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HOW WILL I PAY FOR COLLEGE?


College Costs

When it comes to college costs, remember

  • Some colleges cost less than other colleges.
  • Lots of financial aid is available—there are more opportunities now than ever before!
  • You and your parents have time to start saving for college.

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 it.

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 more than $100 billion (yep that’s $100,000,000,000—with 11 zeros!) in financial aid for students who qualify.

Want an idea of how much of that $100 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.


Female student carries FAFSA4caster Hall Pass in backpack


Types of Aid

There are two basic types of financial aid:

  1. “Gift” aid: money that does not have to be paid back (for example, grants and scholarships)
  2. “Self-help” aid: money that you work for or that you will need to pay back later (for example, work-study or loans)

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 give you aid if you APPLY for it.

Take action! Learn how other young people used financial aid to fund their education. Start by clicking on the links below to listen to the real-life stories of students who used federal student aid to make their dream of going to college a reality:

Jared (.mov format)
Jared (.wmv format)
Jennifer (.mov format)
Jennifer (.wmv format)

Or visit www.college.gov and click on “how to pay.”


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” (i.e., aid awarded to a student on the basis of financial need) and are available for all kinds of students based on

- good grades;
- certain religious, ethnic, or cultural background; or
- athletic, artistic, or creative abilities.

A number of civic groups, foundations, businesses, and community organizations offer scholarships. Some colleges also have special scholarships or fellowships for incoming students. Students who receive scholarships generally have to maintain a certain grade point average or GPA.

There are tons of scholarships out there. The most important thing is to find out what your options are. Keep in mind that no scholarship is too small!


If you’re 13 or older, create a MyFSA account to use our Financial Aid and Scholarship Wizard! If you’re younger than 13, talk with your parent about creating an account for you.



Another Way to Pay for College: Serving Our Country

When you serve our country—during or after college—there are opportunities for aid that will cover either some or all of your educational costs:

- AmeriCorps—this community-service program provides help with college costs and student loans to members who successfully complete service.

- U.S. service academies—the U.S. Air Force, U.S. Army, U.S. Coast Guard, U.S. Merchant Marine (not to be confused with the U.S. Marine Corps*), and U.S. Navy provide free education for students who commit to serve in the military upon completion of their education.

*Note: Students who are interested in joining the U.S. Marine Corps should attend the U.S. Navy’s service academy.


- Reserve Officer Training Corps (ROTC)—this campus-based program offers scholarships in varying sizes to students interested in serving in the military after college.

- Enlistment—men and women in the armed forces can qualify for financial aid under the GI Bill.

- Tuition assistance—military tuition assistance programs typically provide funding for active duty members who have taken courses while on off-duty status (i.e., time when service members are not performing regular duties).

- Repayment assistance—members who are serving in the armed forces and have borrowed federal student loans may receive repayment assistance.

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!


Male students posing with skeleton
Last updated/reviewed January 5, 2009

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