Your 1-2-3 Approach to Paying for College

1. Start with money you won’t have to pay back.

Scholarships

Scholarships are offered by colleges and universities, federal and state governments, religious groups, professional associations, employers, and other companies. Get the most free money possible. Scholarships aren’t just for straight‑A students or athletes, but they can be awarded for a number of criteria:

• Organization memberships
• Community leadership
• Financial need
• Ethnic, religious, or national background

Grants and Work-Study

• Pell Grants, the largest federal grant program, are based on financial need; unlike a loan, a Pell Grant doesn’t need
  to be paid back.¹
• Work‑study programs are offered by federal and state governments, as well as schools. They offer part‑time jobs
  that let students earn money to help pay education expenses.

2. Explore Federal Student Loans

• You can apply for both by filling out and submitting the FAFSA®.
• They’re issued in the student’s name and the student is responsible for paying them back.
• They’re eligible for income‑driven repayment plans that link monthly payments to income.
  
• Federal loans may be eligible for loan forgiveness programs, such as the Public Service Loan Forgiveness Program
  for borrowers who are employed by a qualifying public service organization.

3. Consider a Responsible Private Student Loan

• They’re originated by banks and credit unions.
• They’re credit‑based: the lender reviews your credit score, history, and other information to determine if you qualify.
  A cosigner—parent, guardian, or other adult—may improve the chances of approval. Some lenders offer a cosigner
  release option.
  
• Your interest rate is based on several factors, including your creditworthiness.
  
• Private student loans may offer different features, terms and options, and benefits that can help reduce your
  interest rate and/or total loan cost.

Senior Year Checklist

Summer

• Research schools online and request information from schools; consider visiting campuses.
  
• Start searching and applying for scholarships.
  
• Start researching and working on college application essays.
  
• Start online Common Application.
• Review the online FAFSA® information (fafsa.gov) to get a feel for questions and necessary documents

September/October

• Consider taking the SAT® or ACT®, depending on admission and scholarship requirements.
  
• Complete admission applications.
  
• Confirm your school counselor has sent transcripts to your selected schools.
  
• Check to see if a College Scholarship Service (CSS®) Profile is required for any of your schools.
  
• Ask for letters of recommendation (if needed)

November/December

• Consider taking/retaking the SAT® or ACT®. Increasing your test score may improve your chances of admission at schools that require a test score while enhancing your profile with scholarships that require them.
  
• Stay on top of deadlines. Many schools have different application deadlines.
  
• Submit FAFSA® beginning in December 2023 (fafsa.gov).

January

• Apps are due. January 1st is the universal deadline for most schools’ applications. If you applied for early action, you could get your decision letter any day.
  
• Fill out and submit additional college or state financial aid forms if required.
  
• Apply for scholarships and stay on top of financial aid deadlines.
  
• If you submitted a FAFSA®, review your Student Aid Report (SAR) to make sure the info is accurate.

February/March

• Check mail and email for college acceptance and financial aid offer letters.
  
• If needed, discuss special financial circumstances with the financial aid offices for additional aid considerations.

April/May

• Review all award letters carefully.
  
• Pay your admission deposit for the school you will be attending; let the other schools you’ve been accepted to know you will not be attending.
  
• Review financing options; if a private student loan is needed, borrow responsibly and consider a cosigner.
  
• If applicable, confirm with your school that you have met the necessary requirements to secure on‑campus housing.

June/July/August

• Pay first tuition bill.
  
• Start packing!
  
• Attend orientation and register for classes.
  
• Don’t forget: it’s also the time to have fun!

Borrow responsibly