Paying for College
Paycheck to Paycheck
The Big Picture - Three Important Things to Keep in Mind
• Very few students pay "sticker price" for college.
• You don't have to do it alone. This is a difficult process to get through, but there are many people and resources out there to help.
• The payoff is worth the pain.
“We’ve never really thought college would be an option since we’re living paycheck to paycheck on a pretty small salary…how can it be possible?”
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 the Federal Work Study program (a need-based aid work program) and loans, including both government-backed and private loans. These funds must either be earned or 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.
 |
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 A student with a $0 EFC could have the entire cost of college at an Indiana public university paid for through grants, work-study and a small amount of student loans. |
 |
