What To Do if You Can’t Afford College

College can be an expensive investment. The average cost of college for an in-state student at a public four-year college is $24,030 per year, and the price goes up to $41,920 for an out-of-state school, according to College Board.

With this kind of cost, you might find yourself unable to afford your college expenses. Maybe you can’t get enough financial aid by the beginning of the semester, or you’ve 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.

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:

• Year in school
• Enrollment status
• Whether you’re an independent or dependent student
• Cost of attendance
• Student Aid Index (which is determined based on the financial information you provide)

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 To Apply for Student Loans

2. Apply for grants and scholarships

College grants and scholarships can be a great way to pay for school since you typically 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. There are scholarships available on both a local and national basis. Since competition for national scholarships can be fierce, it can be 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 extracurriculars 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.

3. Accept federal student loans

If you need to borrow loans 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.

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 Loans: 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.

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 in any financial gaps. Just keep in mind that private loans don’t come with federal 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.

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.

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.

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 nontraditional schooling: You might be able to use private student loans for nontraditional programs, such as trade school or online colleges.

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

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!

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.

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.

Can I pay for college if I 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 Student Aid Index. They’ll then use this number to determine what federal and school-based aid you’re eligible for, such as scholarships and grants.

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.

How to earn money while enrolled in school

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. If money’s tight or you find yourself needing more cash to cover college or lifestyle expenses while enrolled, consider the following options:

• Start making small payments on your loans while still in school.
• Establish a budget that works for you and your lifestyle.
• Build up your savings account.
• Find a part-time job or side hustle.
• Start thinking about a career in your desired field.
• Explore work-study opportunities.

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.

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Paying for college FAQ

How do I pay for college without loans? 

If you don’t want to be in debt, there are still options to help cover the cost of your education. Filling out the FAFSA is the best place to start. Just make sure you complete it by your school and state deadlines. Additionally, you can apply for scholarships and grants based on academic performance, extracurriculars, and identity-based criteria.

How can I pay for college without parents? 

Paying for college without the help of a parent can certainly feel daunting, but borrowers have many options at their disposal. Filling out the FAFSA will determine how much financial aid you’re able to receive. Grants, scholarships, federal student loans, and tuition assistance programs can help cover some or all of the cost. 

Students can also apply for various private student loans without a cosigner, but doing so should be a last resort, as interest rates will likely be higher for borrowers who pursue this option.

Should I go to college if I can't afford it?

Those who obtain a bachelor’s degree earn 84% more than those who carry a high school diploma only, according to the U.S. Bureau of Labor Statistics. 

Indisputably, going to college will improve your chances of getting a higher-paying job. However, student loans are expensive and can take a while to pay back. It is important to consider your priorities and career goals to determine what path is best for you.

What percent of people cannot afford college?

It depends on many factors. An analysis conducted by the National College Attainment Network (NCAN) found that only 31% of public four-year colleges were affordable, while 63% of public two-year community colleges were affordable.