One of the most worrying aspects of applying to college is determining how you are going to be able to pay for your studies. Check out our guide below to see what options may be available to you.

Need-Based Help
Need-based aid is money awarded based on your and your family’s ability to pay for college. To apply for most need-based aid, you must first complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is the determining factor that controls all federal aid programs, such as student loans and grants. Many other forms of student financial aid, including college scholarships and private initiatives, will also use information from the FAFSA as a factor in determining who is eligible for their financial aid programs.

scholarships
Like Merit aid, scholarships are another type of financial aid that you won’t have to worry about repaying. Government, universities, public institutions, private companies, and religious groups are possible sources of scholarships. Most are awarded based on specific criteria, such as your academic performance, extracurricular activities, community involvement, ethnic heritage, or religious affiliation. Some scholarships are also need-based. No matter what the requirements, scholarship applications are always hotly contested, so apply early! A small group of students with a 4.0 GPA and high test scores can win a disproportionate amount of scholarships.

subsidies
Another great way to finance your way to college, grants are essentially money in exchange for financial aid. The government targets many grants at students who would otherwise struggle to pay college fees, and these may be offered at the state level or through federally sponsored programs like the Pell Grant. They may be designed for students who excel in an area of ​​academic study, or be tied to the course or major you choose to study. Some universities offer their own grants to students, while private groups or companies fund others. Be sure to check whether the grant you are applying for has strings attached; there may be certain qualification requirements related to your program of study or your future career.

aid to merit
Merit aid is typically awarded as a scholarship, in recognition of your personal achievement in a specific area of ​​study, sports, arts, or community activity. The best thing about merit scholarships is that you don’t need to repay the money and they can be offered on a renewable basis for several years. Another advantage is that merit-based scholarships are not competitive in nature: as long as you meet the specified requirements, you are eligible to receive this form of financial aid.

student loans
Just like with a regular bank loan, you will be charged interest on student loans for college courses. The good news is that institutions that offer student loans only charge a limited interest rate, so they are cheaper than other types of loans. Another big plus is that you typically won’t be required to start paying off your student loan until after you’ve gotten a job after graduation. You can find out which federal student loans you qualify for by completing the Free Application for Federal Student Aid (FAFSA). While some, like Unsubsidized Stafford Loans and Parent PLUS Loans, don’t take into account your perceived level of need, others, like a Perkins Loan, are based on need. If you still don’t have cash after trying all the federal opportunities, you can choose to look into private loan agreements with banks and credit unions, although the terms of these may not compare favorably with federally sponsored loans. .

Study and work
Exactly as the name suggests, work-study programs offer you a financial incentive in exchange for the work you do while studying at the university, and typically involves work completed on campus.