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.

Federal Grants

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.

Latest College & Financial Aid News

"U of Farmington" Fraudsters Prosecuted, Deported

December 10, 2019

by Susan Dutca-Lovell

The U.S. government set up a fake Michigan university as part of a sting operation to catch visa fraudsters. Agents of Immigration and Customs Enforcement (ICE) secretly established the University of Farmington, enrolling more than 600 students studying science and technology in a "pay to stay” scheme. As a result, roughly 250 students have been arrested on immigration violations. [...]

Amazon Offers $40K Future Engineer Scholarships

November 6, 2019

by Susan Dutca-Lovell

E-tail giant Amazon is now accepting applications to its Amazon Future Engineer Scholarship Program for students entering college in the fall of 2020. The scholarship program offers 100 current high school seniors from underserved and underrepresented communities across the country the opportunity to receive $40,000 scholarships to study computer science at a four-year college or university and a guaranteed paid internship offer at Amazon after the completion of their first year. [...]

NC Senator Proposes Taxing of Athletic Scholarships

October 31, 2019

by Susan Dutca-Lovell

In response to the NCAA's vote to allow athletes to profit from their names, images and likeness, Senator Richard Burr of North Carolina has proposed taxing those scholarships. Senator Burr tweeted: "If college athletes are going to make money off their likenesses while in school, their scholarships should be treated like income. I'll be introducing legislation that subjects scholarships given to athletes who choose to 'cash in' to income taxes." [...]

Last Reviewed: December 2019