Paying for College

Grants

Variety of types & amounts
Based on financial need/income
Federal and state funded
Do not need to be repaid
Generally not school-specific
Most have "satisfactory progress" requirements

Loans

Types: Student, Parent (PLUS), Private Student
Guaranteed rates and payment process
Must be repaid (unless eligible for "loan forgiveness")
Generally not school-specific
Payment begins after "completion"
Usually 6 months "grace" period

Scholarships

Variety of types & amounts
Based on need and/or merit and/or affiliation
Usually privately funded
Do not need to be repaid
May be school or program specific
May or may not have "satisfactory progress" requirements

Work

Variety of jobs on and off campus
May limit student's schedule for classes and studies
No repayment or "satisfactory progress" requirements
Some employers offer tuition assistance/reimbursement/loan forgiveness
Work related to studies may enhance learning and marketability

Paying for College - Resources & Guides

Last Modified: 2008.