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How can I pay for college?

Here's your guide to free money for college (and money you have to pay back, too)

By Laura Jeanne Hammond, 8/17/09

Don’t let the potential cost of college scare you away from applying. There are many ways to help defer the costs. Check out the financial aid opportunities below.

Grants

Grants are money awarded by your college or the government as a result of the information on your Free Application for Federal Student Aid (fafsa.ed.gov), your interests or your merit. Grants do not have to be repaid. Research state-sponsored grant programs through your state education department’s Web site.

Institutional scholarships

When you’re searching for colleges to apply to, ask if there are any scholarships your credentials will qualify you for automatically.

Private scholarships

Use your adult learner status, employer, major and veteran status as scholarship search criteria. Apply for as many private scholarships as you are eligible for, and don’t rule out smaller, local awards. When it comes to paying for college, every bit of money will help.

Federal loans

Apply for federal money, like the Stafford and Perkins loans, by filling out the FAFSA as soon as possible after January 1 of the year you will attend college. Your college will detail any loans you’ve been awarded in your financial aid letter. Respond to that letter whether or not you want the loans. And if you choose a student loan, don’t borrow more than you absolutely need.

Private loans

Like federal loans, private loans help you pay for school, and you have to pay them back. Apply for private loans through individual banks or other loan companies.

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2 Responses to “How can I pay for college?”

1. Nova Pol says:

   January 16, 2010 at 3:36 pm

   Your blog is very good. I m gonna come back again, thanks.
2. Deb says:

   December 28, 2010 at 4:36 pm

   How about some links to some of these sites that supposedly offer grants and scholarships for adults. I’ve not found any, especially for someone who is not a single mom living on state aid already but someone that is married with kids but just doesn’t make enough to go back to school without it being a financial hardship. Make too much for aid and not enough to pay for school outright.