Paying for College
Caught in the Middle
Important Steps You Can (and Should) Take
• Pursue financial aid opportunities.
• Start saving.
• Remember that few students pay "sticker price" for college.
• Understand the impact of having multiple children in college.
“We make a decent living but definitely don’t have enough in the way of income or assets to pay those big college bills. What are the options for people ‘caught in the middle’?”
Free Money refers to grants and scholarships: money received by a student from a source that does not have to be repaid.
Work Study/Borrowing refers to loans, including both government-backed and private loans. These funds must be paid back at some point in the future.
Family Resources includes the personal income and savings of a family which will be used to help pay college costs.
The chart below shows a typical mix of resources for families in this profile.
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Click on any of the links below to learn more about the resource options often available to people in this profile:
FREE MONEY: WORK STUDY/BORROWING: FAMILY RESOURCES : |
Keep in mind that the ultimate cost of attending college, and the breakdown of free money vs. work study and borrowing vs. family resources, will depend in large part on the college a student decides to attend. Not only does the listed cost of attendance vary widely among colleges, so does the financial aid available. In the end, these factors, along with a student's Expected Family Contribution, will determine the combination of resources required.
| This May Surprise You An Indiana student with an EFC just below $10,000 may want to seek out colleges that will make up the difference between the EFC and the cost of attendance. Below is a sample financial aid award for a student in this situation looking at a private college in Indiana that meets almost 100% of demonstrated financial need and has merit-based scholarships to provide to students. |
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