The Top 4 Best Ways to Pay for College – How to Fill the Funding Gap

Let’s face it – no one is accepted to college and thinks, “I can’t wait to figure out how to pay for it!”

College is exciting—until you see the bill. With tuition rising, figuring out how to pay can feel overwhelming. But you’re not alone, and there are more options than you might think. Whether you’re just starting to explore financial aid or realizing your award package doesn’t stretch as far as you’d hoped, the key is knowing where to start and what order to consider your options.

Think of it like a smart, step-by-step approach: start with what you don’t have to pay back, explore work opportunities, then move on to student loans if you still need help. No matter where you are in the process, you’ve got choices. With a little planning, you can build a college funding plan that works for you now and in the future.

1. Start with What You Don’t Have to Repay: Scholarships and Grants

This is the good stuff: scholarships and grants are often called “gift aid” because they don’t need to be repaid. These can come from the federal government, your state, the college itself, or private organizations.

Here’s how to make the most of it:

File the FAFSA early. This is the key that unlocks many types of aid — even some scholarships from schools or states.
Apply for outside scholarships. Look into local businesses, community groups, and online databases. There’s more out there than you think.
Stay eligible. Some grants and scholarships have GPA or enrollment requirements, so make sure you know the terms.

Even if this type of aid won’t cover everything, it’s the best place to start and it might go further than you expect.

2. Look for Ways to Earn While You Learn – Work-Study and Campus Jobs

If you’re eligible, federal work-study gives you the chance to earn money through part-time jobs on or near campus, and the wages don’t count against you on next year’s FAFSA. These roles often relate to your field of study or support your school’s day-to-day operations.

Not eligible for work-study? Many colleges still offer campus jobs open to all students. You can also look into local part-time work that fits your schedule. Whether it’s shelving books in the library or supporting the IT help desk, these jobs can help cover everyday expenses and may even help build your résumé.

3. Utilize Federal Student Loans

After you’ve maximized scholarships, grants, and work opportunities, federal student loans can help cover remaining costs. These are typically offered within your award letter from your college and can come with benefits not available from other types of loans. Before you take out any loan, be aware that a loan is a legal obligation that you are responsible for repaying.

Learn more about the types of federal student loans that may be available to you and your family: https://studentaid.gov/understand-aid/types/loans

Pro Tip: Federal aid is a powerful resource, but the process isn’t always fast or seamless. Paperwork delays, processing backlogs, or school-specific timelines can sometimes create hiccups. That’s why it’s a good idea to start early, double-check your FAFSA and award letter details, and keep an eye on your application status so you’re not caught off guard when payment deadlines roll around.

4. Fill the “Gap” with Private Student Loans

When scholarships, grants, and federal student loans aren’t enough, you may need to consider private student loans. Private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. It’s important to review the rates, terms, and conditions before applying for a private student loan.

Here’s how to make a smart choice:

Compare lenders carefully. Rates, fees, and repayment options can vary a lot.
Understand your repayment options. Some offer deferred payments, others interest-only during school.
Explore credit union loans. Many credit unions offer lower rates and more flexible terms since they’re known for putting members first.

Our private student loan options provide:

Affordable rates
Flexible repayment terms
Educational resources
One-on-one application assistance and counseling

Let us help answer your questions!

If you have additional questions about paying for college, consult our experts for free, personalized guidance on paying for college and navigating your options.

Learn more about our private student loan options and apply easily online.