3 Expert-Approved Strategies to Pay Less for College

Once you receive an acceptance letter from your dream school, you might finally heave a sigh of relief. But then comes another piece of the puzzle to solve: "How can I fund my college education?" If you still haven't found the answer to that question, check out these time-proven methods to save money while pursuing your degree.

Apply for Federal Student Aid

With the ongoing rise of tuition fees, hardly any family can afford to fully cover all the college expenses out-of-pocket. One of the most straightforward ways to overcome financial constraints is to utilize the opportunities offered by the federal government. There are three major options available - grants, loans, and a work-study program.

Grant

Grant is a sum of money awarded to someone to back up their studying at college or university. It covers the cost of tuition, room and boarding, textbooks, and travel expenses in case the receiver lives off-campus.

Grant is the form of financial aid sponsored by the U.S. government, meaning it doesn't require repayment of funds. The most widely-known program is Pell Grant, where you can get up to $6,345 of free money per academic year. Other available options include Federal Supplemental Educational Opportunity Grant (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, and Iraq and Afghanistan Service Grant.

Loan

A loan is the amount of borrowed money that has to be paid back together with some interest charges after you graduate. The U.S. Department of Education's student aid program offers four types of direct loans. Direct subsidized and unsubsidized loans are often dubbed as Stafford Loans. PLUS Loans are specially designed for graduate and professional students and parents of dependent undergraduates. And Consolidation Loan program allows a borrower to combine several federal education loans into one loan with a fixed interest rate.

Work-Study Program

The work-study program assists students with higher education costs by providing them with part-time jobs both on and off-campus. The work is usually related to applicants' field of study, but they might also get involved in community service projects.

The core element of the application process for any type of financial aid is submitting the form called Free Application for Federal Student Aid (FAFSA). It takes about 1-2 hours to complete, but it's important to have all the information at hand before you start.

The first step is to create a username and password, which basically serve as your Federal Student Aid ID. The questions on the FAFSA require filling in your personal details and some data related to your financial situation. It includes SSN, federal tax information and tax returns, records of untaxed income, information about cash, savings, and checking account balances. If you are a dependent student, you'll have to provide all this information about your parents too. Their financial status is one of the key factors that determine how much aid you can be granted. Once you are done with the main part, you'll also have to list at least one school that you intend to apply to.

Within three days to three weeks, after you've submitted FAFSA, you'll get your Student Aid Report. This file reveals some basic info about your eligibility for federal student aid, but the final offer will be made only after you get accepted to one of the schools you've listed on the form.

Search for Scholarships

Receiving a scholarship is another smart strategy to pay your way through college. The best part about this option is that, like with grants, you don't have to return the money you receive. Plus, there are tons of different scholarship programs offered by federal and state governments, educational institutions, and private organizations.

It's better to start doing your groundwork in advance, so you don't miss the deadline. Figure out programs' eligibility criteria, application process details, and some special terms and conditions they might imply. Scholarship hunt requires a lot of time and effort, but given the fact it can save you a considerable portion of your college expenses, the game is worth the candles.

Most scholarships are granted based on academic achievements or economic need. They can also be awarded for applicant's outstanding accomplishments in sports, music, or art. You can find programs designed especially for students of particular race, ethnicity, location, religion, or gender. Ask your parents to check if their company provides college sponsorship to their employees' children. It's also wise to talk to the financial aid office of the school you plan to attend. A lot of colleges and universities offer generous aid packages to attract competitive students.

Don't be shy to use any opportunity you come across. The application process might seem daunting, but it becomes less overwhelming if you view it as a sequence of small easy-to-follow steps. Most government, state, or institution-backed programs require filling out FAFSA. You will also have to provide all the necessary application info and submit an essay about your personal qualities and life goals. If you don't know where to start, google something like 'admission essay writing service' or 'do my essay for me' to get some help from professional writers.

Plan Your College Journey

Grants, scholarships, college savings plans, and student jobs are great means to take the burden off your family budget. You can further minimize your college expenses by using some clever tricks. So here are the tips on how to get yourself to graduation in the most cost-efficient way:

• Start at community college. You can earn up to half of the course credits required for your degree from a community college at a fairly affordable rate. Afterward, you can transfer to a four-year school and continue pursuing your undergraduate education.

• Consider taking accelerated courses. The less time you spend on campus, the lower is the overall cost of attendance.

• Stick to the schedule. It usually takes about 15 credits per semester to complete a bachelor's program within four years. Since many higher education institutions charge a flat rate for the year, it is crucial to graduate on time.