With the price of education rising in the US, you’re not alone in asking, “What can I do if I can’t afford college?” Many students face the challenge of affording college before it’s even begun. Financially, it can feel overwhelming to keep up with tuition, housing, and necessities.

The good news is that there are options. Where there’s a will, there’s a way to fund your education. This guide will help you understand your options so you can tackle the financial side of education.

Government funding: FAFSA

The first step in funding your education should be the Free Application for Federal Student Aid (FAFSA). A FAFSA application can be required to access additional aid and determine your candidacy for different categories of financial aid.

The types of aid you’re eligible for are determined by your income (if you’re financially independent) or your family’s income.

Grants

Grants are a solid second stop for college funding. It’s free money to fund your education based on need. You don’t have to pay them back.

Some of the most common grants are:

• Federal Pell grants: Designated for undergraduate students. The amount is determined based on financial need.
• Federal supplemental educational opportunity grants (FSEOG): These are only available at participating schools. They’re dispersed based on need.
• State grants: Several states have their own grant programs to fund higher education. Check with your school counselor for more information.

Grants are a superb source of funding for college. After you’ve filled out your FAFSA, you’ll have a better idea of what grants you qualify for.

Work-study

Another funding avenue FAFSA opens up is the Federal Work-Study Program. Work-study jobs are part-time and designed to work around your academic schedule.

How it works is that the government pays the grant to your school to hire you to work on campus somewhere, which further incentivizes schools to accept and hire you. It’s a win-win. Plus, an excellent way to gain work experience in a flexible environment that still prioritizes your education.

Student loans

After you’ve exhausted other options—scholarship info still below—it may be time to consider borrowing a bit to fund your education now, then paying it back when you’re employed after school.

Whether you’ve qualified for grants or not, if you still need financial assistance, federal student loans can help. Federal loans usually have fixed interest rates and more forgiving repayment options.

There are two main types of loans:

• Subsidized loans: For students in financial need. The government pays interest while you’re in school and during deferment periods.
• Unsubsidized loans: Available to the majority of students, regardless of perceived need. Interest begins accruing instantly.

You’ll be required to start repayment six months after graduation. There are a multitude of payment plans to help you pay back your loans. While we recommend loans as a last resort, they are sometimes necessary to bridge the final funding gaps you may have in affording college..

In-school scholarships

Feeling like you can’t afford college can be disheartening. It’s important to remember that there are a number of options and support both in and out of school. The above options will follow you wherever you choose to attend, but don’t forget that schools have their own funding to draw students as well.

Many universities, like Goodwin, offer admitted students a financial aid package to help with education costs. Financial aid in school is offered based on merit, degree program, and personal history.

These may include:

• Merit-based scholarships for existing academic performance or leadership.
• Program-specific scholarships are directly correlated to certain majors such as Nursing, Biology, or English.
• Background-based scholarships for first-generation students, single parents, or community volunteers.

In-school scholarships can cover much of your cost of attendance. Sometimes, in-school aid combined with other financial aid can completely cover your school expenses.

At Goodwin University, our financial aid advisors can help you discover what financial aid you might qualify for. They’ll help you determine additional scholarships you may be eligible for and walk you through the application process so you get the most aid possible.

Learn how to apply for in-school scholarships through Goodwin University

Independent scholarships

If you can’t afford college, independent scholarships in conjunction with FAFSA can further fund your education. Independent scholarships are privately funded either by individuals or organizations. Some are state- or city-specific, while others are available nationwide to students.

Here are three great resources for finding independent scholarship opportunities:

• Fastweb.com: Shows you scholarships based on your interests and goals.
• Scholarships.com: Offers thousands of awards you can filter by field, location, and demographics.
• College Board’s BigFuture: A scholarship search engine with education planning tools.

One of the best ways to think about scholarship applications is to treat them like a part-time job. Set aside a certain amount of time each week to find and apply for scholarships. Keep a collection of powerful personal essays and short answers. Many of your essays can be used for multiple scholarships with minimal editing.

Private loans

If you’ve hit a dead end and still need funds to cover expenses, private loans could fill in the final gaps. It is important to note that they usually have higher interest rates and are less forgiving with repayment options.

Private loans are dispersed through banks, credit unions, and online lenders. You’ll be approved for private loans based on your credit score or your co-signer’s. Private loans should be your last resort option. You’ll end up paying far more for a private loan than any federal aid you might be eligible for.

You don’t have to face college costs alone

Thinking you can’t afford college is scary, but you’re not alone. There are so many resources available to students. Affording college is not only possible, but within reach with FAFSA, scholarships, grants, work-study, and even borrowing a bit if necessary.

At Goodwin University, your financial aid advisor will guide you through the process. They can help you source funding and understand the options you’re eligible for. A college education is a big investment, but it’s worth it.

Start your education at Goodwin University

At Goodwin University, we believe cost should never stand in the way of your dreams. It’s time to explore what’s possible with the right support. Visit Goodwin University’s Financial Aid page to learn how we can make your college education achievable.

Learn more about financial aid support. You can afford college, and we’re here to prove it.