Paying For College

College costs have continued to rise, and scholarships or academic awards don’t always cover everything. When that happens, it’s important to know what other financial aid opportunities are available to help bridge the gap. Thinking ahead about your payment options can make a big difference.

Keep in mind that the average net price a family pays for college can vary widely based on several factors, including:

Location of the college – whether it’s in an urban, suburban, or rural area
Type of college – private colleges often cost more than public colleges
Living arrangements – living at home can be much cheaper than paying for on-campus housing and meal plans
Miscellaneous expenses – such as lab fees, art supplies, or other program-specific costs
Financial assistance received – including athletic scholarships, academic scholarships, and need-based financial aid

Understanding these factors can help families make informed decisions and plan effectively for the cost of college.

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Types of Scholarships and Aid

Athletic Scholarships

Athletic scholarships are awarded to qualified student-athletes at a college coach’s discretion. A coach can divide the team’s allocated scholarship funds among multiple athletes or choose to award a larger portion to one or two high-level recruits.

Academic Scholarships

Academic scholarships are awarded based on a student’s academic performance, including grades and overall GPA, class rank, ACT and/or SAT scores, and the rigor of coursework (such as taking AP, Honors, or other challenging classes).

To be considered, students must meet the school’s specific academic scholarship criteria. These requirements vary by college or university. Academic scholarships can be offered at different levels, meaning students with slightly lower GPAs or test scores might still qualify—though they may receive smaller awards than students with stronger academic profiles.

Merit Scholarships

Student Loans

student loans

Merit scholarships are often based on academic performance, but they can also recognize students who demonstrate exceptional skills, talents, or achievements in other areas.

Students may be considered for merit scholarships if they:

Display athletic or artistic achievements
Hold or have held leadership positions
Are actively involved in clubs and extracurricular activities
Participate in community service or volunteer work at school or in their community
Have received honors or awards (such as National Honor Society or National Society of High School Scholars)
Earn high grades, test scores, class rank, or take rigorous courses (like AP or Honors classes)

Merit scholarships can reward a wide range of accomplishments, encouraging students to excel both inside and outside the classroom.

There are two main types of student loans: federal loans and private loans.

Federal Loans
Federal loans are borrowed from the U.S. Department of Education. A student’s FAFSA is used to determine financial need and eligibility for federal aid and loans. The federal government considers factors like the cost of attendance and the Expected Family Contribution (EFC).
Common types of federal loans include Federal Direct Loans and PLUS Loans, which offer a fixed interest rate for all borrowers regardless of income or credit history.

Private Loans
Private loans are borrowed from banks or other financial institutions. They can be a good option for families who don’t qualify for federal aid or who still need additional funding after using scholarships, financial aid, and federal loans. Unlike federal loans, private loan interest rates, fees, and repayment terms are based on the borrower’s creditworthiness, so these details will vary depending on the lender.

Students can use both federal and private loans to pay for college. However, unlike scholarships or grants, loans must be repaid—usually starting a few months after graduation and often over a 10-year period. Some loans also require students or their co-signers to begin paying interest while they are still in school.

Grants

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Grants are a form of financial aid that do not have to be repaid, making them an excellent way to lower the overall cost of college without adding future debt.

Grants are commonly awarded by the U.S. Department of Education based on financial need, which is determined through the FAFSA. Many colleges and universities also offer their own need-based grants funded by private endowments—often gifts from alumni or donors.

Because they don’t require repayment, grants are one of the most beneficial types of financial aid for students.

Other

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Federal Work-Study Program
This program provides part-time jobs for students with financial need, allowing them to earn money to help pay for educational expenses. To qualify, students must complete the FAFSA and be determined eligible based on financial need.

Aid for Military Families
Students who are active-duty military members, veterans, or the spouses or children of veterans may qualify for additional financial aid opportunities, including federal and state benefits, grants, and tuition assistance programs.

Other Scholarships
In addition to athletic, academic, and merit-based awards, scholarships may also be available for:
- Community service or volunteer work
- Hobbies, talents, or extracurricular interests
- Military involvement
- Employer-based programs (offered to employees or their dependents)
- Personal background or identity (such as being a legacy student, first-generation college student, or the first in their family to attend college in the U.S.)
- Students pursuing specific majors or fields of study

There are thousands of scholarships awarded each year to students who meet certain criteria. The key is knowing where to look—and applying to as many opportunities as possible.

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How To Pay For College Without Having Loans

Other Ways to Pay for College (Without Loans)

There are several ways to pay for college without relying on student loans. Some of these options have already been mentioned, but here they are summarized:

Academic, Athletic, and Merit-Based Scholarships
These awards are based on academic performance, athletic ability, or other talents and achievements. They do not have to be repaid.

Financial Aid (Grants)
Grants are typically awarded based on financial need, determined through the FAFSA. They may come from the U.S. Department of Education or from a student’s college and do not need to be repaid.

Federal Work-Study Program
This federally funded program helps students with financial need earn money to pay for college through part-time jobs on or around campus. Students can determine eligibility by submitting the FAFSA. Common roles include tutoring, working in the library, gym, or student center, or participating in community service through the school.

Part-Time Jobs or Paid Internships
Many students work part-time to help cover tuition, room and board, or other expenses. However, for student-athletes—especially those competing at NCAA Division I or NCAA Division II schools—it can be challenging to balance a year-round job or internship with academics, athletics, and other commitments.

Payment Plans
Most colleges offer monthly, quarterly, or semester-based payment plans. These allow families to split tuition costs into smaller, more manageable payments instead of paying the full amount all at once.