Paying for College

Follow these steps to determine how you’ll pay for college.

 

Step 1: Learn about types of financial aid

Scholarships come from private donors or from your college, and are not repaid. Some are based on financial need, while others are based on criteria such as academics, leadership, athletics, talents, or military involvement.

Grants* are based on financial need and you don’t repay them. They include:

  • Pell Grant
  • Supplemental Educational Opportunity Grant (SEOG)
  • State grants
  • College-based grants

Work-Study*, also based on financial need, allows you to earn money while attending college. You get paid for hours worked, so don’t expect money up-front to pay tuition. Work-Study earnings will not affect future financial aid eligibility.

Loans* are a type of financial aid you must repay with interest. Some are in your name and some are for parent(s).

*These types of financial aid are based on FAFSA results.

 

Step 2: Apply for scholarships

Look for scholarships during your junior and senior years.

  • Ask your counselor about local and national scholarships.
  • Apply for college-based awards.
  • Look for national awards using free Internet-based scholarship searches.

Step 3: Request a Personal Identification Number (PIN)

The PIN is your signature for the electronic FAFSA. Request a PIN for you and one for a parent at pin.ed.gov. Keep your PIN for future years.

 

Step 4: Complete the FAFSA (Free Application for Federal Student Aid)

The FAFSA is your application for federal, state and college-based financial aid. Complete the form at fafsa.gov. The colleges you list on the application will receive the results and will use that information to award financial aid.

  • Apply after January 1 but before the colleges’ priority date to get the best financial aid package.
    • Complete the FAFSA every year you’re in college.
    • Use these tools to prepare for and complete the FAFSA:
  • FAFSA Checklist
  • FAFSA Demo
  • FAFSA Tutorial
  • Financial aid videos and podcasts

Colleges use this standard formula to calculate your financial need:

Cost of Education (determined by the college)
– Expected Family Contribution (based on FAFSA results)
= Financial Need

Your “financial need” determines the type and amount of financial aid you will receive.

 

Step 5: Complete the financial aid process.

  • Expect a Student Aid Report (SAR). The SAR acknowledges that your FAFSA was received and can be used to make corrections to the form. You’ll need your PIN to make electronic corrections.
    • You might also receive request from the college for documents to verify your FAFSA information. If so, send the documents to the college financial aid office.
  • Expect a financial aid award notification from the colleges that accepted you for admission. It will detail the assistance they’re offering based on your financial need. Respond to all award notifications by the deadlines.
  • Compare financial aid awards to determine what you would need to spend out-of-pocket or borrow in student loans at each school to cover the full cost of your education.
    • Once you select a college, notify the other schools of your decision.
  • If you need student loans, apply for them through your college. They will provide the necessary forms. Allow several weeks for processing time.