Heading for career studies without the college price tag? Become a dependent student with an eligible EFC (Expected Family Contribution) to be renamed SAI (Student Aid Index), especially for students facing academic financial crises or parents who could not afford education expenses for their children. With that said, applying for grants, scholarships and fellowships, work-study programs and student loans is a perfect way to aid college payments unlike private loans needing repayments. Lets us find out which methods of paying for college do not require repayment?
Grants like scholarships do not require repayment. Depending on the institution, grants are offered in the form of private grants, state funds, and federal funds like pell grants. The Pell Grant is the largest federal grant for private students. Fortunately, strategise out the helpful advice below to pay for college with no money.
Top 10 Steps to Paying for College Without Student Loans and Debts
Learn about the sustainable hacks below of what’s available and how to apply the methods from refraining to repaying.
- Step 1: Opt for affordable schools/colleges. Consider community schools/colleges.
- Step 2: Fill out for FAFSA (Free Application for Federal Student Aid).
- Step 3: Apply and qualify for grants and scholarships.
- Step 4: Apply for financial aid.
- Step 5: Filter on for more savings and fewer expenses.
- Step 6: Boost with work-study programs.
- Step 7: Select in-state tuition as possible.
- Step 8: Consider living off-campus based on the location.
- Step 9: Try crowdfunding for college tuition as feasible.
- Step 10: Keep loans (federal and private) as the last comeback for covering payments.
Grants Versus Scholarships: What to Choose?
Although both scholarships and grants come under financial aid that helps students to pay for their educational necessities, and to familiarise with, complying with FAFSA eligibility is a must. Both grants are scholarships that do not fall for the same advantages and guidelines. Despite loans that need repayments, grants and scholarships need not be repaid and depend on the source of funds to be eligible. Check out the differences in the table below:
| Scholarships | Grants |
| Awards are based on financial need | Awards are merit-based |
| No repayment required to | Required repayment unless directed |
| Aided by Federal and State governments | Aided by non-profit organizations, private funding and private institutions. |
| Not taxable unless stated otherwise | Not taxable unless stated other |
Table: Scholarships and Grants
Types of Grants
Few of the types of grants to achieve funding to pay for college or career school are:
- Federal Pell Grant
- Federal Supplemental Education Opportunity Grants (FSEOG)
- Block Grant
- Academic Competitive Grants
- National Science and Mathematics Access to Retain Talent (SMART)
Type of Scholarships
Scholarships are available irrespective of the myth that only high graded students can apply. Any student can apply, take a glance at the types enlisted below:
- Athletic Scholarships
- High School scholarships
- Merit Scholarships
- Scholarships by Major and Career-Specific
- Minority Scholarships
- State Scholarships
- Scholarships for Graduate Students
- Cancer Scholarships
- Need-Based Scholarships
- Corporate Scholarships
- Creative Contest Scholarships
- Last-DollarScholarships
- Scholarships for Specific Life Scholarships
- No-Essay Scholarships
Companies that Pay for College
Luckily, there are sophisticated companies that offer part-time or internship jobs which not only cover payments for students to help them to earn a college degree at the same time. Some of the companies likely to offer good deals like UPS, Smucker, Publix, Wells Fargo, Comcast, Starbucks, Verizon, Bank of America and more.
When to Expect a Financial Aid Package?
Basically, financial aid awards are dependent on the financial aid offices. It usually comes in the month of March/April at the time of admissions or shortly during the spring or summer period.
Moreover, the amount of financial aid offered will depend on the type of college or graduate school for accepted students. Financial aid comprises deferral student loans to an approx of $ 135,000 for graduate students and $31,000 for undergraduate students.
Bottom Line
Mark college affordability first versus college lists. Borrowing loans for college studies and reimbursing with another longer years to repay is a burning process. Learn the options, strategise them, and apply for financial aid, and resources available before rushing into a maze of loans and debt pools.
Bridge the gap with the methods applicable above and tap your savings versus the total study costs without having to survive in the financial rundown and lifetime debt payments.
Familiarise yourself with the options, and how to apply, as paying for college without repayment with loans/debts can be challenging but not impossible. That said, plan twice ahead, redeem the financial aid advantages, forge into side-hustlings with on-campus and convert the payments into a successful career and lucrative income.
Frequently Asked Questions
1) How to fill out the FAFSA?
A – Here are the points to fill out the FAFSA form:
- Visit the FAFSA official website.
- Go through the instructions and select the role.
- Log in and get started.
- Fill out the student demographics.
- Select the school/college.
- Choose the dependency status.
- Parent demographics.
- Parent Financial Status.
- Student Financial Status.
- Sign the form and submit it.
2) Can scholarship money be used for tuition?
A – Scholarship money is allotted for covering tuition, room, board, miscellaneous, and others. In short, it allows utilising any education-related expenditures.
3) What is the eligibility for federal financial aid?
A – A student must clear the following requirements:
- To be a U.S. citizen, permanent resident or eligible non-citizen.
- Keeping with a high school diploma.
- Enrolled at a Title IV school.
- Get registered with selective service (for male students)
- Eligible GPA for FAFSA loans/financial aids
