In section one of this website (“Getting Ready for College”) you decided on a major
and found a school that seems to offer what you’re looking for. Now, how do you
go about paying for this education? Fortunately, there are many resources available
including grants, scholarships, several types of loans - and other resources as
well.
College often costs a lot, which is probably not news to you. However, by maximizing
certain help that is available, the amount you pay can be much less than the total
advertised rate. Let’s learn about different funding methods, and which are the
least expensive over time!
Ways to Pay For School
Savings
It makes sense that money you and your family have saved is a great way to pay for
part of your education. Money that you don’t have to “find” or especially borrow,
is very helpful. We’ll look at a couple plans that might assist with saving for
college. If you are skeptical about how savings can quickly add up, we have a tool
that might change your mind, as well!
Scholarships
Scholarships are free money to help you pay for your education. Sometimes a simple
essay or a short application is all that is needed to apply for a scholarship. The
wide variety of scholarships available surprise most students. Check out our links
to scholarship websites, and be sure to also read our warnings about scams. When
you find a legitimate source of scholarships, get busy writing those essays!
Grants
Grants, like scholarships, do not have to be re-paid other than in very rare circumstances.
The math is simple: Grants + Scholarships = less debt. Since there are federal grants,
state grants, need based grants and others, you very well may be eligible for one
or more! Learn about grants and a form that is key for being eligible for most of
them.
Loans
If savings, scholarships, grants and some part time work while you are in school
don’t cover your cost of attendance, then loans are something that students turn
to as a last option. Always remember, loans have to be repaid. Interest on loans
can add up fast, and is the main reason these should be only used after all other
funding has been exhausted.
What type of education loans are there? What are the limits for each type? Which
loans are often considered “better” and why? This section will look at these questions
and help you understand the variety of loans available.
There are many ways to pay for college, and each family does it slightly different.
Please do your research and find what works best for you!
Always remember if you have a question about anything on this site, feel free to
drop us a note at
outreach@ismloans.org
and we’ll be happy to answer or elaborate on an item that is confusing or unclear.