How to pay for college

Federal assistance and scholarships available for seniors

As Career Center Specialist Robin Roth aptly put it, “college is expensive.”

Colleges want their students to be able to afford them, while making the most possible money in the process. Sometimes, the price can appear too steep and as a result, students decide not to apply to the more expensive schools.

However, there are many options out there to ease the burden on one’s family for each school. Here at Annandale, where over half of students are on free and reduced lunch, there is a surprising amount of opportunity for a reasonable college price. Money for college can come from the college itself, or from outside sources.

The first step, in order to get financial aid, is to fill out the FAFSA form. FAFSA does two important things: it alerts schools of one’s socioeconomic status, increasing the likelihood of scholarships from the school, and it qualifies the student for federal aid, utilizing factors like the parent’s assets and income
“The earlier you do it, the more likely you are of getting some of that federal money,” Roth said.

There are a few ways the specific college can support an enrolled student. Grants are sums of money allotted to students to make the tuition more affordable. Grants come with no obligations for the student, as long as they keep their grades up.

Work-Study is another way colleges can help their students pay tuition costs. Work-Study is a college program allowing students to work part-time for the school, and the salary goes towards their tuition.

Loans can come from the college, or from the government. Loans have to be paid back, and the more time that passes the more the student or parent has to pay. The price has a certain percentage increase each year the loan isn’t paid back, which is called interest. For this reason, many people’s college debt follows them well into adulthood. To avoid this, students should accept fewer loans and look for other sources of money to help with college.

Scholarships should be the largest source of money to help with the price of college. They can come from the college, organizations affiliated with the college or even organizations with no affiliation. There are thousands of scholarships out there for students to look into. Websites like Chegg and Fastweb match students with limitless scholarship application opportunities. Scholarship applications can be as simple as entering an email or as complex as sending in official transcripts and financial information. Most scholarships are looking for specific attributes in applicants.

There are also more comprehensive and selective programs, like Posse and QuestBridge, which take a lot of factors into account and offer up to full ride opportunities to their scholars at prestigious schools.

It’s important to remember during the college process that U.S. colleges are businesses. Ultimately, they want to make money. They will, however, adjust the price if they want you to attend.