5 Steps to Take If You Can’t Afford College

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College can be an expensive investment: The average cost of college for an in-state student at a public college is $25,890 per year and the price goes up to $41,950 for an out-of-state school.

With this kind of cost, you might find yourself unable to afford your college expenses. Maybe you can’t get financial aid or student loans by the beginning of the semester — or maybe you’ve even run out of funds mid-semester.

The good news is that there are a few options that might help you get the funds you need to continue your education.

Here’s what to do if you can’t afford college:

Fill out the FAFSA
Apply for grants and scholarships
Accept federal student loans
Speak with your financial aid office
Apply for private student loans

1. Fill out the FAFSA

If you need money to cover your college expenses, filling out the Free Application for Federal Student Aid (FAFSA) is a good place to start. Your school will use your FAFSA results to determine what federal financial aid you qualify for based on your:

Estimated Family Contribution (how much your family is expected to contribute toward your education)
Year in school
Enrollment status
Whether you’re an independent or dependent student
Cost of attendance

FAFSA deadline: You have until June 30, 2024, to submit the FAFSA for the 2023-2024 academic year. Some schools also have their own FAFSA deadlines, so be sure to check with your financial aid office to make sure you don’t miss any important dates.

Also keep in mind that many kinds of aid are given on a first-come, first-served basis, so it’s a good idea to submit the FAFSA as early as possible — especially if you have high financial need.

Even if you don’t think you’re eligible for federal aid, be sure to complete the FAFSA. There’s always a chance that you might qualify for financial aid you didn’t know about.

Learn More: When You Should Apply for a Student Loan

2. Apply for grants and scholarships

College grants and scholarships can be a great way to pay for school since you don’t have to pay them back, unlike student loans. This essentially makes them free money for covering college expenses.

There’s no limit to how many grants and scholarships you can get, so be sure to apply for as many as you can. Some might even be available year-round or on a repeat basis.

Where can I find scholarships? There are scholarships available on both a local and national basis. Since competition for national scholarships can be fierce, it’s usually a good idea to start your search in your local area.

For example, you might find scholarships through:

Credit unions
Businesses
Nonprofit organizations
Associations for areas you’re engaged in (such as sports or arts)

Your school might also offer scholarships based on your FAFSA results. Additionally, you can use sites like Fastweb or Scholarships.com to search for scholarships on a wide scale.

Check Out: Taking Out Student Loans Without a Cosigner

3. Accept federal student loans

If you need to borrow money for school, federal student loans are typically the best place to start. This is mainly because they offer federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.

Tip: To apply for federal student loans, you’ll need to fill out the FAFSA. Afterward, you’ll receive a financial aid award letter from your school detailing what federal student loans and other aid you’re eligible for. You can then decide which loans to accept.

Here are the types of federal student loans that might be available to you:

Direct Subsidized Loans: Undergraduate students with financial need could be eligible for these loans. The government covers the interest on subsidized loans while you’re in school, which lowers your overall cost of repayment.
Direct Unsubsidized Loans: These loans are available to both undergraduate and graduate students, regardless of financial need. Unlike with subsidized loans, you’re responsible for all of the interest that accrues on unsubsidized loans.
Direct PLUS Loans: There are two types of Direct PLUS Loan: Grad PLUS Loans for students attending grad school and Parent PLUS Loans for parents who want to pay for their child’s education. The interest rates on PLUS Loans are typically higher compared to other types of federal student loans — depending on your credit, PLUS Loan rates might even be higher than what you’d get on a private student loan. Keep in mind that PLUS Loans also require a credit check.

Loan type	Who qualifies?	Interest rates	Loan limits
Direct Subsidized Loans	Undergrad students with financial need	5.50%	$3,500 to $5,500 per year
Direct Unsubsidized Loans	Undergrad, graduate, and professional students	Undergrad: 5.50% Graduate and professional: 7.05%	Dependent undergrad: $5,500 to $7,500 per year ($31,000 total limit) Independent undergrad: $9,500 to $12,500 per school year ($57,500 total limit) Graduate and professional: $20,500 per year ($138,500 total limit)
Direct PLUS Loans	Parents, graduate students, and professional students	8.05%	Cost of attendance minus any other financial aid received

Tip: There are student loan limits that apply to federal student loans. If you can’t borrow enough in federal student loans to fully cover your expenses, you could also consider taking out a private student loan to fill any financial gap left over.

Just keep in mind that private student loans don’t come with federal student loan benefits and protections.

No matter which type of student loan you decide to take out, it’s important to think about how much that loan will cost you in the future. This way, you can prepare for any added expenses.

You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.

Enter your loan information to calculate how much you could pay

Loan amount ? Enter the total amount borrowed $

Interest rate ? Enter your annual interest rate %

Loan term ? Enter the amount of time you have to repay your loan years

Total Payment $

Total Interest $

Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.

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See: How to Cover Tuition Costs With the Post-9/11 GI Bill

Learn More: How Long Does It Take to Get a Student Loan?

4. Speak with your financial aid office

If you can’t afford your college costs, it’s a good idea to visit your school’s financial aid office to see what resources might be available to you. A financial aid counselor can help you understand your options as well as how to apply for them.

For example, they might be able to walk you through applying for work-study or other alternatives to help you pay for on-campus or off-campus housing, textbooks, and more.

Tip: If the financial aid package offered by your school isn’t enough to cover your costs, ask your financial aid office if there’s any more aid they can offer to you. Depending on the school, they might be able to allocate more funds to you.

Check Out: Emergency Loans: How to Get a Personal Loan Fast

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5. Apply for private student loans

If you’ve exhausted your scholarship, grant, and federal student loan options, private student loans could help fill any remaining financial gaps.

While private student loans don’t offer the protections of federal student loans, they do offer some benefits of their own, such as:

Higher loan amounts: Depending on the lender, you might be able to borrow up to your school’s cost of attendance.
No application deadlines: You can apply for a private student loan at any time, which could be helpful if you run out of funds during the semester or miss the FAFSA deadline.
Potentially lower rates than federal student loans: Depending on your credit, you might qualify for a lower interest rate on a private student loan compared to a federal loan.
Could cover non-traditional schooling: You might be able to use private student loans for non-traditional programs, such as trade school, online college, or summer school.

If you’re considering a private student loan, here are several important points to keep in mind:

Eligibility	Must be enrolled at an eligible school (typically must be attending at least half-time) Typically must be 18 or older Typically must be a U.S. resident or permanent resident (some lenders work with international students or DACA recipients)
How to apply	Apply directly with a private lender
Loan amounts	Up to your school’s cost of attendance (depending on the lender)
Interest rates	Fixed rates from (APR): 4.41%+ Variable rates from (APR): 5.36%+ (Private lenders on Credible)
Repayment terms	5 to 20 years (with Credible partner lenders)

Tip: You’ll typically need good to excellent credit to qualify for a private student loan. While some lenders might offer student loans for bad credit, these generally come with higher interest rates than good credit loans.

If you’re struggling to get approved, consider applying with a cosigner to improve your chances and possibly even get a better interest rate. Most private student loans are cosigned — so if you need a cosigner, you’re not alone!

Before you take out a private student loan, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Loan Terms (Years)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.48%+¹⁰	6.03%+¹⁰	5, 7, 10, 12, 15, 20 (depending on loan type)
Fixed APR: 4.48%+¹⁰ Variable APR: 6.03%+¹⁰ Min. credit score: Does not disclose Loan amount: $2,001* to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.43%+¹	5.8%+	5, 10, 15
Fixed APR: 4.43%+¹ Variable APR: 5.8%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.41%+^2,3	5.49%+^2,3	5, 8, 10, 15
Fixed APR: 4.41%+^2,3 Variable APR: 5.49%+^2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.43%+	5.36%+	7, 10, 15
Fixed APR: 4.43%+ ¹¹ Variable APR: 5.36%+ ¹¹ Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)¹¹ Loan terms (years): 7, 10, 15¹¹ Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay¹¹ Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months¹¹ Loan servicer: American Education Services Min. income: $1
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.25%+⁷	8.11%+⁷	7, 10, 15
Fixed APR: 6.25%+⁷ Variable APR: 8.11%+⁷ Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.6%+⁸	7.37%+⁸	5, 10, 15
Fixed APR: 4.6%+⁸ Variable APR: 7.37%+⁸ Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.35%+	N/A	10, 15
Fixed APR: 5.35%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.50%⁹ - 15.49%⁹	6.37%⁹ - 16.70%⁹	10 to 20
Fixed APR: 4.50%⁹ - 15.49%⁹ Variable APR: 6.37%⁹ - 16.70%⁹ Min. credit score: Does not disclose Loan amount: $1,000 up to 100% of school-certified cost of attendance Loan terms (years): 10 to 20⁹ Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee, non-sufficient funds (NSF) fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements. Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available \| ¹⁰Ascent Disclosures \| ¹Citizens Disclosures \| ^2,3College Ave Disclosures \| ¹¹Custom Choice Disclosures \| ⁶Discover Disclosures \| ⁷EDvestinU Disclosures \| ⁸INvestEd Disclosures \| ⁹Sallie Mae Disclosures

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What happens if I can’t pay my college tuition?

If you can’t pay your college tuition, your school account could be placed on hold. This means you might not be able to attend classes, receive financial aid, or have your diploma issued until your account is brought up to date.

Tip: It’s always a good idea to talk to your school’s financial aid office to see what your options are. For example, you might be able to set up a payment plan or apply for more financial aid to cover tuition, college housing, or other costs.

If you’ve exhausted your federal financial aid options, a private student loan could help you cover your tuition costs. You could even use a private student loan for past-due tuition.

Just remember to consider as many lenders as you can before taking out a private loan. This way, you can find a loan that works for you. This is easy with Credible — you can compare your prequalified rates from multiple lenders in two minutes.

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Check Out: How to Get a Student Loan With No Credit Check

Can you pay for college if you have no income or savings?

Yes, there are several options available that could help low-income students pay for a degree, even if they have no money saved for college. After you fill out the FAFSA, your school will calculate your Expected Family Contribution.

They’ll then use this number to determine what federal aid as well as school-based aid you’re eligible for, such as scholarships and grants.

Tip: Students with financial need can typically qualify for more assistance compared to high-income students. For example, certain federal student loans and federal grants, such as Pell Grants, are provided based on need.

Having this much aid available might even help lower your overall costs. In 2019, students whose families earned less than $50,000 per year paid $11,280 less per year to attend a public four-year school compared to students whose families earned over $150,000 per year, according to the CollegeBoard.

Learn More:

Private student loans can be taken out at any point during the school year

If you’re unsure how to pay for college, don’t worry — there are several options available that might help you cover your costs. Be sure to speak with your school’s financial aid office to see what resources you might qualify for.

money moves to make while still in school

Tip: You might also be able to take out a private student loan at any time during the semester. This could help you cover expenses if you run out of funds during the semester or have used up your federal aid.

If you decide to get a private student loan, remember to consider as many lenders as you can to find a loan that suits your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders after filling out a single form.

Compare student loan rates from top lenders

Multiple lenders compete to get you the best rate
Get actual rates, not estimated ones
Finance almost any degree

See Your Rates
Checking rates will not affect your credit

Keep Reading: Fixed- or Variable-Rate Student Loan: Which Is Right for You?

About the author

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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