Better understand paying for college

Now that you've decided to continue your education past high school, the next step is to understand the costs and where to get the money. This 5 Step Approach advises you on school costs and financial aid.

Step 1: Understand school costs
Step 2: Determine eligibility for aid
Step 3: Complete the FAFSA
Step 4: Expect to pay
Step 5: Discover ways to pay

Step 1: Understand school costs
Tuition, books, and laundry detergent-are some of the components that make up your total cost to go to school. Also known as your Cost of Attendance (COA). Get familiar with these charges so you can be better prepared for the next step.
Learn more... •school costs • financial aid myths

Step 2: Determine eligibility for aid
To qualify for financial aid, you must meet the following requirements:

Have financial need

Have a high school diploma or General Education Development (GED).

Have a valid Social Security Number.

Be enrolled in an eligible associate, bachelor, or graduate degree program.

Be a US citizen or an eligible non-citizen
Maintain satisfactory academic progress once in school.

Step 3: Complete the FAFSA
All students seeking aid must complete the FAFSA (Free Application for Federal Student Aid). Most federal, state, and many college programs get pertinent details from this form. And your official Expected Family Contribution (EFC) is generated from the information you provide on the FAFSA.
Learn more… • FAFSA • Ways to Apply • Tips • Deadlines • Renewals

Step 4: Expect to pay
Your Expected Family Contribution, or EFC, reflects the amount your family is expected to contribute to your education, based on family earnings, net assets, savings, size of family and number of students in college. To determine your financial need, a school will subtract the EFC figure from the school's cost of attendance.
Learn more… • EFC • Student Aid Report (SAR) • Estimate your EFC online

Step 5: Discover ways to pay
Many options are available to help meet your college expenses. Let's examine some of your choices:

Scholarships
Grants
Work Study
Tax Credits
Student Loans
State Tuition Programs
Individual Retirement Accounts (IRAs)