How to pay for college

One of the most daunting aspects of returning to college is figuring out how to pay for it. Not only the actual money part, but knowing what to do, the process, all the paperwork—it can feel overwhelming!

We’re here to help you navigate the process. From identifying opportunities that fit you best to bringing to light opportunities you may not have known about, we’ve put together this resource to help clarify financial aid and all that goes with it.

What is financial aid?

For most students, financial aid—funding for tuition, books, fees, supplies, and more—is a necessary aspect of going back to school and can take several forms.

Scholarships

Scholarships are financial gifts—need or merit based—that are awarded to students who meet requirements set by the sponsoring party or organization. Full scholarships cover all of a student’s expenses, while partial scholarships, which are more common, pay a portion of the costs.

Search for scholarships using search terms such as “adult learner” or “nontraditional” to narrow down and filter scholarship opportunities that are most relevant to you.

• BigFuture Scholarship Search
• Best Colleges Scholarships for Adults and Nontraditional Students
• 16 Scholarships for Adults Going Back to School (via The Penny Hoarder)

Grants

Grants are need-based financial programs that provide free money to students. They can come from both government and nongovernment sources.

Grants include Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOG). Learn more at StudentAid.gov.

Work Study Programs

Qualifying students who demonstrate financial need and attend a school that participates in the federal work-study program can work part-time jobs to help pay for their schooling. The federal work study program encourages work that’s related to your field of study.

Loans

Loans offered by the federal government that can be used to pay for college expenses. This is borrowed money, so you’ll have to pay it back with interest, but there are a variety of repayment programs in place. Additionally, there are loans from private sources, but they don’t usually offer the same features and protections as federal loans.

There are a variety of financial aid options available. But how do you go about receiving aid?

3, 2, 1... go!

You’ve decided to go back to school. You’re considering your many options. But how to pay for it? Let’s take it step by step.

Step 1 — Complete the FAFSA

The very first thing you should do is complete the Free Application for Federal Student Aid, commonly known as the FAFSA. This will help you determine your eligibility for financial aid from the federal government, many state governments, and most colleges. Learn more here.

• First, gather your documents. You’ll likely need social security information, income statements, tax statements, and bank statements. You can complete the application online or on paper.
• The whole application takes about 45 minutes (when completed online). It’s best to choose a time to commit to sitting through the whole process.
• FAFSA applications open on Oct. 1 each year for the following school year, and close on June 30. It’s best to apply as early as possible, and no later than the school’s deadline.
• After submission, you can check your status using your FSA (Federal Student Aid) ID. Once you receive your Student Aid Report, you’ll be able to see what types of aid you qualify for (and how much).
  

Step 2 — Decision time

You’ve submitted the FAFSA, congrats! Once you receive your Student Aid Report, you can start making decisions about the types of financial aid you want to receive. This is the recommended order of preference for choosing aid:

• Free money: Scholarships and grants – The obvious benefit here is that this is money you don’t have to pay back. Take advantage of this as much as you can.
• Earned money: Work-study programs – This is also financial aid that you don’t have to pay back since you’re actively earning it.
• Borrowed money: Student loans – You have to pay them back with interest, but there are repayment plans to help with that, including income-based repayment, deferred repayment, and more.

Step 3 — Look into tuition reimbursement

Tuition reimbursement is a benefit that many companies offer their employees. This is one of the best benefits a company can offer because it gives you the chance to receive a steady paycheck while working towards a solid education—and accruing less debt!

• Some employers cover part of your tuition, some cover the full cost. Some will even help cover other expenses and fees, like books, transportation, and living expenses.
• Tuition reimbursement is a win-win for both employees and the company, as it increases employee loyalty and provides additional value to the company.
• Check with your manager or HR to see what your company offers for tuition reimbursement—it’s never too soon to find out and add it to your list!
  

You are not alone

For many people, working out the details of financial aid can be a real barrier in progress. There’s good news, though! It’s worth the effort—the peace of mind alone can do wonders. Plus, you get to go back to school!

Through everything, just remember: You’re not alone. Millions have gone through the same thing you’re experiencing right now, and out of those millions, we’ve helped tens of thousands with scenarios just like this. Lean on your relationships, and lean on us. We’ve got you.