Financial Aid
Financial aid is money to help pay for college or career school. Grants, work-study, loans, and scholarships help make college or career school affordable.
Grants
A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation). A variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.
Scholarships
Many nonprofit and private organizations offer scholarships to help students pay for college or career school. This type of free money, which is sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses.
Work-Study Jobs
The Federal Work-Study Program allows you to earn money to pay for school by working part-time.
Loans
When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.
Aid for Military Families
There are special aid programs or additional aid eligibility for serving in the military or for being the spouse or child of a veteran.
Learn About Aid for Military Families
Aid for International Study
Federal student aid may be available for studying at a school outside the United States, whether you’re studying abroad or getting your degree from an international school.
Learn About Aid for International Study
Aid and Other Resources From the Federal Government
Besides aid from the U.S. Department of Education (ED), the federal government offers a number of other financial aid programs. These programs include
educational and training vouchers for current and former foster care youth; and/or
scholarships and loan repayment programs through the Department of Health and Human Services’ Indian Health Service, National Institutes of Health, and National Health Service Corps.
Federal student aid from ED covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care. Thousands of schools across the country participate in the federal student aid programs; ask the schools you’re interested in whether they do!
Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA®) form. And remember, the first F in “FAFSA” stands for “free”—you shouldn’t pay to fill out the FAFSA form!
Aid From Your State Government
Other than federal aid, you might be eligible for financial assistance from your state. Contact your state grant agency for more information.
Aid From Your College or Career School
Many schools offer financial aid from their own grant and/or scholarship funds. Find out what might be available to you:
Visit your school’s financial aid page on its website, or contact the financial aid office.
Ask at the department that offers your course of study; they might have a scholarship for students in your major.
Fill out any applications your school requires for its own aid programs, and meet your school’s deadlines.
How can I lower the cost of college?
Here are some suggestions on how you might be able to lower the cost of college. For many of these suggestions, you’ll want to follow up with the colleges or career schools you are interested in to get additional details.
Set a budget and stick to it! Having a budget will help you compare anticipated college or career school expenses against your potential available income and financial aid. You also can use a budget to compare costs between different schools. Learn about budgeting.
College or career school costs can vary significantly and there are many schools with affordable tuition and generous financial assistance. Make sure to research all schools that may meet your academic and financial needs. To find colleges or career schools, use our college search tool, College Navigator.
You may be able to get school credit based on your knowledge or life experiences, and you can manage your course work to reduce costs.
Ask your school whether it’s possible to “test out of” any classes. If you don’t take a class, you may not have to pay for the credits.
Some colleges give credit for life experiences, thereby reducing the number of credits needed for graduation.
Most schools charge a set price for a specific number of credits taken in a semester. If academically possible, take the maximum number of credits allowed. This strategy reduces the amount of time needed to graduate.
Some schools offer combined degree programs or three-year programs that allow you to take all of the courses needed for graduation in three years, instead of four, thereby eliminating one year's educational expenses.
Colleges and career schools may offer discounts on tuition if
you are a child of an alumnus or alumna (i.e., if your parent went to the school);
more than one family member is enrolled at the school;
you are a student government leader or the editor of the college newspaper or yearbook;
you are an older student;
your family’s main wage earner is unemployed; or
you or a member of your family works at the school.
Housing costs can add up. Here are some tips for reducing your housing costs:
If you go to a college or career school near home, consider living with your parents or other family.
If you live off-campus, consider sharing a house or apartment with multiple housemates to cut down the cost of rent, and carpool to save on gas and parking.
Most colleges and universities sponsor resident advisor programs that offer reduced tuition or reduced room and board costs if you work in a residence hall.
You may be eligible for health care benefits including the following:
Most young adults can stay on their parents’ family plan until they turn 26, even if they are married or still living with their parents.
If you have been uninsured because of a pre-existing condition, you may be eligible to join the Pre-Existing Condition Insurance Plan.
If you are in a new insurance plan, insurance companies cannot charge you a deductible or copays for recommended or preventive services such as flu shots or other immunizations.
You can work part-time to pay part of your costs. Be sure your work and school schedules don’t conflict and that you have enough time for studying. Here are a couple of options:
The Federal Work-Study Program provides an opportunity to earn money while going to school. Ask schools if they participate in the program.
Cooperative education programs allow students to alternate between working full-time and studying full-time.
Most schools have placement offices that help students find employment and personnel offices that hire students to work on campus.
Taking small steps can add up. For example, you can lower the cost of textbooks if you buy used books or rent textbooks (if you won’t need the books once you finish the class).