We know how daunting it can be to navigate paying for college. For many, college is the largest expense of their lifetime. Pursuing your dreams without sacrificing your future financial stability is possible, especially when you know your options.
When paying out-of-pocket, it’s important to pay monthly rent, utilities, and tuition on time – late payments could affect your enrollment or result in late fees. We also strongly recommend you fill out the FAFSA.
Traditional Savings and Earned Wages: The least complicated financing option is directly paying expenses from your or your parents' savings or wages. This doesn't require applications, there’s minimal paperwork, and you will not accrue interest.
The Federal Work-Study (FWS) Program This federally-funded financial aid program provides eligible graduate and undergraduate students part-time jobs to gain work experience while earning money to pay for college living expenses. These jobs are typically (but not always!) on campus. The FAFSA determines your eligibility, but FWS earnings do not count toward your income total on the FAFSA! If awarded, a work-study job isn’t guaranteed – you’ll need to seek, apply, interview, and be hired for a position. Check with your school’s financial aid office if you need help determining which jobs are eligible for work-study because not all campus jobs qualify.
Educational Savings Accounts: Your parent(s) or another individual (typically a grandparent or close relative) may have set up and funded a 529 plan or special savings account that accrued tax-free interest over time. To withdraw from these accounts, you will need to fill out specific forms at your financial institution, and you may need to provide documentation.
Investment Accounts: Other than the 529 plan, there are several investment accounts (accounts that allow individuals to invest in stocks, bonds, real estate, etc.) that may have been used to save for your college education. If you’re considering withdrawing from these accounts, consult with a financial advisor for help learning what might be best for you.
Many of these options require data from the FAFSA to be eligible.
Scholarships: This type of funding does not require repayment. Scholarships are usually awarded to individuals based on their academic achievements, talents, and community involvement. Private businesses or organizations, community groups, and educational institutions offer scholarships. Students must find and apply for relevant scholarships to be considered.
Grants: Generally offered by government or educational institutions, grants are usually need-based and do not need to be repaid. Get as many grants as you can!
Work-Study Programs: This federally-funded program offers eligible individuals part-time student jobs, typically on campus. You must apply for the jobs that appeal to you, and a work-study supervisor will be assigned to guide you.
Employer Tuition Assistance: Some employers offer financial assistance to employees who enroll in courses or whose children enroll in full-time college coursework. Be sure to check the terms – employers may require you to submit documentation, maintain a certain GPA, or continue employment at their company for a specified period to be eligible and not repay the aid.
If your expenses still are not sufficiently covered, you may need to explore other schools that better fit your budget or look into student loan options.
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