Paying for College
Out of Our Own Pockets
Important Steps For Those Without Need-Based Aid Eligibility
• Explore merit-based aid opportunities.
• Keep saving for college.
• Understand the impact of having multiple children in college.
“We know most of the cost of college will have to come out of our own pockets. How can we find the best ways to save and the best deal for our kids’ educations?”
Free Money refers to grants and scholarships: money received by a student from a source that does not have to be repaid.
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: 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 Some families assume they will have to pay the entire college bill due to their income and assets and because the resulting EFC's are higher than the cost of attendance at many colleges. However, many don't know that they too can still access low-rate student loans (if they file the FAFSA), parent education loans and merit-based aid. Below is a sample financial aid award for a student in this situation looking at a private college in Indiana that routinely provides merit-based scholarships to many of its students. |
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