How to Pay for College
Paying for college is vastly different from what many of us remember. The cost has increased and the ways to pay have too.
Have money set-aside (GET, 529, savings, etc) or be able to pay cash
Earn scholarships (often called Merit) through the institutions
Earn local (more likely) or national scholarships (more challenging)
Qualify for Pell Grant assistance (maximum of ~$7,000 annually)
Work (and/or work study)
Loans. Students max out federal loans at $5,500 freshman year, $6,500 sophomore year, and $7,500 junior and senior years. Everyone qualifies for them but these are the ONLY loans a student can get without a cosigner.
Fill out the FAFSA form. Even if you think you won’t qualify, fill it out. Many schools require it for MERIT based aid and it’s the only way to get the federal loan and/or Parent Plus loans. FAFSA doesn’t award money. They determine your need and allow for federal support to be granted.
Fill out the CSS if required by your school. This is more in-depth than FAFSA. It doesn’t give you aid, it determines aid. The school decides if they will give you what you need. A “Need-based” school would meet that. Others may not.