The main sources of education funding
Most students pay for school through a mix of gift aid (grants and scholarships), earned aid (work-study and jobs), borrowed money (loans), and savings or family contributions.
- Gift aid lowers the cost of attending and usually does not need to be repaid.
- Earned aid is paid over time as you work.
- Loans help pay the remaining cost but must be repaid with interest.
Where the process usually begins
For many students, the Free Application for Federal Student Aid (FAFSA) is the starting point. Schools and many states use it to decide what aid to offer. Filing it is free at studentaid.gov.
Some private colleges also use additional forms. Check each school's aid page for its own requirements and deadlines.
How to prepare
Gathering a few items early makes every step smoother.
- A list of schools and their priority aid deadlines.
- Tax and income information requested by the FAFSA.
- A simple budget of expected costs for the year.