Pay for School
If you still need money after taking advantage of all your federal loans, you will have to take out private loans. To avoid private loans, be aware of all federal aid opportunities. There are many financial aid programs to help students pay for school. Before turning to student loans, or at least before repaying them completely, research the options below.
To get financial aid, students must complete the FAFSA. FAFSA on the Web is the easiest way to apply, but there is a paper form available. Federal Pell Grants are the most common government grants, and are need-based grants. The Federal Supplemental Education Opportunity Grant (FSEOG) is a Pell Grant adjunct that helps undergraduate students with exceptional need pay for school. Between $100 and $4,000 per year is available to those who are eligible.
There are special grants for students interested in teaching or majoring in high-demand fields like math and science. The Teacher Education Assistance for College and Higher Education Grant, TEACH Grant, is for education majors, and the National Science & Mathematics Access to Retain Talent Grant, National SMART Grant, is for math and science. The Academic Competitiveness Grant is a new federal grant for students outside of those fields that have exceptional academic merit, and have completed a rigorous high school curriculum.
Federal Loan Repayment Options
When students use up all grants and scholarships, they have to borrow money. There are a few circumstances where students are eligible for loan cancellation. If you need to take out student loans familiarize yourself with all loan options, and check if you qualify for loan reduction or cancellation.
Those who plan to teach math, science or special education at low-income schools can have their Stafford Loans forgiven up to $17,500. Those who become full-time teachers for at least five years in any subject in low-income schools can get $5,000 in loan forgiveness.
Students who do want to be teachers but are still interested in public service jobs are eligible for discharge through the Loan Forgiveness for Public Service Employees program, PSLF. If you work for the government, military, law enforcement, libraries or certain tax-exempt organizations you can qualify for partial loan cancellation.
Last Edited: December 2015
- Access to Information May Mean More Cash for College
- College "Preferred Lenders" List Not Always Preferable
- Common Financial Aid Questions
- Federal PLUS Loans Available to Graduate Students
- Fellowship Breakdown
- Financial Aid Myth-Busting
- Grants & Fellowships
- Organize Your Financial Aid Documents
- Pay for School
- Pell Grants Increase While Lender Subsidies Decrease
- Scholarships, Grants, Fellowships, Internships and Loans Explored
- Student Financial Aid
- Student Financial Aid - Important Terms
Latest College & Financial Aid News
October 18, 2016
by Susan DutcaThe generous $500 million gift from Phil and Penny Knight to the University of Oregon is the "largest ever for a public flagship institution" and is intended to support and strengthen interdisciplinary scientific research. With the donation, the university plans to extend its current science campus by 210,000 square feet, with three new research facilities. The initiative is expected to create [...]
October 11, 2016
by Susan DutcaOne nonprofit is heavily recruiting reformed delinquents from disadvantaged communities and funneling them into college. The troubled youth - many of whom have committed crimes and have been in jail, are given personal advisers, free college-prep courses, childcare, bus passes and other forms of support to keep off the streets. College Bound Dorchester has enrolled about 130 students over the [...]
October 6, 2016
by Susan DutcaFrolicking at fall festivals and pumpkin patches, apple picking at orchards, baking pumpkin-everything goodies, playing hide-and-seek in corn mazes and getting spooked with friends at haunted houses are just a few of some favorite fall activities. It also happens to be a time where students are seriously applying for scholarships to secure free college money. So while you're sipping a [...]