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

University of California Seeks New Standardized Test

May 27, 2020

by Izzy Hall

Across the country, both private and public institutions of higher education have announced that they will be test-optional for students applying to enter school in the fall of 2021. This policy, instituted as a response to coronavirus cancellations of standardized testing dates, comes with the caveat that it would only exist during next year’s round of admissions. But the University of California system has gone in an entirely different direction by announcing that will no longer require the SAT or ACT for all California state applicants. [...]

Wrap up May with these Memorial Day Scholarships

May 22, 2020

by Izzy Hall

Time to break out the white pants, beach chairs and barbeque sauce! It’s Memorial Day weekend and we’re excited for the (unofficial) start of summer. But there’s still almost a week left of May, and plenty of scholarships to consider before we jump into June. So, enjoy your three-day weekend – and set aside some time to apply to these scholarships. [...]

What Will College Look Like Come Fall Semester 2020?

May 21, 2020

by Susan Dutca-Lovell

As much uncertainty looms around the future of college openings and instruction, one thing is certain: The college landscape won't quickly and easily return to what it was pre-COVID-19...at least for a while. Here's a glimpse as to what college may look like in the near future and what students are hoping to experience in their upcoming semesters. [...]

Last Reviewed: June 2020