Paying for College

Paying for college is a matter that doesn't go away once you are admitted. You must pay fees, tuition, and room and board (if you are living on or near campus) every year. Even if you were granted financial aid when you enrolled, you must reapply every year. The good news is that if you did not get financial aid at first, you can still apply for it each year you are in college.

This is the place to find information about financial aid and other ways to pay the college bill, including loans and work savings.

Financial aid includes:

• Grants and scholarships: "free" money you don't have to pay back
• Work-study earnings: your college lets you work for pay part-time on campus.
• Loans: Student loans have low interest rates but must be paid back after graduation.

To apply for financial aid, you must fill out a federal form called the Free Application for Federal Student Aid (FAFSA) that the federal government uses to determine your family's financial needs. After you complete the FAFSA, the government will set an amount that your family can be expected to contribute to your college costs. Your college will then use that amount to tailor financial aid to your situation.

Every school has a different amount of financial aid available and will distribute its aid in different ways. So find out what's available from your college.

Grants

Grants (money for college you do not pay back) are given by the federal and state governments, and by colleges. The largest grant programs are sponsored by the federal government and are based on need.

• Federal Pell Grants (annual maximum $4,050)
• Federal Supplemental Educational Opportunity Grants

You don't have to complete any application for these except for filling out the FAFSA. Because funds for the supplemental grants are limited, students who apply early to colleges have a better chance of getting them. Find out more about these grants at the federal government's student aid website.