Even after you've done everything right, from cramming for exams to preparing for standardized tests, your work is not complete. You still need to fund the next step: a college education. Unfortunately, top-percentile academic performance and well-rounded extracurricular activities don't ensure enrollment at an applicant's dream school. The tuition, room, and board must also be paid.
Paying for college can be a challenge for many families. In the 2020-2021 academic year, 87% of new students at four-year colleges received financial aid.1 The good news is that lack of funds no longer has to get in the way of a bright future. The not-so-good news is that money from federal student loans isn't free. However, there are ways to better finance your education that can help ease the financial burden.
Consider the following 5 steps to see if your need for a federal loan can be reduced or even eliminated. These basics are recommended, not mandatory, prerequisites before you complete the Free Application for Federal Student Aid (FAFSA). Opens in a new tab
Most college scholarships are based on achievement. Think about your academic, athletic, and extracurricular strengths. What are you really great at? What are you passionate about? Try some of the online scholarship portals such as jumpstart-scholarship.net Opens in a new tab or scholarships.com Opens in a new tab. With a little research, just about anyone can find some type of scholarship opportunity.
Grants are based on need, but unlike loans, they don't need to be repaid. Grants and scholarships can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. Do your research on sites such as grants.gov Opens in a new tab and apply for any grants you might be eligible for.
A federal student loan will typically cover tuition, room, board, textbooks, and other qualifying academic expenses. But you'll still need cash for clothing, transportation, and miscellaneous items. Look into opportunities that might exist on campus (think library, administrative work, or tutoring) and the extra income you could generate even from working part-time.
Many employers want to support educational efforts, especially if they feel that you'll be an asset to their business after you graduate. If you're able to enter the workforce and attend school part time, many employers will offer to reimburse you for some of your tuition expenses. It doesn't hurt to ask!
Even if you toured a university campus and fell in love, evaluate the right time to attend your dream school. For example, expensive institutions might not make sense for all undergraduates. Instead, consider completing two years at a community college that will allow you to finish your basic courses with minimal expense. A community college can also be a frugal foundation for those who remain undecided about their college major.
It's tempting to complete the FAFSA right away, but a little patience and considering these steps can pay off. Before you know it, you'll be roaming a college campus as a freshman for the fall semester.
Sources:
1 Education Data Initiative, "Financial Aid Statistics," February 3, 2025. Opens in a new tab
Protective refers to Protective Life Insurance Company, founded in 1907, and its affiliated companies, including Protective Life and Annuity Insurance Company.
Protective® is a registered trademark of Protective Life Insurance Company. The Protective trademarks, logos, and service marks are property of Protective Life Insurance Company and are protected by trademark and/or other proprietary rights and laws.
Life insurance and annuity products are issued by Protective Life Insurance Company, Omaha, NE, in all states except New York, where products are issued by Protective Life and Annuity Insurance Company, Birmingham, AL. Protective Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Variable products are distributed by affiliated broker-dealer Investment Distributors, Inc., Birmingham, AL.
Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Product features, availability, and issuing companies may vary by jurisdiction.
Information provided on this website is for general informational and educational purposes only and is not intended as investment, tax, or legal advice, nor should it be considered as a recommendation, endorsement, or solicitation with respect to any product or strategy. Individuals should consult their own qualified advisors regarding their specific situation.
When you visit Protective's websites, we may collect personal information from you via your browser or device, or through the use of cookies, analytics tools, and other technologies. You can exercise your privacy choices by completing a “Do not sell my personal information” request or a “Limit the use of my sensitive personal information” request. Please visit our Privacy Policy for more information about our information practices, including information about your privacy choices.
Investment and Insurance products are: NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, A BANK OR CREDIT UNION | MAY GO DOWN IN VALUE | NOT FDIC/NCUA INSURED | NOT INSURED BY ANY FEDERAL AGENCY | NOT GUARANTEED BY ANY BANK OR SAVINGS ASSOCIATION
