Remember:
While we use “college” to refer to education after high school, there are many different ways to continue your education. Some schools and programs rely on traditional testing and lectures, while others require more hands-on, technical training. It’s important to think about what and how you like to learn as you look at options for education after high school.
Paying for College
The price of college listed on a school’s website is called the sticker price. This price can be overwhelming! The good news is few people actually pay this full price. The price you pay for college (sticker price minus financial aid and scholarships) is called the net price.

Financial Aid
What is financial aid? Financial aid is the term used for the grants, scholarships, or loans to help you pay tuition. This aid may come from the federal government or directly from your college or university.
Key Terms
Need-based:
Financial Aid determined by your family’s income and savings.
Merit-based:
Financial Aid you earn based on your grades and extra-curricular interests, or other qualities.
Expected Family Contribution (EFC):
This is the amount of money your family is believed
to be able to contribute towards tuition annually.
Free Application for Federal Student Aid (FAFSA):
Launched in October 1st of the year before you enter college (in other words, October of your senior year), this is the application for financial aid. Parents must complete the FAFSA if their child is going to be considered for financial aid.
Demonstrated Need:
The difference between your expected family contribution and the total cost of attendance at a college.


Loans
What are loans? Loans are money that you borrow and need to repay back later. The federal government, state agencies, and private banks or other financial institutions are the largest lenders for college.
Key Terms:
- Interest Rate: The interest rate is the cost of borrowing. This is money that you’ll have to repay in addition to the loan and is usually a percentage of the initial loan amount.
- Subsidized Loans: The federal government pays the interest on these loans while you are still in school.
- Need-based Loans: These loans are for students with demonstrated financial need and offered by the federal government.


Parent Contribution
Will my parents help pay for college? This is a conversation you should have with your parents, but your parents may contribute to you college education through income and college savings. If your parents have saved money for college for you, this money will greatly help your ability to pay for college.


Student Contribution
How can I help pay for college? Saving for college shouldn’t fall on your parents alone.


Scholarships
What are scholarships?
There are many different types of scholarships, but they all have one thing in common: scholarships are money that you don’t need to repay.


Work-Study Programs
What is work-study? A federal program, Work-Study offers part-time jobs to students to help pay for part of their college costs.


Part-Time Jobs: An Earning and Learning Experience
Whether a summer, weekend, or after school position, high school is a perfect time to get your first job. Great first jobs for high school students include working at cafés, restaurants, or grocery stores, and as a lifeguard, landscaper, or painter.