How to Get Money for College

The cost of a college education can be quite high. Over the years education costs have risen and can be unmanageable for many families, even those with savings. For many prospective students and their parents, it is necessary to obtain grants, scholarships and/or loans to foot the bill. In addition to tuition, educational expenses may include housing, transportation, textbooks and more. The good news is that there are lots of ways to get money for college. When beginning your search for funding, you may want to start with money that does not need to be paid back.


Scholarships are awards based on merit that do not require repayment. There are many different college scholarships that you can apply for. Scholarship amounts vary widely however full scholarships are quite scarce and there is a great deal of competition for them. Grants, such as the Pell Grant, are not repaid. The Pell Grant is awarded based on income criteria and need. Low income undergraduates are usually approved for this particular grant. Your student financial advisor can tell you more about scholarships and grants.

Another thing they can help you with is the student loan process. Even if you get both a grant and a partial scholarship, there will still probably be costs left to pay. This is where loans come in. The U.S. Department of Education provides loans such as the Stafford Loan. The Stafford Loan is the most popular federal student loan available. There are both subsidized and unsubsidized Stafford Loans. The difference is that subsidized loans are need based with deferred interest and unsubsidized loans are not. The Perkins Loan is also available for low-income students, while PLUS Loans are open to parents who meet credit requirements.

In many cases a multifaceted approach is necessary to cover the costs of a higher education. Students trying to get money for college may end up combining grants and even multiple loans. If a student has a variety of different loans and they want to change the terms or attempt to lower the monthly payment, loan consolidation can be done. With federal student loans consolidation is only allowed once. It can make payments more convenient and may save you money. A financial advisor can help you with the consolidation process as well as with all other aspects of educational funding.



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