How to Pay for College in 2024: A Comprehensive Guide

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| 11 min read Financial Assistance

With the growing cost of college tuition averaging $108,584 over four years at an in-state public institution, it’s become increasingly more difficult for students to pursue higher education. But don’t lose heart—while crowdfunding is one great option for raising money for school, there are plenty of other ways of paying college fees in case you fall short of your fundraising goal. Read on to learn how to pay for college.  

How to afford college: tips for budgeting

Being able to afford college can feel like a huge hurdle to overcome, but by creating a budget, managing your finances is doable. Before we jump into the different ways you can pay for college, here are some basic tips for creating your budget for your college education.

  • Nail down a time span for your budget whether it be for a month, academic year, or calendar year. Be mindful of the fact that your income and expenses might change monthly, and be sure to include bigger expenses and seasonal expenses into your budget as well.
  • Pick a budgeting tool to easily track your income and expenses. These tools can range from using a spreadsheet, a budgeting app, pen and paper, or even a budgeting tool through your bank.
  • Record and categorize your monthly expenses to see where your funds are going so you can better manage your finances. Your expenses should be grouped into two categories: fixed expenses that stay the same each month (rent, insurance, car payments) and variable expenses that change monthly (groceries, dining, entertainment, apparel).

Take a look at these budgeting tips for more helpful advice as you build and maintain your budget.

Top 6 ways to pay for college

1. Financial aid

It’s difficult to pay for college without the necessary funds to cover tuition. Financial aid is one of the well-known options available to anyone whose family doesn’t have the means to financially support them through school. Below are key things to know about FAFSA.

What is FAFSA?

FAFSA stands for Free Application for Federal Student Aid and it is offered by the US government. It allows a student to apply for aid by filling out details about his or her family’s background. This includes total household income, savings, and any assets they happen to own. Depending on these factors, the student may qualify for a variety of financial aid ranging from federal and state to school and private sources.

Why should students apply for FAFSA?

To help pay for college or career/trade school, students should apply for FAFSA to get access to federal student aid. Federal student aid is the largest source of aid. Moreover, a majority of states and colleges, and in some cases, even private aid providers, reference the information on your FAFSA form to decide if you’re eligible for state, school, or private aid. 

How does one qualify for FAFSA or what qualifications must be met?

There are a number of eligibility requirements one must meet to qualify for federal student aid, but the general requirements to be eligible are as follows:

  • You have a financial need for need-based aid.
  • You are a US citizen or eligible noncitizen.
  • You are enrolled in a degree or certificate program at an eligible college or career/trade school.

Tip: If your parents have divorced or separated, only list the parent who claims you as a dependent on your FAFSA form. This way, the total household income stated on your application will be lower, and your chances of receiving a greater subsidy will be higher.

2. Crowdfunding on GoFundMe

If you’re wondering how to pay for college without loans when you don’t qualify for financial aid, consider turning to crowdfunding. Crowdfunding is also a great option if you’re wondering how to pay for college without parents’ help. For many people, parents aren’t able to cover the cost of college and its expenses. Whether your situation calls for having to pay for college by yourself, for housing costs, for community college and beyond, thousands of students choose GoFundMe every year to help pay for college expenses. Using GoFundMe can be the best way to pay for college and it has its advantages, including:

  • A trusted way for people to support you.
  • Easy ways to thank donors for their support.
  • Unlike loans, you aren’t expected to pay anything in return when crowdfunding.
  • Resources with details about how GoFundMe works and answers to common fundraising questions to equip you on your fundraising journey. 

Tip: Writing an impactful and inspiring fundraiser story can help you reach your fundraising goal. When asking for donations, be transparent and share what your college goals are as well as your needs and a breakdown of costs. This way, donors will know what their contributions are going towards. Check out our blog posts on college fundraising tips and mistakes successful fundraisers avoid for more information and advice.

Getting alumni donations for your fundraiser

Maximize your fundraising efforts and donations by reaching out to an alumni network. Crowdfunding makes it easy for your school’s alumni to share your fundraiser and become part of your fundraising story. Take advantage of this unique strength and the following tips as you plan your alumni fundraiser.

  • Foster a genuine connection to your cause: Contact alumni who donate to scholarships or specific programs to the students their money supports. Find a way to show alumni the clear difference their donations can make towards a student’s education. To deepen alums’ connection to your cause, share photos and videos from your fundraiser. Speak and write about your personal connection to the cause—how a new scholarship or program will change things for you or students like you.
  • Spotlight shared experiences: Create the opportunity for mini-reunions. Approach alums who attended school together (in one year, or a short span of years) and host events that allow them to relive shared experiences. Is there an anniversary of an important moment in the university’s history? Do members of a certain class share a specific bond? These can also be great things to build events around. 
  • Appeal to their interests: As with any organized fundraiser, you’ll want to segment your audience so you can make specific pitches to many different alumni groups. You could segment by age, graduation year, major, extracurricular interests, cultural and religious identification, sports played in school, fan status, season ticket holder status, past history of donating, and more.
  • Re-engage with alumni on social media: Your college has a presence on social media—use it to get the most out of your fundraiser. Target social media followers who like and follow the alumni community. The GoFundMe platform is well-integrated with major social media platforms, making sharing and mobile giving a snap.
  • Make giving easy: Crowdfunding not only makes alumni giving simple and fast, but it involves alumni in sharing your fundraiser. Find alums who are active on Facebook, Instagram, TikTok, and other platforms, and ask them to share your posts. Sharing allows alumni to give back in more ways than one.
  • Review the fundraising fundamentals: Generally speaking, there are five types of donors. Use your experience to further segment these types within your school’s alumni group. Even if your fundraiser starts with great momentum, you might hit a stall midway through. Learn how to deal with this in our blog post about online fundraising challenges.

3. Scholarships

Scholarships are the closest to free money for college you can get. If you don’t qualify for financial aid, don’t get discouraged. A common misconception is that all scholarships are merit-based. In reality, you don’t need to be at the top of your class in order to be eligible for what’s out there. Lots of scholarships are centered on need, location, talent, and even heritage. Most high school seniors qualify for roughly 50-100 scholarships, which they may not even know about.

Tip: Chances are you’ll qualify for more state scholarships than national ones. Look at local organizations and institutions or talk with your guidance counselor about how to go to college for free even if you don’t have a stellar performance to back you, and what’s available in your area. You can also research online.

4. Federal and state grants

Grants are a great way to get money for college since they don’t have to be repaid, unlike student loans. The U.S. Department of Education offers a number of federal grants to students. Even though the amount of relief you qualify for is generally need-based, other factors like the cost of tuition, your status as a student, and your coursework will also be taken into account. Get help paying for college with these federal grant programs:

  • Federal Pell Grants: Usually only awarded to undergraduate students with exceptional financial need and who haven’t obtained a bachelor’s, graduate, or professional degree.
  • TEACH Grants: In order to receive this grant, applicants are required to agree to finish a teaching service obligation. 
  • Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is given directly by the financial aid office at each participating college. It is important to note that not all colleges participate.
  • Iraq and Afghanistan Service Grants: Students whose parent or guardian died during military service in Iraq or Afghanistan may be eligible for this grant.

State grants are also worth applying to, especially if you want to maximize your chance of receiving a full aid package. While grants on the state level can be more competitive (they usually require that you have a minimum GPA), there tends to be a greater pool of financial aid money for school available to those who apply on a local scale. Reach out to your state grant agency to learn more.

Additionally, grants don’t necessarily need to come out of federal money either. Nonprofit organizations, religious institutions, and charities can also provide monetary grants to students. If you’re wondering how to get money for college when you don’t qualify for federal or state grants, those are helpful places to start.

Tip: State grants typically require that you fill out an additional form to FAFSA, so make sure you do your research about how to apply so you can access the right grants. For example, in order to complete the process to apply for a Cal Grant you’d need to fill out the California Dream Act Application.

5. Official benefactors

Official benefactors can include the Military, Coast Guard, Air Force, AmeriCorps, Peace Corps, National Health Services Corps, and ROTC programs.

ROTC (Reserve Officers’ Training Corps)

ROTC programs prepare college students for the military once they’ve graduated. Over a thousand colleges offer this program, allowing students to pursue a university education without having to worry about tuition or room and board. You will be expected to complete military training and commit to a number of years of service after graduation, however.

The Army, Air Force, and Navy

Each military academy has its own programs with a special set of requirements and schools, while the US Coast Guard doesn’t offer the same ROTC initiative. Instead, they have a similar training program known as the College Student Pre-Commissioning Initiative.

AmeriCorps and Peace Corps

If you plan to volunteer in exchange for education awards (whether it be domestically or internationally), then there’s always the AmeriCorps or Peace Corps. Benefits include living allowances, professional development, and more.

Tip: There’s a fellowship program available to Peace Corps volunteers continuing with their upper education called the Paul D. Coverdell Fellows program.

6. Private student loans

Private student loans are often used to supplement any extra costs if your federal financial aid package doesn’t cover all college expenses. Private student loans are commonly issued by a bank or financial institution. Unlike federal student loans, eligibility for private student loans is determined by your credit score. When searching for the right private loan, look for a reputable lender and make sure the lender works with your college. 

Tip: Only borrow the amount of money that you think you can pay back later so that you’re not digging yourself deeper into student loan debt.

Get help paying for tuition

Everyone is entitled to an education. Unfortunately, a lot of people do not know how to afford college without applying for student loans. Now that you’re armed with this information on how to pay for college, you’ll be able to make the choice that’s best suited to you and your situation. Every day we see people successfully use college tuition fundraising to fund their educational dreams. Thinking about grad school? Find out how to pay for grad school. Don’t forget that you can always lessen some of the financial strain by starting a fundraiser.

Written by Brittany Chambers

I believe we all have the power to make a difference. Through informative and heartfelt content, I hope to create change and inspire others to give back to those who need it most.