If you’re a high school senior and are currently applying for college, you probably have a lot on your plate. First, you’ve spent the last four years worrying about good grades, taking the right college courses, and building an impressive resume of extracurricular activities. All so that you’ll be accepted into the college of your choice. However, you might also be worrying about how to pay for that top college. Average university tuition remains at an all-time high, while at the same time, it seems like every day the news is filled with stories of graduates drowning in student loan debt. So, how is a hard-working high schooler supposed to pay for their education?
First, let’s have a word about loans. Even if you are comfortable taking out loans for your education, there are limits on how much you can borrow. If you are a dependent student, like most high school kids graduating, then your lifetime borrowing limit for undergraduate federal student loans is $31,000.[1] That is total, including subsidized and unsubsidized loans. And it gets even more complicated when you get into limits for unsubsidized loans, and how much a student can borrow each year of their undergraduate education. For a comprehensive breakdown, check out this chart from the Department of Education:
| Year | Dependent Students (except students whose parents are unable to obtain PLUS Loans) | Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans) |
| First-Year Undergraduate Annual Loan Limit | $5,500-No more than $3,500 of this amount may be in subsidized loans. | $9,500-No more than $3,500 of this amount may be in subsidized loans. |
| Second-Year Undergraduate Annual Loan Limit | $6,500-No more than $4,500 of this amount may be in subsidized loans. | $10,500-No more than $4,500 of this amount may be in subsidized loans. |
| Third Year and Beyond Undergraduate Annual Loan Limit | $7,500 per year-No more than $5,500 of this amount may be in subsidized loans. | $12,500-No more than $5,500 of this amount may be in subsidized loans. |
To put this into perspective, Fall semester tuition at Brown University for 2025 is $35,850.[2] That means one semester at an Ivy League school costs more than the entire Federal lifetime borrowing limit. Does that send you into a cold panic? It doesn’t have to. I suppose you could turn to private loans, which are saddled with high interest rates. Or beg your parents to take out Direct PLUS Loans, which permanently puts them on the hook to pay back your education. But before you take those financially weighty steps, I encourage students to seek out as much free money as possible through scholarships and grants. How? Let’s get into it.
What’s a grant or scholarship– and is there a difference?
First, the major difference between loans, versus grants and scholarships is that grants and scholarships do not need to be paid back. Grants and scholarships are financial awards given to the student that are meant to go towards their education. Grants and scholarships also tend to come with certain contingencies – often the student needs to be enrolled in school either full or half-time, they may need to achieve a certain minimum GPA, or the award may have specific requirements, such as a field of study, or require the student to be involved in a specific part of the university community. For example, an athletic scholarship requires that a student participate in the athletic program for which they were recruited. The fine print of any grant or scholarship will depend on the type of grant, why the student is receiving it, and often, will be related to how the grant or scholarship is funded. If a student does not maintain the terms of their grant or scholarship, they will not be required to return any money, but they may lose their financial award for subsequent semesters.
You may be wondering if there is a difference between a grant and a scholarship. Not really – both are types of financial aid that do not have to be paid back. However, a grant is usually need-based – aka, based on your parents’ income. A scholarship is generally merit-based–as in, based on the student’s individual achievement or situation. This may refer to academic achievement, athletic achievement, some other type of more niche award.
So, how does one go about finding this free money? Getting your hands on a portion of student aid might be easier than you think. To begin with, students need to fill out the FAFSA early. Even if you are hoping to keep your borrowing to a minimum, students still need to fill out FAFSA. FAFSA determines how much student aid a person is eligible for on a need-based basis. Federal grants such as the Federal Pell Grants, or an FSEOG (Federal Supplemental Educational Opportunity Grant), are awarded based on the student’s family’s income. If a student’s family is not able to pay for the student’s education upfront, then the FAFSA needs to be filled out. This needs to be done early–such as, when you are applying to colleges. The reason being is, when you are accepted to universities, they will let you know with your acceptance letter how much need based aid you are being offered.
When you apply to universities, pay attention to the types of scholarships each university offers. Universities often provide flat scholarship offers to all accepted students who meet certain criteria– such as high standardized test scores and strong GPA’s. Many universities also have scholarships that award financial assistance based on outstanding and exceptional merit. When filling out university applications, apply for any scholarships that are available and you are eligible for. Between need-based and merit-based assistance, you may be surprised. The National Center for Education Statistics found that for the 2022-2023 school year, students at public universities received financial aid that covered 38% of the students’ yearly tuition. For private universities, the average amount of student aid students received in relation to annual tuition was about 49%. [3]
Finding private scholarships after exhausting university and federal assistance
Okay, you might be thinking. That’s great…but that still leaves me with a lot of tuition to pay for. And the cost of tuition doesn’t even get into the cost of boarding, meal plans, books, educational supplies, etc. So, how is a student supposed to graduate after four years of college and not be bogged down with a mountain of debt? Well, this is where you need to dig in a little and do some legwork. There are all kinds of private scholarship opportunities out there, offering different amounts of money. But nobody is going to start VENMO’ing you money unprompted. If you want extra help finding money for college, you’re going to have to get on the internet, find the scholarship opportunities, and apply.
What kind of scholarships, you might be asking. There are more types of scholarships than I could possibly discuss. But the big categories, beyond need-based grants, academic scholarships, and athletic scholarships, are:
- Community-Based Scholarships
- Religious Scholarships
- Scholarships for minority groups
- STEM Scholarships
- Scholarships for the arts
- Scholarships for ROTC members
I’ll briefly discuss each of these to help you decide if pursuing one is the right fit for you.
Community-Based Scholarships– Service and community scholarships seek to award students who show a commitment to volunteering, community involvement, or who have made a significant impact in their local community or further global locations. Applicants for community scholarships will generally need to provide a log of their volunteer hours, be able to produce letters of recommendation from applicable supervisors, and write compelling essays regarding their volunteer experience and their ongoing commitment to serving the community. Examples of organizations that provide community-based scholarships include the American Red Cross, Humanity Rising, and the Boys and Girls Club. For a more in-depth list of available community scholarships, check out a scholarship search portal.
Religion-Based Scholarships– Religious scholarships may be available to students who wish to study at a religious institution or students who want to study a certain religion. However, this does not necessarily mean that a student is required to go into religious studies to qualify for a scholarship from a faith based organization. The First United Methodist Church offers a number of scholarships for students who are active church members. Christian Connector provides a list of potential scholarships for students who identify with the Christian faith, and scholarships.com can also help students connect to religion-based scholarships. If you are an active member of a church or faith, and/or will be attending a university that is affiliated with a certain faith, looking into religion-based scholarships may be an option.
Scholarships for Minority Groups– A minority group is a group of people who have historically been disadvantaged in society. In this case, we are specifically referring to groups of people who have not had the same access to education as other members of the majority. For the purpose of looking for private scholarships, this can have a broad meaning, and students need to search for organizations that support the minority group they are a member of. Examples of minority scholarships which may be available include women, people of color, students who are citizens but were born in another country, students belonging to the LGBTQIA+ community, students with disabilities, certain religious groups, etc. This is only an example of groups for whom scholarships may be available and not an exhaustive list. Students who identify as a member of a community should take it upon themselves to do their own research.
Scholarships for Particular Areas of Study– There are certain areas of study that private foundations wish to support and provide financial aid to students who commit to studying in particular fields. One area of study this applies to are STEM scholarships, or students who plan to study in science, technology, engineering, or math. Scholarships in the STEM field may come from the Kosciuszko Foundation, the US National Science Foundation, or the Department of Defense. Another area of study that private foundations might offer support in is the Creative Arts field. Students who have demonstrated excellence as a musician, writer, dancer, actor, or visual artist, and who wish to continue their artistic pursuits professionally, may find money to help support their craft. If you have been awarded or recognized for your creative arts pursuit, you may wish to search for additional scholarship opportunities.
ROTC and Military Scholarships- If you have a family member who served or currently serves in the US Military, you may qualify for financial assistance with college. However, even if your family does not have a history with the military, if you are interested in the ROTC program, you can get financial help while studying at the university of your choice. ROTC stands for Reserve Officers’ Training Corps, and combines military training with academic studies. Students who join ROTC generally plan for a military career as an officer. ROTC covers full or partial tuition, plus a monthly stipend. Students can choose their major and have a full, four-year college experience. Following graduation, the student will accept a military commission in a military branch of the student’s choosing. ROTC programs are offered on many university campuses.
Students should consider the financial package their top-choice university is offering and plan accordingly
For many students, getting that acceptance letter is an exciting moment. Nobody wants to be a downer and immediately think about money. However, that is exactly what students need to consider when they are accepted to their top-choice school. The amount of financial assistance each school offers can vary widely from institution to institution. The total cost for attendance at each university will also vary. When students make their final decisions, how much financial aid is being offered, and how much of the total cost of attendance that aid will cover should be carefully considered. If students apply to schools that offer a reasonable amount of assistance, and also take the time to search for additional scholarships, it is possible to graduate in four years with little or no student debt.
Contact us for assistance with paying for college
If you are trying to determine how to pay for college, then contact us online or by telephone to schedule an appointment. Creating a plan to help you with determining how to pay for college is an aspect of our admissions consulting packages. Contact us today to get started.
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References:
[1] https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized
[2] https://admission.brown.edu/tuition-aid/tuition-fees
[3] https://nces.ed.gov/ipeds/search/viewtable?tableId=36420