College Affordability
Take a close look at your financial aid offers side by side. Even if one school gives you more aid, higher tuition could still mean paying more out of pocket each semester.
Student Loan Debt
Student loans can open the door to college, but the debt does not disappear after graduation. The amount you borrow today can turn into years of monthly payments with added interest, which is why using a loan calculator is essential to understanding the true cost of your college choice.
Student A:
Public 4-Year Institution
Borrows $5,000 per semester
Total borrowed after 4 years: $40,000
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Estimated monthly payment: about $444 per month
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Repayment timeline: 10 years (120 payments)
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Total paid over time: about $53,000
Student B:
Private 4-Year Institution
Borrows $12,000 per semester
Total borrowed after 4 years: $96,000
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Estimated monthly payment: about $1,064 per month
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Repayment timeline: 10 years (120 payments)
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Total paid over time: about $127,000
Funding Options
Tuition can be paid through a combination of grants, scholarships, federal loans, and private loans.
Private Loans
Private loans come from banks or lenders and usually require a co-signer, like a parent or caregiver. They often have higher interest rates and fewer repayment options. These loans should usually be a last option.
Federal student loans are money you borrow and must pay back later, usually after you leave college. These loans often have lower interest rates and more repayment options than private loans.
Grants are often called “free money” because you usually do not have to pay them back. Most grants are based on financial need and require you to fill out the FAFSA every year.
Scholarships
Scholarships are another form of money you usually do not have to pay back. They can come from your college, community groups, jobs, or organizations. Some scholarships are given once, and others continue each year if you meet the requirements.
Work-Study
Work-study allows you to earn money by working part-time while you’re in school. You get paid like a regular job, and the money is yours to use for school or personal expenses. It does not automatically go toward your tuition.
Students may qualify for work-study if they:
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Demonstrate financial need based on FAFSA information.
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Are offered work-study as part of their financial aid package
Things to think about.....
Costs
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Tuition
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Room & Board
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Meal Plan/ Food Budget
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Books
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Laptop
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Dorm Supplies
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Transportation
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Social Experiences
Food Insecurity
Meal plans can be very expensive and high cost can lead to food insecurity. Research:
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Does your university offer meal plan scholarships?
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Are you eligible for SNAP benefits:
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Is there a local food pantry?
Housing Insecurity
Although living on campus is very convenient, the cost can be very high. Talk with your family and weigh the options of on-campus vs off-campus living. Options:
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Apply to be an RA
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Housing Scholarships
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Shared Apartment Rental
Income Opportunities
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Work Study
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Paid Internships
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Orientation Leaders
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Resident Student Worker Roles
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Off-campus part-time job
What do the experts say?
Dr. Fidel Wilson,
Director of the One Stop at a community college, discusses how finances influence college choice.
FAFSA
Community College Benefits
Financial Advice
Refund Checks
Frequently Asked Questions
Your course schedule impacts your graduation date and your wallet. Taking a full-time load each semester keeps you on track to graduate on time and cuts down on costs.