• Ways to Pay for College

    Free aid 

    Do not need to repay as long as obligations are met            
    *Grant may convert to a loan
     
     Scholarships and grants are available (see link for more information)
          Sources include the federal government, your state, school, employer, community and religious organizations
          ex: Federal Grants (Pell), entitlement aid, state grants (TAP), SEOG, college/university grant 
     
     
    Work-study or other employment
     
    Pay for education by working part or full-time while attending school (money earned through employment)
     
    1. Some employers offer reimbursement programs where they give money towards your education
     
    2. Eligibility for work-study is noted on the award letter and generally used for living expenses
     
     
    Low-cost loans
     
    Offer reduced interest rates, various repayment options, and no prepayment penalties
     
    Your school may offer institutional loans and flexible payment plans. 
     
    Savings
     
    Use the money you already have
       ex: Savings accounts, 529 plans, pre-paid tuition plans or other savings programs
     
    Alternative sources
     
    1. Private education loans can fill in the funding gaps after other aid types
     
    2. May be able to use home equity loans and lines of credit depending on your situation
        *Avoid cashing out insurance policies or retirement funds or high-interest advances on credit cards:
          Both almost never a good idea.

    3. Primary source is the federal government