If you’re a student or a parent with a student about to enter college, you might be a bit concerned if the acceptance letter from the school didn’t mention any scholarships awarded. With the cost of postsecondary education continuing to rise, paying for college is understandably a bit (or significantly) concerning for many individuals and families.
In today’s world, the cost of college attendance, including tuition and fees, room and board, books and supplies, and transportation and personal expenses, is a whopping $57,570 for private colleges, $27,940 for in-state public colleges, and $45,240 for out-of-state public colleges in a single year. Fortunately, need-based aid, merit aid, tax credits, and other forms of income can help reduce the cost of annual attendance.
9 Ways to Pay for College Without a Scholarship
Here are nine ways to pay for college without a scholarship.
1. Apply for Grants
Grants are monetary awards that you don’t have to pay back. State and local governments, colleges, and the federal government all issue grants, with eligibility, generally based on financial need based on the income reported on the Federal Application for Financial Student Aid (FAFSA).
The larger grant awards typically come directly from colleges. According to College Data, the average grant aid awarded per student was $24,770 at private institutions and $8,690 at public schools. The cap for Pell Grants, on the other hand, is $6,895 per individual, with an average award of $4,166 granted. Almost half—48%–of Pell Grant funds are issued to families earning less than $20,000 per year, and 68% of Pell Grant funds are directed to public universities. Nationally, 34% of undergrad students are issued a Pell Grant.
2. Ask the College for Additional Funds
Yes, it’s possible to negotiate financial aid with colleges. Writing a formal appeal letter that comes directly from the student is recommended by experts to support the process. Though there is no guarantee that such a request will be granted, it doesn’t hurt to try, especially since it can work. Colleges have been known to come back with additional financial aid, including grants and scholarships, based on one’s appeal.
In the letter, the student should indicate why they believe they are a good fit and have the desire to attend the school. Also, including the higher aid packages received by other schools can support you in securing additional funds from your school of choice.
3. Apply for Private Scholarships
Scholarships from colleges aren’t the only form of scholarships you might receive. You can apply for private scholarships issued by community groups, nonprofits, and other organizations. Scholly is an online resource that can help you search for private scholarships, or you can simply do an online search with the keyword phrase “private scholarship” for an extensive list of results to review.
4. Apply for Work-Study Programs
Work-study jobs are jobs provided to qualifying students that are located on campus or nearby. To qualify for a work-study program, you need to submit the FAFSA form. As part of the program, students can work up to the number of hours that equate to the annual work-study award received and get paid monthly.
5. Seek Out Part-Time Jobs
Another way to help fund college fees is for students to apply for part-time work or a paid internship. QuadJobs is an online job board focused on flexible, part-time jobs for college students. WayUp is another option that focuses on entry-level jobs and internships.
6. Claim Tax Credits
Tax credits reduce the amount of income tax you have to pay each year. The American Opportunity Credit can be claimed on your federal tax return for each qualifying student. The credit amount allowed in 2022 was $2,500 per student. You can also apply the Lifetime Learning Credit for each qualifying student, which is $2,000 per student. However, you can only apply for one or the other, American Opportunity Credit or Lifetime Learning Credit, to your tax return, not both.
Students or parents with college students can claim one of the tax credits for each student if their modified adjusted gross income is no more than $180,000 if filing jointly or $90,000 if filing head of household, single, or qualifying surviving spouse.
7. Consider a Community College
Consider attending a public community college vs. a pricier public university or private institution for at least part of your schooling— it’s common for many to attend community college for a couple of years and then transfer their credits to finish their schooling at a four-year university that accepts the credits. The average cost of attending public community colleges is only around $5,155 per year for in-state students and $8,835 for out-of-state students when compared to the much heftier price tag of public universities and private institutions.
8. Live Off-Campus
If it’s feasible for you to live off-campus by staying at home or sharing an apartment or house with other students, it can save you a lot of money. The average cost of room and board at private colleges is $14,030 and $12,310 at public colleges annually.
9. Apply for Student Loans
Though it should be a last resort, federal student loans are also an option to help pay for college. The types of loans you receive after completing a FAFSA form will be partly tied to your income, though regardless of your or your family’s income, you should be able to receive student loans of some sort. Student loans generally come with a relatively low interest rate when compared to other types of loans.
- Direct Unsubsidized Loans are granted to students, regardless of financial need.
- Direct Subsidized Loans are loans issued to students that represent financial need, and they don’t accrue interest until after the student graduates.
- PLUS loans are federal loans issued to parents to help pay for their child’s college. These loans require a credit check and have a higher interest rate than other student loans.
More Tips on Paying for College
As you plan your strategy to pay for college, you want to ensure that you complete a FAFSA annually, regardless of your current financial situation. It’s through FAFSA that you can qualify for student loans, grants, work-study programs, and scholarships. Your rewards will be outlined in your financial award notification or letter from the school. Once you receive notification of your financial aid reward, you then choose what you want to accept.
Finally, NextGenVest offers a list of free resources to support students in navigating the college path forward, including how to write entrance essays, apply for scholarships and funding, and more.