simultaneously, which is time- and cost-efficient.
Conclusion
Higher education is pricey, but there are many ways to pay for college, even with no lot of savings. Scholarships and grants are available according to financial need and merit. Your son or daughter may also lower the cost of college by starting in a college or living in your own home.