Wondering How You’ll Afford College? Here Are Five Ways to Pay.
When it comes to college planning, affordability is a top concern for many families. After all, higher education is often a big investment. The good news is that there are a variety of financial aid options to help students pay for college. Here's what financial aid experts at Saint Louis University have to say about some of the top ways to cover college costs.
Scholarships
Scholarships are typically merit-based. They consider your student's grades, talent or service. Best of all, you don't have to pay them back. Colleges allocate scholarship dollars for students. Additionally, sources such as Fastweb, College Board or Sallie Mae can point you to private scholarship opportunities.
Grants
College grants are need-based, and like scholarships, grants don't have to be repaid. Grants are provided by nonprofit organizations, such as federal or state governments. The Federal Pell Grant is the most common, and the Supplemental Educational Opportunity Grant is for students with exceptional financial need.
Work-Study
Work-study is a form of federal financial aid that allows students to earn money for college through a part-time job on campus. Students get a biweekly paycheck working an average of 15 hours a week.
Federal Student Loans
Federal student loans have to be repaid. But loan repayment doesn't always begin immediately after your student graduates from college, and most student loans are low-interest. The Perkins Loan and the subsidized Direct Loan, offered by the federal government, are the best student loans for undergraduates, followed by the unsubsidized Federal Direct Loan. To be eligible for federal student loans, you’ll need to complete the Free Application for Federal Student Aid (FAFSA).
If you plan to apply for aid, the Free Application for Federal Student Aid (FAFSA) is where you will start. The FAFSA helps to demonstrate your financial need and must be filled out in advance of each academic year.
Filling out the FAFSA is not only necessary for many scholarships, it also qualifies you for the Federal Work-Study program and opens up federal loan eligibility, no matter which college or university your teen enrolls at.
- Fill out the FAFSA each year at fafsa.gov, even if you think you might not qualify for aid.
- Applying to Saint Louis University? SLU’s FAFSA school code is 002506.
- If your financial situation changes, your FAFSA can be corrected. Pay attention to key FAFSA deadlines each year.
- By Jan. 1: FAFSA opens. Complete the application as soon as possible after this date for the best chances of qualifying for available aid.
- FAFSA deadlines will vary by college and state, so be sure to check out financial aid application priority dates or deadlines for each school your student applies to.
- May 1: Many colleges consider this the deadline for you to accept your financial aid offer and submit your enrollment deposit.
- June 30: Final federal FAFSA deadline for the prior academic year. If you failed to file earlier, you may retroactively qualify for some grants and federal loans.
Private Student Loans
Private student loans are not federally funded and often have variable interest rates that aren't capped. Translation: Explore other college financial aid options first. If your family does pursue this route, look into a Parent PLUS loan or an alternative loan in your student's name.
Find Answers to More Financial Aid Questions
Saint Louis University's financial aid experts have the answers to common questions about all things financial aid — from student loans to college cost calculators to FAFSA — and find SLU scholarships that might be a fit for your students.