7 Ways to Pay for College With No Money Saved

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The average cost of college ranges from $25,890 per year for in-state students at a public school up to $52,500 per year for private colleges.

If you don’t have this kind of money saved for college, paying for it might feel impossible. But don’t worry — there are options that could help.

Here are seven ways to pay for college with no money:

Apply for scholarships
Apply for financial aid and grants
Negotiate with the college for more financial aid
Get a work-study job
Trim your expenses
Take out federal student loans
Consider private student loans

1. Apply for scholarships

Potential savings: $100 up to a full ride.

Scholarships are a great place to start when it comes to paying for college, mainly because they don’t have to be paid back.

There are a wide variety of scholarships available for almost every type of student, ranging from $100 up to a full ride that could cover most or even all of your college expenses.

How can I score a full-ride scholarship? The requirements for getting a full-ride scholarship will vary depending on who is offering it. However, there are several criteria that most of these scholarships consider:

Test scores (such as the ACT or SAT)
Interests and skills (such as showing leadership or having volunteer experience)
Letters of recommendation (from a teacher, manager, or other mentor)
Personal essay that illustrates your interests and goals for the future
Grades or class ranking (possibly both)

You might find scholarships offered by local and national businesses, nonprofit organizations, and possibly even your own school.

Students may qualify for a scholarship for merit, athletics, demonstrating financial need, joining a specific program, or other criteria. Most scholarships will require an application, which may include essays among other requirements.

Tip: There are scholarships for just about anything you can think of. For example, you can find need-based and merit-based scholarships, as well as scholarships geared toward minorities, special interest, and certain majors.

There’s no limit to how many scholarships you can get, so it’s a good idea to apply for as many as you possibly can.

If you qualify for scholarships but don’t have enough to cover your full cost of school, student loans could help fill the gap. But be sure to consider how much student loans will cost you in the future so you can budget for the added expense. See what your estimated monthly payment will be using our student loan calculator below.

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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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Also see: 8 Steps If Your Parents Won’t Help Pay for College

2. Apply for financial aid and grants

Potential savings: Varies (but could cover all college costs)

If you’ve exhausted your scholarship search, applying for federal financial aid and college grants should be your next step. Like with scholarships, grants don’t have to be repaid.

Depending on the cost of the school you attend, your total financial aid and grants could add up to the full cost of attendance.

What grants could I get? There are several types of federal grants that college students could be eligible for.

For example, if you’re an undergraduate student with financial need, you might qualify for a Pell Grant. For the 2020-21 academic year, the maximum you could be awarded with a Pell Grant is $6,345.

To apply for federal aid and determine your eligibility, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). The information you provide in the FAFSA is used to calculate your Expected Family Contribution (EFC), which is the amount your family is expected to contribute to your education costs.

Your EFC, year in school, enrollment status, dependency status, and school’s cost of attendance will be used to determine the aid you qualify for.

After you submit the FAFSA, your school will send you a financial aid award letter detailing what financial aid is available to you. You can then choose which aid you’d like to accept, such as grants and federal student loans.

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3. Negotiate with the college for more financial aid

Potential savings: Varies (potentially up to $120,000 or more)

If you don’t have enough financial aid to cover your education costs, you might be able to negotiate with your school for more.

For example, if you have financial need, have a unique background, or can show larger financial aid offers from other schools, your school could be willing to increase your financial aid.

How much can I ask for? The amount you might negotiate for will come down to what aid you’re eligible for as well as your school’s cost of attendance. Make sure you do the math beforehand so you can ask for a reasonable number.

This will also ultimately depend on how much aid money your school has to give out. For example, while some schools have increased students’ aid by $120,000, others might not be able to provide as much.

While your school might not be willing or able to offer you more aid, it’s always worth asking. After all, the worst they can say is no.

Tip: Also consider asking your parents or other close relatives for help. For example, they might be able to cover your textbook costs or incidental expenses. You can also see if your parents ever opened a 529 plan for you. Every little bit helps.

See: How to Get Student Loans, Grants, and More for Adult Learners

4. Get a work-study job

Potential savings: Depends on pay and hours worked

Federal Work-Study is a type of financial aid where you work a part-time job while enrolled in school to help pay for your education.

If you’re a part-time or full-time undergraduate, graduate, or professional student with financial need, you could be eligible for a work-study job. You’ll need to fill out the FAFSA to apply.

Keep in mind: Although a work-study position might not pay much, every dollar helps when it comes to paying for college. Work-study jobs pay at least the federal minimum wage, though some schools might offer more.

If a work-study job doesn’t fully cover your costs, student loans could help fill any leftover financial gaps. Federal student loans are typically a good place to start, but if you need more funding, private student loans might be another option.

Before taking 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 multiple private student loan lenders in two minutes.

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5. Trim your expenses

Potential savings: Varies

On top of tuition and fees, there are several other expenses you might have to cover while attending school, such as housing, transportation, groceries, and more. However, there are also ways to trim or even avoid these costs.

For example: The average cost for on-campus living during the 2019-20 academic year was $11,510 for four-year public schools and $12,990 for four-year private schools, according to The College Board. If you’re able to live at home, you could save thousands on your living expenses.

Or if you can attend a community college before transferring to a four-year school, you could save on your overall cost of attendance.

The total cost of attendance at a community college was $12,690 during the 2019-20 academic school year — which is much less than $25,980 per year for a four-year public school or $52,570 per year for a four-year private school.

Just keep in mind that if you live at home or off-campus, you might need to pay for transportation or other expenses.

Learn More: On-Campus vs. Off-Campus Costs

6. Take out federal student loans

Potential coverage: Up to your school’s cost of attendance minus other financial aid (depending on financial need, year in school, and type of loan)

If you need to borrow money for school, federal student loans are generally a good place to start.

This is mainly because they come with federal student loan benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs. You’ll need to fill out the FAFSA to apply for federal student loans.

Here are the main types of student loans you might be eligible for:

Direct Subsidized Loans are available to undergraduate students with financial need. The government covers the interest on these loans while you’re in school, leaving you with less to pay off after graduation.
Direct Unsubsidized Loans are available to both undergraduate and graduate students, regardless of financial need. Unlike subsidized loans, unsubsidized loans will continue to accrue interest while you’re in school.
Direct PLUS Loans are available to both graduate students and parents paying for their child’s education. Unlike other federal student loans, PLUS Loans require a credit check. They also generally come with higher interest rates compared to subsidized and unsubsidized loans.

Keep in mind: Most student loans come with a six-month grace period — meaning you won’t have to start repaying them until six months after you leave or graduate school.

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7. Consider private student loans

Potential savings: Up to your school’s cost of attendance (depending on the lender)

Once you’ve exhausted your scholarship, grant, and federal student loan options, private college loans could be a good choice if you need additional funds. Private student loans can be used for a variety of expenses, including tuition, books, housing, and more.

Keep in mind that unlike most federal student loans, you’ll need to pass a credit check to potentially qualify for a private student loan.

If you aren’t eligible on your own, adding a creditworthy student loan cosigner to your application could help you get approved. In fact, most private student loans have a cosigner.

Tip: Even if you don’t need a cosigner to qualify for a private student loan, having one could get you a lower interest rate than you’d get on your own.

If you decide to take out a private student loan, be sure to consider as many lenders as you can to find a loan that fits your needs. 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)	Loan amount
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	3.15%+	0.98%+	5, 7, 10, 12, 15, 20 (depending on loan type)	$2,001 - $200,000
Fixed APR: 3.15%+ Variable APR: 0.98%+ Min. credit score: 540 Loan amount: $2,001 to $200,000 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 24 months 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	3.72%+¹	1.86%+	5, 10, 15	$1,000 - $350,000 (depending on degree)
Fixed APR: 3.72%+¹ Variable APR: 1.86%+ 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	3.39%+^2,3	0.94%+^2,3	5, 8, 10, 15	$1,000 up to 100% of school-certified cost of attendance
Fixed APR: 3.39%+^2,3 Variable APR: 0.94%+^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	3.65%+	2.17%+	7, 10, 15	$1,000 to $99,999 annually ($180,000 aggregate limit)
Fixed APR: 3.65%+ Variable APR: 2.17%+ Min. credit score: Does not disclose Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit) Loan terms (years): 7, 10, 15 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: Autopay Eligibility: Not available to residents of AZ, IA, or WI Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months Loan servicer: American Education Services Min. income: Does not disclose
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	4.52%+⁷	3.92%+⁷	7, 10, 15	$1,000 - $200,000
Fixed APR: 4.52%+⁷ Variable APR: 3.92%+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	5.25%+⁸	2.92%+⁸	5, 10, 15	$1,001 up to 100% of school-certified cost of attendance
Fixed APR: 5.25%+⁸ Variable APR: 2.92%+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 48 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	4.89%+	N/A	10, 15	$1,500 or $2,000 up to school-certified cost of attendance (depending on school type and minus other aid received)
Fixed APR: 4.89%+ 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	3.75% - 13.72% APR⁹	2.0% - 12.35% APR⁹	10, 15	Up to 100% of school-certified cost of attendance
Fixed APR: 3.75% - 13.72% APR⁹ Variable APR: 2.0% - 12.35% APR⁹ Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 10 to 15 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late 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: After 12 consecutive on-time payments Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available \| ¹Citizens Disclosures \| ^2,3College Ave Disclosures \| ⁷EDvestinU Disclosures \| ⁸INvestEd Disclosures \| ⁹Sallie Mae Disclosures

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About the author

Eric Rosenberg

Eric Rosenberg is an expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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How to Pay for College With No Money Saved